Business Desk – Steamhouse India IPO: There is going to be a big stir in the primary market on 9th September. Steamhouse India IPO is also opening for investors among many IPOs and SME IPOs. The company is preparing to raise Rs 414 crore through this issue. The IPO will open on September 9 and bidding can be done till September 11. The company has fixed the price range of the share at Rs 77 to Rs 81. For one lot at the upper price, investors will have to invest Rs 14,985.
The company will invest a major part of the amount raised from this IPO in repaying debt and increasing production capacity. In such a situation, before investing money in IPO, it is important to understand the company's earnings, valuation, business and gray market trends.
New shares worth Rs 353 crore, OFS of Rs 61 crore
New shares worth Rs 353 crore will be issued in Steamhouse India's Rs 414 crore IPO. Apart from this, there will be an offer for sale (OFS) of Rs 61 crore. Under this, promoter Vishal Sanwarprasad Budhiya will sell his stake worth about Rs 61 crore.
Will open on 9th September, chance till 11th September
The company's IPO will open on September 9 and close on September 11. The allotment of shares is expected to take place on September 15. The shares of the company are proposed to be listed on both NSE and BSE. The probable listing date is 17 September 2026.
Equirus Capital Ltd is the book-running lead manager to the issue, while Kfin Technologies Ltd has been appointed as the registrar.
One lot will be available for Rs 14,985
The company has kept the face value of the share at Rs 2. The price range is Rs 77 to Rs 81. That means the lower price is 38.50 times the face value and the upper price is 40.50 times.
Retail investors can bid for a minimum of 185 shares. At the upper price of Rs 81, one lot will have to be invested Rs 14,985. At the lower price of Rs 77, the cost of one lot will be Rs 14,245. Applicable charges will be in addition.
How expensive or cheap is the valuation?
Based on FY2026 profit per share, the company's P/E ratio is 35.03 times at Rs 77 and 37.17 times at Rs 81.
According to the company, the industry average P/E is 70.96 times. On this basis, Steamhouse's valuation is lower than the industry average. The company's weighted average RONW over the last three financial years has been 24.14%.
What will happen to the money received from IPO?
The company plans to repay or prepay the outstanding loan of about Rs 180 crore. Apart from this, Rs 37.98-37.98 crore will be spent on increasing the capacity in the facilities at Ankleshwar and Panoli.
Rs 38.17 crore will be spent to set up steam generation facility in Dahej SEZ. The remaining amount will be used for general business needs. According to the company, the total estimated utilization of net IPO proceeds amounts to Rs 294.13 crore.
24% increase in earnings
The total income of the company was Rs 398.53 crore in FY 2025, which increased by 24% to Rs 494.97 crore in FY 2026. Similarly, profit after tax i.e. PAT increased from Rs 31.16 crore to Rs 38.64 crore. This also increased by about 24%.
What business does the company do?
Steamhouse India, started in June 2015, is an industrial gases company. It provides centralized supply of steam and nitrogen to industries through pipeline networks. This reduces the need for industrial customers to build and maintain their own steam and nitrogen infrastructure.
The company's pipeline network is more than 45 kilometers long and extends to industrial areas like Sachin, Vapi, Ankleshwar, Sarigam, Panoli and Nadesari. Its business includes steam generation and distribution, steam procurement, nitrogen separation, compression and supply and coal trading.
The company's customers include many industrial companies including Ather Industries, Anupam Rasayan India, Globe Enviro Care and Gujarat Polysol Chemicals.
No movement in GMP yet
According to market sources, as of 6 am on September 8, Steamhouse India IPO GMP was Rs 0. That means at present no premium is visible regarding this IPO in the gray market. However, GMP is an unofficial indicator and is subject to change. Investment decision should not be taken only by looking at GMP.
