Steamhouse India IPO: Price Band, Lot Size, Financials & Review
Steamhouse India IPO listed on BSE & NSE on Thu, 17 Sep 2026. The issue was subscribed 32.07x overall.
- Open Date
- 9 Sep 2026
- Close Date
- 11 Sep 2026
Last updated
- Price band
- ₹77 – ₹81
- Lot size
- 185 shares
- Min. investment
- ₹14,985
- Issue size
- ₹414 Cr
- Last GMP
- +₹13.5
- Subscribed
- 🔥 32.07x
Steamhouse India IPO details
Steamhouse India IPO is a ₹414 Cr book-building IPO on the Mainboard segment, listing on BSE & NSE. It combines a fresh issue of ₹353 Cr (85.27%) with an offer for sale of ₹61 Cr (14.73%) by existing shareholders. Only the fresh issue money goes to the company.
The issue was open from Wed, 9 Sep 2026 to Fri, 11 Sep 2026. Allotment was finalised on Tue, 15 Sep 2026, and the shares listed on BSE & NSE on Thu, 17 Sep 2026.
The price band is ₹77 to ₹81 per share and the lot size is 185 shares, so the minimum retail application is ₹14,985. Retail investors can apply for up to 13 lots (2,405 shares, ₹1,94,805).
KFin Technologies Limited is the registrar, and Equirus Capital Private Limited is the book running lead manager.
Grey market premium (GMP)
Day-wise GMP →The last Steamhouse India IPO GMP before listing was +₹13.5 (+16.67% against the upper price band of ₹81), implying an estimated listing price of ₹94.5. Across 10 days of tracking, GMP ranged from 0 (07 Sep) to +₹24 (14 Sep).
| Last GMP | +₹13.5 |
|---|---|
| GMP vs upper band | +16.67% |
| Estimated listing price | ₹94.5 |
| Highest (14 Sep) | +₹24 |
| Lowest (07 Sep) | 0 |
Grey market trading is unofficial and unregulated. GMP is a sentiment indicator, not a guarantee of the listing price. See the Steamhouse India IPO day-wise GMP.
Subscription
Day-wise subscription →Steamhouse India IPO was subscribed 32.07x overall: QIB 46.19x, NII 46.60x and retail 17.78x.
| Category | Subscribed |
|---|---|
| QIB | 46.19x |
| NII | 46.60x |
| └ bNII (above ₹10 lakh) | 45.23x |
| └ sNII (₹2–10 lakh) | 49.33x |
| Retail | 17.78x |
| Total | 32.07x |
Final figures at the close of bidding on 11 Sep 2026. Category-wise bids, application-wise breakup and allotment chances are on the Steamhouse India IPO day-wise and category-wise subscription page.
Share reservation by category
| Category | Shares offered | Share of issue |
|---|---|---|
| Anchor Investors | 1,53,33,332 | 30.00% |
| Qualified Institutions | 1,02,22,223 | 20.00% |
| Non-Institutional | 76,66,667 | 15.00% |
| └ BNII | 51,11,111 | 10.00% |
| └ SNII | 25,55,556 | 5.00% |
| Retail Investors | 1,78,88,889 | 35.00% |
| Total | 5,11,11,111 | 100.00% |
Shares offered include the anchor investor portion, which is allotted a day before the issue opens. Subscription figures exclude anchors, so category sizes on the subscription page are smaller.
Steamhouse India IPO lot size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 185 | ₹14,985 |
| Retail (Max) | 13 | 2,405 | ₹1,94,805 |
| S-HNI (Min) | 14 | 2,590 | ₹2,09,790 |
| S-HNI (Max) | 66 | 12,210 | ₹9,89,010 |
| B-HNI (Min) | 67 | 12,395 | ₹10,03,995 |
Amounts at the upper end of the price band.
Issue structure and valuation
It combines a fresh issue of ₹353 Cr (85.27%) with an offer for sale of ₹61 Cr (14.73%) by existing shareholders. Only the fresh issue money goes to the company.
