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IPO ·
NSE, BSE
Steamhouse India Ltd
Listed
Supplies steam and nitrogen through pipeline networks to factories in Gujarat industrial hubs.
Issue details
Price band
₹77 – ₹81
Face value
₹2
Lot size
185 shares
Minimum investment
₹14,985
Issue size
₹414 Cr
Fresh issue
₹353 Cr
Offer for sale
₹61 Cr
Issue type
Book Built
Exchange
NSE, BSE
Key dates
Opens
9 Sep 2026
Closes
11 Sep 2026
UPI mandate cut-off
5:00 PM on 11 Sep 2026
Allotment
15 Sep 2026
Refunds
16 Sep 2026
Shares in demat
16 Sep 2026
Listing
17 Sep 2026
Subscription and listing
Subscription
22.59x
Listing price
₹94.50
Registrar
KFin Technologies Ltd
Lead manager
Equirus Capital Ltd
Subscription by category
Total
22.59x
Total applications
16,18,156
Anchor investors
Amount raised
₹124.20 Cr
Bid date
8 Sep 2026
50% lock-in ends
14 Oct 2026
Rest lock-in ends
13 Dec 2026
Listing day
Issue price
₹81
Open
₹94.50
High
₹103.95
Low
₹91.60
Day close
₹102.55
Listing gain at open
+16.67%
Issue structure
Shares reserved per category and share of the total issue
QIB
2,55,55,554
50.00%
Anchor Investor
1,53,33,332
30.00%
QIB (Ex. Anchor)
1,02,22,222
20.00%
NII
76,66,667
15.00%
bNII > ₹10L
51,11,112
10.00%
sNII < ₹10L
25,55,555
5.00%
Retail
1,78,88,889
35.00%
Total
5,11,11,110
100.00%
Finaccle’s quick read
Avoid
Income and PAT rose about 24% in FY26, but debt/equity of 1.57 and a post-issue P/E of 57.9x make it both leveraged and richly priced.
A rules-based screen of growth, margins, debt and valuation, built from the offer document and data on Chittorgarh.com. It is for information only and is not investment advice or a recommendation to buy or sell. Read the RHP and speak to a SEBI-registered adviser before you apply.
About the company
Steamhouse India, incorporated in 2015, produces and supplies process steam and nitrogen to industrial units through a pipeline network of over 45 km across Gujarat industrial estates such as Sachin, Vapi, Ankleshwar, Panoli and Sarigram. Its customers are chemical, textile and other manufacturers in these clusters, and it also trades coal. FY26 total income was about ₹495 Cr with 229 employees.
Founded
Promoters
Products and segments
Promoter holding
Financial performance
Period
PAT
ROE
22.36%
ROCE
16.06%
Debt / equity
1.57
PAT margin
7.81%
P/E post issue
57.86
Market cap
₹2,238.89 Cr
Use of IPO money
Repayment/prepayment of borrowings
₹180.00 Cr
Ankleshwar facility capacity expansion (Phase 3)
₹75.95 Cr
Dahej SEZ steam facility capex
₹38.17 Cr
General corporate purposes
₹23.13 Cr
Issue expenses
₹35.75 Cr
Strengths
✓
Pipeline network creates high entry barriers
✓
Plants located inside major Gujarat industrial clusters
✓
Long-standing marquee industrial customers
✓
Steady growth in income and profit
Risks to watch
!
High debt/equity of 1.57
!
Post-issue P/E of 57.9x is rich
!
Geographic concentration in Gujarat clusters
!
Coal price and supply exposure
!
Capital-intensive expansion plans
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Last updated:
Information is compiled from exchange notices and the company’s offer document. It is for general information only and is not investment advice or a recommendation to apply. Read the prospectus before investing.