Steamhouse India IPO
Miscellaneous • ₹414 Cr
Medium risk because:
- 5 material risk factors disclosed in DRHP
- High customer concentration flagged in the DRHP
- The company’s steam and industrial gas operations are limited to customers located in clos…
IPOFins risk score from DRHP risk factors, subscription demand & issue structure
Price Band
₹81
Lot Size
185 shares
Issue Size
₹414 Cr
Open
09 Sept 2026
Close
11 Sept 2026
Subscription
13.6×
IPO Schedule
| Issue Open Date | 09 Sept 2026 |
| Issue Close Date | 11 Sept 2026 |
| Allotment Date | 15 Sept 2026 |
| Listing Date | 16 Sept 2026 |
About Steamhouse India
Steamhouse India Limited is engaged in the generation and centralised distribution of industrial gases, primarily steam and nitrogen, through its pipeline network. Its operations include generation and distribution of steam through community boiler systems, purchase and distribution of steam generated by third parties, and separation, compression and distribution of nitrogen. The company also undertakes coal trading, primarily involving excess coal procured for its industrial gas operations. The company operates seven community steam boilers in Gujarat across Vapi, Ankleshwar, Sarigam, Nandesari, and Panoli, with an aggregate installed steam capacity of 345 TPH as of July 31, 2026. It also distributes purchased steam in Dahej GIDC (Phase 1) and Sachin GIDC. Its nitrogen generation and distribution facility at Ankleshwar has a capacity of 350 NM³ per hour. Its customers operate across sectors including pharmaceuticals, chemicals, textiles, agrochemicals, tyres, dyes and pigments, polymers, and paints. Use of proceeds: The IPO is a combination of a fresh issue of shares and an offer for sale. The net proceeds from the offer for sale will go to the selling shareholders, whereas those from the fresh issue will go to the company and will be utilised for the following purposes: Repayment or prepayment of certain outstanding borrowings – Rs 180.00 crore Capital expenditure for infrastructure development – Rs 75.95 crore Capacity expansion of Ankleshwar Facility (Phase 3) – Rs 37.98 crore Capacity expansion of Panoli Facility (Phase 2) – Rs 37.98 crore Capital expenditure for setting up a steam generation facility at Dahej GIDC (Phase 2) – Rs 38.17 crore General corporate purposes
Company Details
Founders / Promoters
Mr Vishal Sanwarprasad Budhia
Founded
2015
Registrar
KARVY
Documents
DRHP / RHP Document (PDF)
View official prospectus →
Investment Analysis
Steamhouse India — IPOFins Verdict
QuantitativeDriven by QIB demand at 5.3x and moderate disclosed risk (6/10), Steamhouse India listed at a premium of 16.7% to its issue price. The signals lean constructive — still confirm valuation against listed peers and read the DRHP before applying beyond one lot.
- Steamhouse India and its promoters are stated to be pioneers of the community boiler system in India, introduced in 2014. Its established pipeline infrastructure within industrial clusters could creat
- The company operates seven community steam boilers in Gujarat with an aggregate installed capacity of 345 TPH. Its facilities are located close to industrial customer clusters and ports, while its ope
- The company served 202 customers in FY26, up from 125 in FY24. Repeat customers contributed 90.72%, 88.01%, and 91.49% of revenue from operations in FY26, FY25, and FY24, respectively, indicating a hi
- Steamhouse India serves customers across more than eight sectors, including chemicals, pharmaceuticals, textiles, agrochemicals, tyres, dyes and pigments, polymers, and paints. This provides diversifi
- The company claims to use SCADA systems, flow metres, and drone-assisted mapping for real-time monitoring and assessment of its installations. These systems are used to monitor parameters such as gene
Score breakdown — what drove this verdict
Moderate risk from DRHP → score -0.4
Institutional subscription → score +1.0
Strong retail interest → score +0.5
Actual listing outcome → score +0.5
Base score: 5.0 · Final score = base + all factor adjustments, capped 1–10. Full methodology →
IPOFins Score is a quantitative signal from subscription demand, disclosed risk, and listing data — not investment advice. Not SEBI-registered.
Listing Performance
Issue Price
₹81
Listing Price
₹94.5
Listing Gain/Loss
+16.67%
Listing Date
16 Sept 2026
Price Since Listing
Returns are measured against the ₹81 issue price.
Listing
₹94.5
+16.7%
1 Week
₹110.73
+36.7%
Current
₹107.57
+32.8%
Want to buy this stock?
Trade Steamhouse India on the secondary market
FAQ
What is the price band of Steamhouse India IPO?
The price band is ₹81 per share with a lot size of 185 shares. Minimum investment: ₹14,985.
What does Steamhouse India do?
Steamhouse India Limited is engaged in the generation and centralised distribution of industrial gases, primarily steam and nitrogen, through its pipeline network. Its operations include generation and distribution of steam through community boiler systems, purchase and distribution of steam generated by third parties, and separation, compression and distribution of nitrogen. The company also undertakes coal trading, primarily involving excess coal procured for its industrial gas operations. The company operates seven community steam boilers in Gujarat across Vapi, Ankleshwar, Sarigam, Nandesari, and Panoli, with an aggregate installed steam capacity of 345 TPH as of July 31, 2026. It also distributes purchased steam in Dahej GIDC (Phase 1) and Sachin GIDC. Its nitrogen generation and distribution facility at Ankleshwar has a capacity of 350 NM³ per hour. Its customers operate across sectors including pharmaceuticals, chemicals, textiles, agrochemicals, tyres, dyes and pigments, polymers, and paints. Use of proceeds: The IPO is a combination of a fresh issue of shares and an offer for sale. The net proceeds from the offer for sale will go to the selling shareholders, whereas those from the fresh issue will go to the company and will be utilised for the following purposes: Repayment or prepayment of certain outstanding borrowings – Rs 180.00 crore Capital expenditure for infrastructure development – Rs 75.95 crore Capacity expansion of Ankleshwar Facility (Phase 3) – Rs 37.98 crore Capacity expansion of Panoli Facility (Phase 2) – Rs 37.98 crore Capital expenditure for setting up a steam generation facility at Dahej GIDC (Phase 2) – Rs 38.17 crore General corporate purposes
Should I apply for Steamhouse India IPO?
Steamhouse India listed at ₹94.5 (+16.7% premium to the ₹81 issue price) after 13.6x subscription. IPOFins Score 7/10: Driven by QIB demand at 5.3x and moderate disclosed risk (6/10), Steamhouse India listed at a premium of 16.7% to its issue price. The signals lean constructive — still confirm valuation against listed peers and read the DRHP before applying beyond one lot.
Who founded Steamhouse India?
Steamhouse India was founded by Mr Vishal Sanwarprasad Budhia in 2015.