At the upper price band of ₹81, the issue is priced at 48.80x pre-issue earnings and 57.86x post-issue earnings per share.
The post-issue P/E is higher because the fresh issue adds new shares, which spreads the same profit over more shares.
Listed peers with positive earnings trade at a median P/E of 70.96x (2 companies).
Promoter holding falls from 96.59% before the issue to 78.63% after it.
| EPS (pre-issue) Latest earnings per share before the issue | ₹1.66 |
|---|---|
| P/E (pre-issue) Upper price band ÷ pre-issue EPS | 48.80x |
| EPS (post-issue) EPS on the enlarged share capital | ₹1.4 |
| P/E (post-issue) Upper price band ÷ post-issue EPS | 57.86x |
| Promoter holding (pre-issue) | 96.59% |
| Promoter holding (post-issue) | 78.63% |
Steamhouse India Limited financials
Between 31 Mar 2025 and 31 Mar 2026, Income rose from ₹398.53 Cr to ₹494.97 Cr, and profit after tax rose from ₹31.16 Cr to ₹38.64 Cr. The PAT margin for 31 Mar 2026 was 7.81%.
| Period ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 679.45 | 543.67 | 422.31 |
| Total Income | 494.97 | 398.53 | 293.16 |
| Profit After Tax | 38.64 | 31.16 | 27.19 |
| EBITDA | 83.49 | 69.32 | 68.41 |
| Net Worth | 163.76 | 131.00 | 102.71 |
| Reserve & Surplus | 127.57 | 87.25 | 58.35 |
| Total Borrowings | 281.62 | 222.95 | 202.71 |
₹ in crore, as stated in the prospectus.
Key performance indicators
| KPI | Mar 2026 | Mar 2025 | Mar 2024 |
|---|---|---|---|
| ROE % | 22.36 | 23.53 | 26.26 |
| ROCE % | 16.06 | 17.20 | 20.24 |
| Debt / Equity | 1.57 | 1.63 | 1.77 |
| RoNW % | 23.60 | 23.79 | 26.47 |
| Pat Margin % | 7.81 | 7.82 | 9.27 |
Peer comparison
| Company | Face value | P/E | EPS (basic) | EPS (diluted) | RoNW | NAV |
|---|---|---|---|---|---|---|
| Steamhouse India Ltd | 2 | — | 1.71 | 1.71 | 0.00% | 7.25 |
| Linde India Limited | 10 | 99.17 | 64.37 | 64.37 | 0.00% | 500.27 |
| Ellenbarrie Industrial Gases Ltd | 2 | 42.74 | 7.54 | 7.54 | 0.00% | 69.33 |
From the prospectus. P/E is shown as — when earnings are zero or negative, or not reported for the issuer before listing.
Objectives
The company intends to allocate the net proceeds from the offering to the following objectives.
| Sr | Objective |
|---|---|
| 1 | Repayment or prepayment of all or a portion of certain outstanding borrowings availed by our Company |
| 2 | Funding capital expenditure requirements for augmenting infrastructure development of the Company towards capacity expansion of the Ankleshwar Facility (Phase 3) |
| 3 | Funding capital expenditure requirements for augmenting infrastructure development of the Company towards capacity expansion of the Panoli Facility (Phase 2) |
| 4 | Funding capital expenditure in relation to the setting up of a manufacturing facility for generation of steam at Dahej SEZ |
| 5 | General corporate purposes |
About Steamhouse India Limited
Incorporated in June 2015, SteamHouse India Limited is an industrial gas generation and distribution company primarily engaged in supplying steam and nitrogen to industrial customers through a centralised community-based pipeline network. The company provides an alternative to individual industrial units setting up and maintaining their own steam-generation infrastructure.
