Steamhouse India Limited IPO
ListedMainboardMiscellaneous
32.07×
Subscribed
Price band
₹77 – ₹81
Lot size
185
1 lot = ₹14,985
Issue size
₹414 Cr
Open – close
09 Sept 2026
to 11 Sept 2026
Listing
17 Sept 2026
Listing gain
+16.67%
What the filing actually says
Our read of the offer document and the exchange data — not the issuer's summary of itself
Mixed4 of 7 dimensions read
A mixed but reasonable offering — 2 positive against 0 negative signals
Strength69/100
- Demanding valuation47.4× earnings at the upper band, with no peer set published to compare against
- High return on equityROE of 22.4%
- Meaningful leverageDebt/equity of 1.63×
- Institutions bid heavilyQIB portion subscribed 46.19×
Every line above is arithmetic on a figure shown elsewhere on this page - no model, no opinion. It describes the quality of the offering as disclosed, and is pulled toward neutral to reflect how much the document leaves unsaid. It is not a prediction of the listing price, and it is not advice to apply.
Dates
The issuer's tentative timetable — a date passing is not confirmation the step completed
- Opens09 Sept 2026
- Closes11 Sept 2026
- Allotment15 Sept 2026
- Listing17 Sept 2026
Demand and your odds
How the book filled, and what that means for an application
Subscription by category
Qualified institutionalQIB46.19x
Non-institutionalNII / HNI46.60x
Big NIIabove ₹10L45.23x
Small NII₹2L – ₹10L49.33x
Retail individualRII17.78x
16,57,586 applications received — how many people bid, as opposed to how much money did. Exchange figures as of 11 Sept 2026.
Chance of allotment
Retail17.78× subscribed
~1 in 17.8
Minimum 1 lot · 185 shares · ₹14,985 blocked
Retail is 17.78× subscribed. Allotment is a lottery on a single lot, so roughly 1 in 17.8 applications gets one lot. Bidding for extra lots does not improve these odds.
HNI / NII46.60× subscribed
~1 in 46.6
Minimum 14 lots · 2,590 shares · ₹2,09,790 blocked
HNI is 46.6× subscribed. This category is allotted proportionately, so a bid receives roughly 1/46.6 of the shares applied for, subject to the minimum-lot draw.
Derived from SEBI's allotment mechanics and the subscription figures beside it. Retail allotment is a lottery on a single lot, so applying for more lots does not improve your chance of getting something.
Grey market premium
Unofficial dealer quotes — not published by NSE, BSE, SEBI or the company
₹24+29.6%
over the upper band · last seen 21 Sept 2026 · rising since 08 Sept 2026
What this number is not. Grey-market premium is an unregulated, thinly-traded quote from private dealers. It is not a forecast of the listing price, it is not verifiable, and it can be moved by the same people who benefit from it looking high. We publish it because you will look it up anyway — and we deliberately do not convert it into an expected listing gain, because that arithmetic implies a reliability the number has never earned. For what actually happened to comparable issues, see recent outcomes below.
The offering
Terms, structure and who is selling
Terms
Price band₹77 – ₹81
Face value₹2
Lot size185shares
Minimum application₹14,985at cut-off
Total issue size₹414 Cr
Fresh issue₹353 Cr
Offer for sale₹61 Cr
Listing atMainboard
Anchor investorsAllotted
Company & valuation
P/E at upper band47.37×
NAV per share₹7.25
Return on equity22.36%
Debt / equity1.63×
ROCE16.06%
RoNW23.60%
PAT Margin7.81%
EBITDA Margin16.99%
NAV7.25
Price to Book Value11.17
ISININE0FRO01022
RegistrarKARVY
Lead managersEquirus Capital Limited (formerly known as Equirus Capital Private Limited)
14.7% of this issue is an offer for sale. The rest is fresh capital that goes into the company itself.
Who gets what
How the issue is split between investor categories, and what each may bid.
| Category | Shares | % of issue |
|---|---|---|
| QIB | 2,55,55,555 | — |
| Anchor Investor | 1,53,33,332 | — |
| QIB (Ex. Anchor) | 1,02,22,223 | — |
| NII (HNI) | 76,66,667 | — |
| bNII > ₹10L | 51,11,111 | 1973.00% |
| sNII < ₹10L | 25,55,556 | 986.00% |
| Retail | 1,78,88,889 | 96696.00% |
Total issue 5,11,11,111 shares. Indented rows sit inside the category above them and are not added to it.
What each category may bid
Retail (Min)₹14,9851 lot · 185 sh
Retail (Max)₹1,94,80513 lots · 2,405 sh
S-HNI (Min)₹2,09,79014 lots · 2,590 sh
S-HNI (Max)₹9,89,01066 lots · 12,210 sh
B-HNI (Min)₹10,03,99567 lots · 12,395 sh
Lot size alone does not answer "how much do I need" — an S-HNI minimum is several lots, not one.
