- Home/
- IPO
20.65x
subscribed
Steamhouse India IPO
Industrial Gases & Fuels
listed
20.65x
subscribed
₹14,245Min. investment
Steamhouse India Limited IPO Details
Issue size
₹414Cr
IPO type
Mainboard
Market Cap
₹2,238CrLower than sector avg
Price range
₹77.00 – ₹81.00
Listing ExchangeBSE, NSE
RevenueApr 2025 - Mar 2026
₹491.5CrLower than sector avg
Lot size
185 shares
Red Herring Prospectus
Read
Growth rate3Y CAGR
29.80%
SectorIndustrial Gases & Fuels
Price range₹77.00 – ₹81.00
IPO type
Regular
Lot size185 shares
Issue size₹414Cr
Red Herring Prospectus
Read
Market Cap
₹2,238CrLower than sector avg
RevenueApr 2025 - Mar 2026
₹491.5CrLower than sector avg
Growth rate3Y CAGR
29.80%
Steamhouse India Limited IPO Overview
Steamhouse India IPO date
Steamhouse India IPO will open for subscription on September 9, 2026, and the closing date for the IPO is September 11, 2026. After this, investors are expected to be updated about the allotment status on September 15, 2026.
Investors who got IPO allotment can expect them to be credited to their demat account on September 16, 2026. The shares will be listed on NSE and BSE on Thursday, September 17, 2026.
Steamhouse India IPO price band
The IPO includes a fresh issue and an offer for sale. The IPO price band has been set between ₹77 and ₹81 per share. Interested investors can choose a price within this band to apply for the IPO.
The IPO is a book-building issue, comprising a fresh issue of ₹353 crore and an offer for sale of ₹61 crore. Steamhouse India IPO listing price will be determined on September 17, 2026. The listing price is the price at which a company’s shares debut on the stock exchanges.
Steamhouse India IPO lot size
Steamhouse India IPO lot size for investors is 185 shares per lot, while the minimum investment is ₹14,985 per lot. The total IPO issue size is ₹414 crore.
Checklist
Quality analysis
Revenue growth
Company valuation
Earnings expansion
Risk analysis
Debt to Equity ratio
Promoter holdings
Shares pledged
The investment checklist helps you understand a company's financial
health at a glance and identify quality investment opportunities easily
Compare
Companies in this sector
Gail (India) Ltd
Linde India Ltd
Petronet LNG LtdObjectives
Repayment of borrowings
50.90%
Capital requirement for development
21.50%
General corporate purposes
16.60%
Setup of steam generation facility
10.80%
Strength and Weakness
High entry barriers
The company has its own pipeline networks in industrial clusters. Limited space in these clusters makes it difficult for new companies to set up competing pipelines.
Strong operating network
Steamhouse operates seven community steam boilers with a combined capacity of 345 TPH. It also has a 350 NM³/hour nitrogen facility and 60,151 metres of pipeline network connecting its facilities to customers.
Growing and diversified customer base
The company served 202 customers in FY26, compared with 125 in FY24, across sectors such as pharmaceuticals, chemicals, textiles, agrochemicals, tyres and polymers. Repeat customers contributed 90.7% of revenue in FY26, showing strong customer retention.
Expansion into new locations
Steamhouse has entered into five-year steam purchase agreements for Dahej SEZ and Haldia and expects to start operations at both locations within the next 12 months. This can help the company add new customers and increase its business.
About Steamhouse India Limited
Steamhouse India IPO will open for subscription on 9 September 2026. The IPO will remain open till 11 September for retail and institutional investors, followed by listing on 17 September. The company is engaged in the generation and distribution of industrial gases, mainly steam and nitrogen, through its pipeline network.
It operates the industrial gas business through three key verticals: generation and distribution of steam through its community boiler system and pipeline network, purchase and distribution of steam generated by other entities, and separation, compression and distribution of nitrogen extracted from atmospheric air. Steamhouse India pioneered the community boiler system in India in 2014.