SteamHouse operates seven community steam boilers in Gujarat with an aggregate capacity of 345 TPH, supported by an operational pipeline network spanning approximately 60,151 metres as of July 31, 2026. Its network serves key industrial hubs including Sachin, Vapi, Ankleshwar, Sarigam, Panoli and Nandesari.
The company’s industrial gas business includes steam generation and distribution, purchased steam distribution, and nitrogen separation, compression and distribution. SteamHouse also purchases steam from third-party generating entities for distribution through its pipeline network. In addition, it has diversified into nitrogen supply, commencing pipeline-based nitrogen distribution in February 2025, and also undertakes coal trading.
Steam and purchased steam distribution remain the company’s core businesses, contributing 52.14% and 17.70% of FY2026 revenue, respectively, while coal trading contributed 26.92%. The company served 202 customers in FY2026, up from 125 in FY2024, across industries such as pharmaceuticals, chemicals, textiles, agrochemicals, tyres, dyes and pigments, polymers and paints. Repeat customers contributed 90.72% of FY2026 operating revenue, reflecting strong customer retention.
SteamHouse’s competitive strengths include its strategically located community-based infrastructure, established customer relationships, high barriers to entry, energy-efficient solutions and focus on sustainable industrial development. The company plans to expand its steam-generation capacity to 705 TPH and further diversify its industrial gas portfolio.
As of July 31, 2026, SteamHouse India had 229 employees and utilised the services of 276 contract labourers.
Promoters
- Vishal Sanwarprasad Budhia
- Ritu Budhia
- V SB Business Trust
- Budhia Business Trust
- VB Business Trust
Contact details
Steamhouse India Ltd.
Office No. 324, Second Floor,
Four Point, V.I.P. Road,Vesu
Surat, Gujarat, 395007
Email:compliance@steamhouse.in
Tel: +91 261 2998109
Website:https://steamhouse.in/
Steamhouse India IPO FAQs
- What is the Steamhouse India IPO price band?
- The Steamhouse India IPO price band is ₹77 to ₹81 per share.
- What is the Steamhouse India IPO lot size and minimum investment?
- The Steamhouse India IPO lot size is 185 shares. The minimum retail investment is ₹14,985 for one lot at the upper price band. Retail investors can apply for up to 13 lots (2,405 shares), costing ₹1,94,805.
- When was Steamhouse India IPO open for subscription?
- Steamhouse India IPO was open for subscription from Wed, 9 Sep 2026 to Fri, 11 Sep 2026.
- What is the Steamhouse India IPO subscription status?
- Steamhouse India IPO was subscribed 32.07x overall: QIB 46.19x, NII 46.60x and retail 17.78x. Day-wise and category-wise figures are on the subscription page.
- What was the Steamhouse India IPO GMP before listing?
- The last Steamhouse India IPO GMP before listing was +₹13.5 (+16.67% against the upper price band of ₹81), implying an estimated listing price of ₹94.5. Across 10 days of tracking, GMP ranged from 0 (07 Sep) to +₹24 (14 Sep). GMP is an unofficial grey market indicator and can change quickly.
- What is the Steamhouse India IPO allotment date?
- The Steamhouse India IPO basis of allotment was finalised on Tue, 15 Sep 2026. You can check your allotment status on the KFin Technologies Limited website.
- What is the Steamhouse India IPO listing date?
- Steamhouse India IPO listed on BSE & NSE on Thu, 17 Sep 2026.
- Is the Steamhouse India IPO a fresh issue or an offer for sale?
- It combines a fresh issue of ₹353 Cr (85.27%) with an offer for sale of ₹61 Cr (14.73%) by existing shareholders. Only the fresh issue money goes to the company.
- Who are the registrar and lead managers of the Steamhouse India IPO?
- The registrar for the Steamhouse India IPO is KFin Technologies Limited, and the book running lead manager is Equirus Capital Private Limited.
Data is compiled from the prospectus, stock exchanges and market sources and is for information only. It is not investment advice; read the RHP before applying.