Steamhouse India listing: Shares list at 16.6% premium compare to IPO price on NSE

Steamhouse India shares made a decent stock market debut on Thursday, September 17. Shares of the industrial gas maker listed at ₹94.5 apiece on the National Stock Exchange (NSE), reflecting a premium of 16.6% over the initial public offering (IPO) issue price of ₹ apiece.

On the BSE, Steamhouse India stock started trading at ₹93, up 14.8% from the issue price. Steamhouse India 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.

The company’s initial public offering was subscribed 32.07 times, with bids for 1,14,74,84,330 shares compared to 3,57,77,779 shares on offer, according to the NSE data.

The ₹414 crore IPO comprised a fresh issue of equity shares worth ₹353 crore and an offer-for-sale (OFS) component of over 75 lakh shares valued at ₹61 crore.

Steamhouse India Financials

Steamhouse India IPO objective

• Repayment of borrowings: The company will use ₹180 crore for repayment of certain outstanding borrowings.
• Capital requirement for development: The company will use ₹75.95 crore for capacity expansion at its Ankleshwar and Panoli facilities.
• Setup of steam generation facility: The company will use ₹38.17 crore to set up a steam generation facility at Dahej GIDC (Phase 2).
• General corporate purposes: Part of the IPO proceeds will be used for general corporate purposes and issue expenses.

About the company

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.