Steamhouse India files updated DRHP with SEBI for ₹425 crore IPO; what we know so far

Steamhouse India IPO: Industrial steam and gas supplier Steamhouse India Ltd has filed its updated draft red herring prospectus (UDRHP) with the market regulator, the Securities and Exchange Board of India (SEBI), for its initial public offering.

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.

The fresh issue proceeds will be utilised for debt repayment, capital expenditure needs for capacity expansion of the Ankleshwar Facility (Phase 3) and Panoli Facility (Phase 2), setting up a new manufacturing unit for steam generation in Dahej SEZ, and general corporate purposes.

The company had filed its draft papers via confidential route for its IPO in July this year and received SEBI's observations on October 14. This filing allows the company to keep financial and other details private until closer to the listing.

Before the public offer, the company may hold a pre-IPO round to raise up to ₹15 crore. If undertaken, the amount raised would be deducted from the fresh issue.

About Steamhouse India

Led by Vishal Budhia, Steamhouse India introduced the concept of a community boiler system in India in 2014, as per the F&S Report. Their industrial gas business consists of steam generation and distribution, steam purchase and distribution, and the extraction, compression, and pipeline-based supply of nitrogen.

It operates seven community steam boilers in Gujarat. Six owned and one leased across locations, including the Vapi WTE unit, Vapi Phase 1, Ankleshwar Phase 1, Ankleshwar Phase 2, Nandesari, Sarigam and Panoli.

The serves sectors such as textiles, pharmaceuticals, chemicals, agrochemicals, tyres, dyes and pigments, paints and polymers, among others.

The company’s revenue from operations advanced 35.44% to ₹395.10 crore in the financial year 2024-25, compared to ₹291.71 crore in the year-ago period. Its profit after tax (PAT) climbed 14.62% to ₹31.16 crore in FY25 from ₹27.18 crore in the previous fiscal year.

Equirus Capital Pvt Ltd is the book-running lead manager of the issue, while KFin Technologies is the registrar.