Steamhouse India Limited IPO
What the filing actually says
Our read of the offer document and the exchange data — not the issuer's summary of itself
Dates
The issuer's tentative timetable — a date passing is not confirmation the step completed
- Opens09 Sept 2026
- Closes11 Sept 2026
The offering
Terms, structure and who is selling
What the money is for
Stated use of the net proceeds
- 01Repayment or prepayment of all or a portion of certain outstanding borrowings availed by our Company₹180 Cr
- 02Funding capital expenditure requirements for augmenting infrastructure development of our Company towards (i) capacity expansion of the Ankleshwar Facility (Phase 3) and (ii) capacity expansion of the Panoli Facility (Phase 2)₹75.95 Cr
- 03Funding capital expenditure in relation to setting up of a new manufacturing facility for generation of steam in Dahej GIDC (Phase 2)₹38.17 Cr
- 04General corporate purposesnot stated
Objects with no stated amount — typically general corporate purposes — are funded from whatever remains, so the quantified figures do not sum to the whole issue.
How the issuer compares
The listed companies the offer document itself names as comparable.
| Company | EPS | P/E | NAV | RoNW |
|---|---|---|---|---|
| Steamhouse India Limitedthis issue | 1.71 | — | 7.25 | 22.36% |
| Linde India Limited | 64.37 | 99.17 | 500.27 | 12.87% |
| Ellenbarrie Industrial Gases Limited | 7.54 | 42.74 | 69.33 | 10.68% |
Blank cells are figures the offer document does not publish. An unlisted issuer has no market price, so it has no price-based multiple until it lists — which is exactly why the comparison is against companies that already trade. The peer set is the issuer's own selection, so read it as the flattering-est comparison available rather than a neutral one.
Risks worth reading
Ranked by our severity assessment, not by the order the prospectus prints them
Related-party transactions are 795.8% of revenue.
mediumOur operations are limited to providing steam and other industrial gases to customers in close proximity to our facilities, which means that our customer base for each facility is limited geographically. Our business and growth plans are dependent on our ability to find suitable land for the develop
mediumOur top ten customers contributed 47.87% of our revenue from operations in Fiscal 2026. We also derive a significant portion (90.72% in Fiscal 2026) of our revenue from operations from repeat orders. Loss of any of these customers or a reduction in purchases or repeat orders by any of them could adv
Except as stated in this section, as on the date of this Red Herring Prospectus, there are no outstanding (i) criminal proceedings (including matters which are at FIR stage even if no cognizance has been taken by any court or any other judicial authority) (ii) actions (including all penalties and show cause notices) taken by regulatory or statutory authorities (including any judicial, quasi-judicial, administrative or enforcement authorities); (iii) claims related to any direct or indirect taxes in a consolidated manner; (iv) other pending litigation as determined to be material by our Board as per the Materiality Policy, in each case involving our Company, our Subsidiary, our Promoters or our Directors ("Relevant Parties"); (v) litigations involving our Group Companies which have a material impact on our Company; and vi) disciplinary actions (including a penalty) imposed by SEBI or any of the stock exchanges against our Promoters in the five financial years preceding this Red Herring Prospectus, including any outstanding action.
Positives the filing discloses (1)
85% of the offer is fresh issue, so most proceeds fund the company.
What happened to comparable issues
The last 8 issues to list with a recorded opening price, most comparable first
Past issues are context, not a forecast — this issue is a different company at a different price. We show it because "how have issues like this one actually opened" is a question with a real answer, and grey-market premium is not that answer.
Offer documents
The primary sources everything above is drawn from
Disclaimer. Figures are compiled from the issuer's offer document and exchange-published bidding data. Subscription changes until the issue closes, and the final basis of allotment is published by the registrar. Grey-market premium is unofficial and is not a forecast. Nothing here is investment advice or a recommendation — read the offer document and consult a SEBI-registered adviser before applying.