Steamhouse India started nitrogen production and supply on February 1, 2025. It is the only company in India that supplies nitrogen through a distributed pipeline network, instead of the more common model of supplying nitrogen through cryogenic tanks or onsite nitrogen-generation systems.
Steam generation and distribution remain the core business. In FY26, it contributed ₹256.26 crore, accounting for 52.1% of revenue from operations. Purchase and distribution of steam contributed ₹87 crore or 17.7%, while coal trading contributed ₹132.3 crore or 26.9%. Nitrogen distribution contributed ₹57.7 lakhs or 0.1% of revenue from operations.
As of July 31, 2026, the company operated seven community steam boilers in Gujarat, comprising six owned boilers and one leased boiler. These boilers have a combined installed capacity of 345 tonnes per hour (TPH), equivalent to an annual installed capacity of 2,185,920 tonnes per annum (TPA). The company also owns, operates and maintains a 60,151-meter pipeline network connecting its facilities with customer premises. Individual pipelines range from a minimum of 3,000 meters to a maximum of 20,000 meters. Its facilities are located close to major Indian ports and industrial customer clusters in Gujarat, which supports efficient supply and distribution.
The company's distribution capacity for industrial gases sold stood at 2,569,784 tonnes in FY26, while actual volume sold was 1,066,773 tonnes, resulting in capacity utilisation of 41.5%. The company served 202 customers in FY26, up from 173 customers in FY25 and 125 customers in FY24. Repeat customers contributed 90.7%, 88% and 91.4% of revenue in FY26, FY25 and FY24, respectively.
Its customer base spans several industrial sectors, including pharmaceuticals, chemicals, textiles, agro-chemicals, tyres, dyes and pigments, polymers and paints. Key customers include Aether Industries, Anupam Rasayan India, Globe Enviro Care, Gujarat Polysol Chemicals, Devanshi Dyestuff, K. Patel Chemo Pharma, K. Patel Dye Chem Industries Private Limited, Mahavir Synthesis Private Limited, Mangalam Intermediaries, Orgo Chem Gujarat Private Limited and Subhasri Pigments. Its top 10 customers accounted for 47.8% of revenue from operations in FY26. The largest customer, Sanjoo Dyeing & Printing Mills Private Limited, contributed ₹90.2 crore or 18.3% of revenue from operations.
Chemicals was the largest customer sector in FY26, contributing 26% of revenue, followed by Textiles at 22.1%, Pharmaceuticals at 18.4% and Agrochemicals at 10.3%. The remaining revenue came from sectors including Tyres, Dyes & Pigments, Polymers and Paints. The company's operations remain highly concentrated in Gujarat. In the last three financial years, 100% of revenue from the sale of industrial gases came from customers located in Gujarat.
The company is planning to establish new community industrial gas facilities at Nandesari (Phase 2), Jhagadia, Vapi (Phase 3), Ankleshwar (Phase 3), Pirana (Ahmedabad), Panoli (Phase 2), Tarapur and Dahej GIDC (Phase 2). These facilities are expected to become operational during calendar years 2026 and 2027. Once the proposed expansion is completed, the company's steam distribution capacity is expected to increase from 345 TPH to 705 TPH. Annual installed capacity is expected to increase from 2,185,920 TPA to 4,466,880 TPA.
India’s process steam demand was around 203,472 TPH (TPH is tonnes of steam per hour) in FY26 and is projected to grow to 318,853 TPH by FY31, a CAGR of approximately 9.4%. Based on an annual operating time of 8,000 hours, the total process steam demand is estimated to be some 1,628 million tonnes in FY26. Steam-as-a-Service is estimated to have an addressable market of about ₹3,66,250 crore in FY26 at an average steam cost of ₹2 to 2.5 per kg. The move to community boilers is driven by the need for lower running costs, higher energy efficiency and less investment in individual boiler infrastructure.
