The ₹414 crore Steamhouse India IPO has achieved 30.49 times subscription as of 17:20 IST on September 11, showing exceptional investor interest on the third and final day of bidding. According to Business Standard, investors bid for 1,14,74,84,330 shares against the 3.76 crore shares on offer, with the retail portion achieving 8.82 times subscription against 1.88 crore shares reserved. The subscription pattern shows strong investor confidence across all categories, with the non-institutional investors recording 15.37 times subscription against 80.64 lakh shares on offer, while qualified institutional buyers subscribed 2.30 times to their allocated portion. The Grey Market Premium (GMP) has soared to ₹23, indicating robust investor sentiment with shares commanding a 28% premium over the upper price band of ₹81. The IPO structure shows 35% allocation for retail investors, 20% for QIBs, 15% for NIIs, and 30% for anchor investors, with the minimum retail investment of ₹14,985 and maximum investment of ₹1,94,805 for retail participants.
Before the public offering, Steamhouse India successfully raised ₹124.2 crore from six anchor investors on September 8, securing approximately $13 million in institutional backing. The anchor round included prominent investors such as Singularity Large Value Fund III, Chartered Finance & Leasing Ltd, Abakkus Emerging Opportunities Fund-1, Niveshaay Sambhav Fund, 31 Degrees North Fund and Emerge Capital Opportunities Scheme. Singularity Large Value Fund III and Chartered Finance & Leasing Limited emerged as the largest anchor investors, each acquiring 51.97 lakh shares for ₹42.09 crore at the upper price band. Abakkus Emerging Opportunities Fund-1 and Emerge Capital Opportunities Scheme each purchased 12.34 lakh shares for ₹10 crore, while Niveshaay Sambhav Fund acquired 18.51 lakh shares for ₹15 crore and 31 Degrees North Fund bought 6.17 lakh shares for ₹5 crore. This strong anchor interest demonstrates institutional confidence in the company's growth prospects ahead of the public listing.
According to Business Standard, the subscription pattern reveals strong retail investor participation with retail investors subscribing 8.82 times their allocated portion, placing bids for 4.94 crore shares against 1.88 crore shares reserved for them. The non-institutional investor basket saw 15.37 times subscription with bids for 1.61 crore shares while 80.64 lakh shares were reserved. Notably, investors in the ₹2 lakh to ₹10 lakh range subscribed most aggressively at 3.3 times, bidding for 88.62 lakh shares against 25.88 lakh shares reserved. Corporates, individuals and others subscribed 1.36 times to the IPO, bidding for 72.86 lakh shares of the 53.76 lakh shares on offer. Qualified institutional buyers subscribed 2.30 times, bidding for 1.74 crore shares while 1.07 crore shares were reserved for them.
Established in 2014, Steamhouse India Limited operates as an industrial gas producer specializing in generating and centrally distributing industrial gases, including steam and nitrogen, through pipeline networks. According to Business Standard, the company operates community boilers connected to pipeline networks ranging from 45 to 56 km across industrial clusters in Gujarat, including Vapi, Sachin, Ankleshwar, with companies sourcing steam on demand without installing their own boilers. The nitrogen gas is separated, compressed and distributed via the pipeline, with third party producers purchasing steam from the company for onward distribution. As of July 31, 2026, the company had a total strength of 229 employees in its payroll while making use of services of 276 contract labourers across various facilities. The company operates a well-extended pipeline network covering over 45 kms in various industrial zones including Sachin, Vapi, Ankleshwar, Sarigam, Panoli and Nadesari, with a total pipeline system covering 56,236 meters. The company also undertakes coal trading on an invoice-only basis, which contributed 26.9% of total revenue in FY26. The company serves industrial clients across sectors including chemicals, pharmaceuticals, food processing, textiles, paper and manufacturing, with customers including Aether Industries, Anupam Rasayan India and Gujarat Polysol Chemicals.
According to Business Standard, the company plans to use ₹180 crore from the net proceeds of the fresh issue to repay debt, addressing its current financial obligations. Another ₹75.95 crore has been earmarked for capacity expansion at its Ankleshwar and Panoli facilities, with funds also supporting capital expenditure for a new steam-generation manufacturing facility at Dahej GIDC. The remaining proceeds will be used for general corporate purposes. The company's total debt stands at ₹281.62 crore with a debt-to-equity ratio of 1.57x. As reported by CNBC TV18, the company's revenue is heavily reliant on Gujarat, with steam generation heavily reliant on coal, which accounted for 77.29% of total purchase cost in FY26. The top 10 customers contribute nearly 48% of FY26 operational revenue, while the top 10 suppliers contribute 81.71% of total material purchases in the previous fiscal. The business requires continuous capital expenditure for boiler setups and pipeline extensions.
The allotment finalization is scheduled for September 15, with refund initiation on September 16 and credit of shares to Demat accounts on the same day. The listing on NSE and BSE is scheduled for September 17. The IPO opened for bidding on September 9, 2026 and closed on September 11, 2026, providing adequate time for the anchor investors to complete their due diligence and for the company to prepare for its public market debut. The IPO is priced at ₹77-81 per share with a lot size of 185 shares, making it accessible to retail investors with a minimum investment of ₹14,985 and maximum investment of ₹1,94,805. The company's shares will be listed on both BSE and NSE following the completion of the IPO process, with Equirus Capital serving as the merchant banker handling the offering. The ₹414 crore IPO comprises a fresh issue of shares worth ₹353 crore and an offer-for-sale (OFS) of shares worth ₹61 crore by promoter Vishal Sanwarprasad Budhia, with the entire OFS component being sold by promoter Vishal Sanwarprasad Budhia, who is offloading shares worth approximately ₹61 crore.
