Steamhouse India Ltd IPO: price band, issue structure, financials, subscription and listing outcome

Steamhouse India Limited, a Gujarat-focused industrial steam and energy-products supplier, launched a mainboard, 100% book-built IPO of up to ₹414.00 crore in a price band of ₹77 to ₹81 per share. The offer combined a fresh issue of up to ₹353.00 crore and an offer for sale (OFS) of up to ₹61.00 crore. The IPO opened on 9 September 2026 and closed on 11 September 2026, with shares listed on BSE and NSE (designated exchange: BSE) on 17 September 2026. The company also completed a pre-IPO placement of ₹50.00 crore (₹499.99 million), which was deducted from the fresh issue size. The stock listed at ₹93, translating into a 14.81% premium to the upper band issue price of ₹81.

What Steamhouse India does

Steamhouse India Limited operates facilities that produce and distribute steam and other industrial gases/energy products to industrial customers. The company’s operating model typically uses infrastructure located close to customer clusters, supporting proximity-based supply for industrial users.

Operations are centered in Gujarat and nearby regions, with the company highlighting a presence across industrial belts such as Ankleshwar, Nandesari, Panoli, Sarigam and Vapi. In such proximity-led models, business activity is closely linked to the location and operating performance of facilities, and to continuity of demand from customers located around those facilities.

The company’s disclosed milestones include its incorporation in Surat, Gujarat in 2015 as Ankeshwar Eco Energy Limited (public limited company), and a name change to Steamhouse India Limited in 2021, with a fresh certificate of incorporation dated 28 September 2021.

IPO structure and proposed use of fresh issue proceeds

The IPO consisted of two parts:

1. Fresh issue: shares issued by the company, with proceeds accruing to Steamhouse India.

2. Offer for sale (OFS): shares sold by existing shareholders, with proceeds accruing to the selling shareholders.

According to the stated objects of the issue, the net proceeds from the fresh issue are proposed to be used for repayment or prepayment of certain outstanding borrowings and for capital expenditure (capex) linked to capacity and facility additions. The capex items include infrastructure augmentation for capacity expansion at the Ankleshwar Facility (Phase 3) and the Panoli Facility (Phase 2), and setting up a new steam generation manufacturing facility at Dahej GIDC (Phase 2). A portion is also proposed to be used for general corporate purposes.

Within this framework, the largest stated allocation is towards repayment or prepayment of borrowings (about ₹180.00 crore), followed by capex towards the Ankleshwar and Panoli expansions (about ₹75.95 crore) and the Dahej GIDC facility (about ₹38.17 crore), with the balance earmarked for general corporate purposes (about ₹39.87 crore). These are proposed uses and not completed spending.

The company’s disclosures also note a pre-IPO placement of ₹50.00 crore that was deducted from the fresh issue size, affecting the final fresh issue quantum versus the headline total offer size.

Financial performance and trajectory

Across the last three reported financial years (FY2024 to FY2026), Steamhouse India reported an expanding scale of operations, with total revenue rising from about ₹293.16 crore in FY2024 to ₹398.53 crore in FY2025 and ₹494.97 crore in FY2026. Profit after tax (PAT) also increased over the same period, moving from about ₹27.19 crore in FY2024 to ₹31.16 crore in FY2025 and ₹38.64 crore in FY2026.

Profitability, viewed through margins, shows PAT margin at 9.27% in FY2024, 7.82% in FY2025 and 7.81% in FY2026. For operating profitability, the key performance indicators disclosed with the offer include an EBITDA margin of 16.99% (EBITDA defined here as a margin percentage).

On the balance sheet, total assets increased from about ₹422.31 crore in FY2024 to ₹543.67 crore in FY2025 and ₹679.45 crore in FY2026. For a facility-led business, this movement in assets is a key context point alongside revenue and margin outcomes, as investors typically track how facility additions and expansions are reflected in scale and profitability metrics over time.

Valuation and key IPO metrics

Steamhouse India’s offer disclosures include commonly tracked valuation and return metrics.

Earnings per share (EPS) was reported at ₹1.66. Return on equity (ROE) was 22.36%, return on capital employed (ROCE) was 16.06%, and return on net worth (RoNW) was 23.60%. The reported PAT margin at 7.81% aligns with the FY2026 PAT margin, while the disclosed EBITDA margin is 16.99%.

At the issue price, the disclosed pre-IPO price-to-earnings (P/E) multiple was 48.80 times and the price-to-book (P/B) multiple was 11.17 times.

Leverage is an additional valuation-context input for investors in capital-intensive businesses. The company reported a debt-to-equity ratio of 1.57 times, and part of the fresh issue proceeds is proposed to be used for repayment or prepayment of certain borrowings.

Subscription, allocation framework, GMP and listing outcome

The IPO closed with a total subscription of 2.32 times. In category terms, Qualified Institutional Buyers (QIBs) subscribed 1.70 times, Non-Institutional Investors (NIIs) subscribed 2.11 times, and Retail Individual Investors (RIIs) subscribed 2.77 times.

The category allocation framework disclosed a QIB portion of 50%, an NII portion of 15%, and a retail portion of 35%. The company also disclosed that up to 60% of the QIB portion could be allocated to anchor investors, with a 33.33% reservation for domestic mutual funds within the anchor portion.

Ahead of listing, grey market premium (GMP) observations published in the market ranged from ₹24 down to ₹13 across the last 10 available snapshots (referenced to an issue price of ₹81). GMP is an unofficial indicator and can change.

On listing, shares debuted at ₹93 on 17 September 2026, which is 14.81% above the upper band issue price.

Key risks and monitoring points

Steamhouse India’s disclosures flag concentration and operating-input dependencies that investors commonly monitor in facility-led, proximity-supply businesses.

Customer concentration is one such factor. The company disclosed that its top ten customers accounted for 47.87% of FY2026 revenue. Separately, it disclosed that 90.72% of FY2026 revenue came from repeat orders, which provides context on the share of business derived from existing customers.

Input dependence is another area to track. Steam production depends heavily on coal purchases, and coal purchases formed 77.29% of total purchases in FY2026. The company also disclosed supplier concentration, with the top ten suppliers accounting for 81.71% of purchases in FY2026.

Regulatory and compliance matters are also part of the risk framing. The company’s disclosures include past non-compliance with Gujarat Pollution Control Board approvals, including operating a boiler before final approval.

Monitoring points after listing include the following statements:

Execution progress on the proposed capacity expansions at Ankleshwar (Phase 3) and Panoli (Phase 2), and on the proposed Dahej GIDC (Phase 2) steam facility.

Changes in concentration among the top ten customers and the share of revenue from repeat orders.

Coal sourcing dependence and supplier concentration, including any changes in procurement mix and continuity of supply.

Movement in leverage metrics in the context of the proposed repayment or prepayment of borrowings from fresh issue proceeds.

Complete numeric snapshot

IPO terms and schedule

Key performance indicators and valuation

Category reservations and anchor allocation

Proposed use of fresh issue proceeds

Subscription status (19 Sep 2026)

Grey market premium (GMP) trend

GMP is an unofficial market indicator and can change; these are dated snapshot observations, not a listing forecast.