The Steamhouse India IPO made a strong market debut today, with shares listing at ₹94.50 per share on NSE and ₹93 per share on BSE, marking a 21% premium over the issue price of ₹81 per share. The ₹414 crore initial public offering was offered at a final issue price of ₹81 per share, with the allotment status finalized on September 15, 2026. The issue opened for subscription on September 9, 2026, and closed on September 11, 2026, receiving bids for 114.75 crore shares against 3.76 crore equity shares on offer, resulting in a subscription of 30.49 times. The strong oversubscription reflects robust investor confidence in the community boiler infrastructure company. Following the listing, the company's market capitalisation stood at around ₹2,570.58 crore. On the BSE, shares surged 4.5% to trade at ₹97.25 as of 10:35 AM, with the counter touching a high of ₹99.90. As per Business Standard, the stock was currently trading at ₹98.33 at 10:15 IST, representing a 21.37% premium as compared with the issue price.
The IPO demonstrated strong institutional interest with Steamhouse India raising ₹124.19 crore from anchor investors ahead of the public offering. The company allotted 1.5 crore equity shares to anchor investors at ₹81 per share, with participation from notable institutional investors including Singularity Large Value Fund III, Chartered Finance & Leasing Ltd, Abakkus Emerging Opportunities Fund-1, Niveshaay Sambhav Fund, Emerge Capital Opportunities Scheme and 31 Degrees North Fund. This anchor investor funding, combined with the strong public subscription, indicates significant institutional confidence in the company's growth prospects and business model.
The IPO demonstrated robust demand across all investor categories, with retail portion subscribed 18 times, Non-Institutional Investors (NII) category receiving 46.60 times subscription, and Qualified Institutional Buyers (QIBs) subscribing 46.19 times their allotted portion. The ₹414 crore IPO comprised a fresh issue of ₹353 crore and an Offer For Sale (OFS) of ₹61 crore, with the price band fixed at ₹77-₹81 per share and lot size of 185 shares. At the upper end of the price band, a retail investor needed ₹14,985 to apply for one lot. Equirus Capital served as the book-running lead manager of the issue, while Kfin Technologies acted as the registrar. The strong subscription across all categories reflects broad-based investor confidence in the company's prospects.
As reported by Business Standard, Steamhouse India reported a consolidated net profit of ₹38.64 crore and sales of ₹491.51 crore for the twelve months ended on March 31, 2026. The company's revenue stood at ₹494.97 crore in FY26, representing more than 50% growth from ₹293.16 crore in FY24. Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) stood at ₹83.49 crore in FY26, compared with ₹69.32 crore in FY25. However, EBITDA margins have been on a declining trend, falling to 16.87% in FY26 from 17.4% in FY25 and 23.34% in FY24. Profit After Tax (PAT) margin stood at 7.81% in FY26, broadly in line with the previous year. The company reported a 24% rise in FY26 profit, which investors are tracking as part of the company's plans to strengthen financial performance.
According to Business Standard, proceeds from the IPO will be utilized for repayment/prepayment of existing borrowings, capacity expansion of the Ankleshwar Facility (Phase 3), capacity expansion of the Panoli Facility (Phase 2), and setting up of a manufacturing facility for generation of steam at Dahej SEZ. An additional ₹38.17 crore will be used to set up a manufacturing facility for steam generation at Dahej SEZ, with the remaining proceeds of ₹294.13 crore allocated for general corporate purposes. The ₹414 crore IPO, which was subscribed 17.89 times, comprised a fresh issue of shares aggregating up to ₹353 crore and an Offer-for-Sale (OFS) of shares worth around ₹61 crore, with the OFS involving promoter Vishal Sanwarraprasad Budhia offloading shares. Incorporated in June 2015, SteamHouse India serves clients including Aether Industries, Anupam Rasayan India, Globe Enviro Care, Gujarat Polysol Chemicals and other industrial customers, with 229 employees and 276 contract workers as of July 31, 2026. The company had also raised nearly ₹50 crore through a pre-IPO placement in June from funds backed by investor Madhusudhan Kela and Niveshaay Sambhav Fund.