Community boilers can save 25 to 30% of fossil fuel compared to individual boilers, reduce space requirements and allow third-party operators to manage operations, maintenance, compliance and monitoring. The model can also tap into waste heat recovery and cleaner fuels like biomass and other renewables.
Steamhouse can take advantage of the expected move to centralised steam generation and distribution. Community boilers could meet around 3% of the country’s processed steam demand in the next five years. This would lead to an approximate 10x increase in community boiler installed capacity and a 55 to 60% CAGR in installed capacity. The company’s existing presence in industrial clusters and pipeline networks can support this growth, while the high capital requirement and limited space for setting up new pipeline networks and centralised facilities can act as entry barriers.
The company is also a beneficiary of increasing use of biomass, industrial waste, RDF and waste heat for steam generation. Opportunities also exist in the area of cogeneration where electricity and useful heat can be produced from the same fuel source. Steamhouse's monitoring and efficiency improvement technologies can help further support plant efficiency and reliability.
Now, Steamhouse India is launching its initial public offering (IPO), which consists of a fresh issue of ₹353 crore and an offer for sale of ₹61 crore. The total issue size of the IPO is ₹414 crore. Its shares will be listed on the NSE and BSE.
How to apply for Steamhouse India IPO?
If you are interested in this investment opportunity but unsure how to apply for Steamhouse India IPO, follow these steps.
When the public issue opens for subscription, one can follow this step-by-step guide on how to apply for the Steamhouse India IPO on Upstox:
- Log in to your Upstox account, using your six-digit PIN
- After logging in, click on ‘Discover’
- On the ‘Discover’ tab, you will find the ‘Invest in IPO’ section
- Under the Invest in IPO section, look for the ‘Steamhouse India IPO’ tab and click on it
- Now fill in all the required information, like ‘bid price’ and ‘lot size’
- Confirm and click on ‘Apply’
- Accept the mandate on your UPI app
IPO Analysis
IPO REVIEW
Steamhouse India IPO
Should you apply?
View Video
Steamhouse India IPO Subscription Status
Latest News on Steamhouse India IPO
Steamhouse India IPO: The proposed ₹425 crore initial public offering is a mix of new equity shares valued at ₹345 crore and an offer for sale (OFS) of shares aggregating up to ₹80 crore by promoter Vishal Sanwarprasad Budhia, as per the UDRHP.
2 min read
The ₹414 crore Steamhouse India IPO consists of a fresh issue of shares totalling ₹353 crore and an offer-for-sale (OFS) component of shares valued at ₹61 crore by promoter Vishal Sanwarraprasad Budhia.
3 min read
The ₹414 crore Steamhouse India IPO comprises a fresh issue of equity shares aggregating up to ₹353 crore and an offer-for-sale (OFS) component worth around ₹61 crore by promoter Vishal Sanwarraprasad Budhia.
3 min read
Steamhouse IPO is seeking to raise ₹414 crore through a fresh issue of shares aggregating up to ₹353 crore and an offer-for-sale (OFS) portion totalling ₹61 crore by promoter Vishal Sanwarraprasad Budhia.
2 min read
The ₹414 crore Steamhouse India IPO was a combination of a fresh issuance of ₹353 crore and an offer for sale (OFS) of ₹61 crore by promoter Vishal Sanwarprasad Budhia.
3 min read
Frequently asked questions
How to invest in the Steamhouse India IPO ?
Investors can apply for the Steamhouse India IPO through their Demat account via the stock exchange or through their broker.
What is the issue size of Steamhouse India IPO ?
The issue size of the Steamhouse India IPO is 414 Cr.
What is 'pre-apply' for Steamhouse India IPO ?
Pre-applying for an IPO allows you to submit your application before the official subscription period begins.
Which exchanges will Steamhouse India IPO shares list on?
The IPO shares will typically list on major stock exchanges such as the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), as specified in the IPO prospectus.