Steamhouse India IPO subscribed 16% so far on Day 1: Check price band, lot size and key dates

The initial public offering of industrial gas producer Steamhouse India Ltd has been subscribed 16% so far on the first day of bidding on Wednesday, September 9. The issue will end on September 11. With a price band of ₹77 to ₹81 per share, a lot consists of 185 shares.

The portion for non-institutional investors received 9% subscription, while the retail portion was booked 27%. The quota for qualified institutional buyers (QIBs) is yet to see any subscription.

The ₹414 crore initial share sale 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.

The money raised will be used to clear the company's existing debt, expand capacity at its Panoli and Ankleshwar facilities, establish a new steam-generation plant in the Dahej SEZ and meet general corporate requirements.

"Our company expects to receive the benefits of listing of the equity shares on the stock exchanges and enhancement of our company’s visibility and brand image, and creation of a public market for our equity shares in India," the firm said in its red herring prospectus.

Before the IPO, the company raised ₹124.20 crore from anchor investors, including Singularity Large Value Fund III, Abakkus Emerging Opportunities Fund-1, Chartered Finance & Leasing Ltd, Niveshaay Sambhav Fund, 31 Degrees North Fund and Emerge Capital Opportunities Scheme.

Steamhouse India IPO allotment and listing date

Established in 2014, Steamhouse India Limited supplies industrial steam to customers via a centralised utility model using dedicated pipeline infrastructure. The company serves industrial clients across sectors like chemicals, pharmaceuticals, food processing, textiles, paper and manufacturing.

The firm is also diversifying into aviation logistics, nitrogen compression and distribution and waste-to-energy solutions.