Anchor book
Shares allotted1,53,33,332
Anchor portion₹124.2 Cr
Bid date08 Sept 2026
Lock-in ends (50%)15 Oct 2026
Lock-in ends (rest)14 Dec 2026
Anchors are institutional money placed a day before bidding opens, against a lock-in. Those two dates are when that stock can first be sold — a supply event worth knowing if you still hold.
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 the 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 purposes₹23.13 Cr
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 | 47.37 | 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
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 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 adversel
mediumOur agreements with our top ten customers in Fiscal 2026 are between two years and seven years. Agreements with four of these customers are expiring in Fiscal 2027 and one is expiring in Fiscal 2029. We do not have any agreements with four of our top ten customers in Fiscal 2026 and business is carr
Litigation
Except as stated in this section, as on the date of this 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 Prospectus, including any outstanding action.
Positives the filing discloses (2)
Primarily fresh capital
85% of the offer is fresh issue, so most proceeds fund the company.
Healthy return on equity
ROE of 22.4%.
What happened to comparable issues
The last 8 issues to list with a recorded opening price, most comparable first
Median listing gain
+4.5%
Listed up
5 of 8
Best
+65.4%
Orient Cables (India) Limited
Worst
-11.5%
AceVector Limited
HD Fire Protect Limitedsame segment
131.7× sub+23.6%
Vishal Nirmiti Limitedsame segment
1.7× sub-2.3%
Nityas Gems and Jewellery Limitedsame segment
2.3× sub+6.7%
Srit India Limitedsame segment
125.2× sub+13.8%
Shah Investor's Home Limitedsame segment
38.1× sub+2.4%
Runwal Enterprises Limitedsame segment
2.5× sub+0.0%
AceVector Limitedsame segment
4.9× sub-11.5%
Orient Cables (India) Limitedsame segment
92.3× sub+65.4%
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.
About Steamhouse India Limited
Steamhouse India Limited is engaged in the generation and centralised distribution of industrial gases, primarily steam and nitrogen, through its pipeline network. Its operations include generation and distribution of steam through community boiler systems, purchase and distribution of steam generated by third parties, and separation, compression and distribution of nitrogen. The company also undertakes coal trading, primarily involving excess coal procured for its industrial gas operations. The company operates seven community steam boilers in Gujarat across Vapi, Ankleshwar, Sarigam, Nandesari, and Panoli, with an aggregate installed steam capacity of 345 TPH as of July 31, 2026. It also distributes purchased steam in Dahej GIDC (Phase 1) and Sachin GIDC. Its nitrogen generation and distribution facility at Ankleshwar has a capacity of 350 NM³ per hour. Its customers operate across sectors including pharmaceuticals, chemicals, textiles, agrochemicals, tyres, dyes and pigments, polymers, and paints. Use of proceeds: The IPO is a combination of a fresh issue of shares and an offer for sale. The net proceeds from the offer for sale will go to the selling shareholders, whereas those from the fresh issue will go to the company and will be utilised for the following purposes: Repayment or prepayment of certain outstanding borrowings – Rs 180.00 crore Capital expenditure for infrastructure development – Rs 75.95 crore Capacity expansion of Ankleshwar Facility (Phase 3) – Rs 37.98 crore Capacity expansion of Panoli Facility (Phase 2) – Rs 37.98 crore Capital expenditure for setting up a steam generation facility at Dahej GIDC (Phase 2) – Rs 38.17 crore General corporate purposes
Founded 2015MD Mr Vishal Sanwarprasad BudhiaSector Miscellaneous
Offer documents
The primary sources everything above is drawn from
Common questions
What is the Steamhouse India Limited IPO GMP today?
The most recent grey-market premium recorded for Steamhouse India Limited is ₹24 per share — about 29.6% over the ₹81 upper band. Grey-market premium is an unofficial, unregulated quote from private dealers. It is not published by NSE, BSE, SEBI or the company, and it is not a forecast of the listing price.
How many times is the Steamhouse India Limited IPO subscribed?
Steamhouse India Limited is subscribed 32.07× overall (QIB 46.19×, NII 46.60×, retail 17.78×). Subscription keeps changing until the issue closes; the final basis of allotment is published by the registrar, KARVY.
What is the minimum investment in the Steamhouse India Limited IPO?
One lot is 185 shares, so a retail application at the ₹81 cut-off price blocks ₹14,985. Retail applications are capped at ₹2,00,000; above that you bid in the HNI category, where allotment is proportionate rather than by lottery.
What are the chances of allotment in the Steamhouse India Limited IPO?
The retail portion is subscribed 17.78×, so allotment is by lottery and the odds of receiving at least one lot are roughly 1 in 18. Applying for more lots does not improve the chance of getting something — every retail applicant competes for the same single minimum lot.
When is the Steamhouse India Limited IPO allotment date?
Allotment is scheduled for 2026-09-15, with listing on 2026-09-17. These dates are the issuer's tentative timetable — a date passing is not confirmation that the step completed. Allotment status is published by the registrar, KARVY.
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.