Steamhouse India IPO
Market Sentiment
The overall score is a weighted average of the parts below, so one weak part can sit inside a strong overall reading.
IPO Details
Day-wise Subscription (times subscribed)
| Category | Day 1 | Day 2 | Day 3 |
|---|---|---|---|
| QIB | 0.00x | 1.62x | 46.19x |
| NII | 0.30x | 2.00x | 46.60x |
| bNII > ₹10L | 0.18x | 1.36x | 45.23x |
| sNII 2-10L | 0.56x | 3.30x | 49.33x |
| Retail | 0.70x | 2.63x | 17.78x |
| Total | 0.42x | 2.21x | 32.07x |
Market Lot Size
IPO Reservation
Financial Analysis
Financial Data
Financial Performance
| Metric | 2024 | 2025 | 2026 |
|---|---|---|---|
| Revenue | 293.16 | 398.53 | 494.97 |
| Expense | 249.85 | 359.56 | 443.74 |
| Profit (PAT) | 27.19 | 31.16 | 38.64 |
| Total Assets | 422.31 | 543.67 | 679.45 |
Peer Comparison
| Company | EPS | P/E | RoNW % | NAV | Income |
|---|---|---|---|---|---|
| Steamhouse India This IPO | 1.71 | - | 23.60 | 7.25 | - |
| Linde India Limited | 64.37 | 99.17 | 12.87 | 500.27 | 2,530.64 Cr |
| Ellenbarrie Industrial Gases Limited | 7.54 | 42.74 | 10.68 | 69.33 | 341.58 Cr |
Strengths & Risks
- Heavily oversubscribed — 32.1x overall (so far).
- Strong institutional (QIB) demand — 46.2x.
- Revenue grew 24% in the latest reported year.
- Strong return on equity — 22%.
- Mostly fresh capital — proceeds fund the company's growth, not an exit.
- Elevated leverage — debt/equity of 1.57.
Compiled from this issue's live GMP, subscription, valuation and financial data, and updated as those figures change. Informational only — not investment advice. Always read the RHP before applying.
Company Information
About Steamhouse India
SteamHouse India, founded in June 2015, is an Industrial gas company that supplies steam and nitrogen gas through its pipeline network. The company has a pipeline network that covers over 45 kms in key industrial hubs, including Sachin, Vapi, Ankleshwar, Sarigram, Panoli, and Nadesari. The company’s industrial gases include generating and distributing steam, buying and supplying steam, and supplying nitrogen through pipelines. Steamhouses acquires steam from other companies and supplies it to customers through its pipeline. Moreover, it takes nitrogen from the air, separates it, compresses it, and then supplies it. Aether Industries Limited, Anupam Rasayan India Limited, Globe Enviro Care Limited, Gujarat Polysol Chemicals Private Limited, Devanshi Dyestuff, and K. Patel Chemo Pharma Private Limited are some of its well-known clients.
Company Contact Information
Office No. 324, Second Floor, Four Point, V.I.P. Road, Vesu Surat Gujarat
Objects of the Issue
| Purpose | Amount (Cr) |
|---|---|
| Repayment or prepayment of all or a portion of certain outstanding borrowings availed by Company | 180.00 |
| Funding capital expenditure requirements for augmenting infrastructure development of the Company towards capacity expansion of the Ankleshwar Facility (Phase 3) | 37.98 |
| Funding capital expenditure requirements for augmenting infrastructure development of the Company towards capacity expansion of the Panoli Facility (Phase 2) | 37.98 |
| Funding capital expenditure in relation to the setting up of a manufacturing facility for generation of steam at Dahej SEZ | 38.17 |
| General Corporate Purposes | - |
Resources & Documents
Anchor Investors
Steamhouse India IPO - Quick Take
Steamhouse India has set a price band of Rs 77–Rs 81 per share for an issue size of Rs 414 crore. The stock listed with a 14.81% gain versus its issue price on September 17, 2026.
The issue is promoted by Vishal Sanwarprasad Budhia, Ritu Budhia, V SB Business Trust, Budhia Business Trust, VB Business Trust with Equirus Capital Ltd. acting as lead manager. Net proceeds will primarily be used towards repayment or prepayment of all or a portion of certain outstanding borrowings availed by Company (Rs 180 crore) and funding capital expenditure requirements for augmenting infrastructure development of the Company towards capacity expan… (Rs 38 crore).
On fundamentals, the company is posting revenue growth of 24.2%, a profit margin of 7.8%, return on equity of 22.4% in its most recent reported period. Listed peers in this segment include Linde India Limited (P/E 99.17x) and Ellenbarrie Industrial Gases Limited (P/E 42.74x) — useful reference points when evaluating the issue's pricing relative to where the broader sector is trading.
On our data-signal score, the combined signals for this issue currently read strong — the composite picture tilts positive, though not without some caveats. This is a summary of public data, not a recommendation to apply or skip. Past performance does not predict future returns — review the price chart and peer comparison below before trading.
Frequently Asked Questions
Steamhouse India IPO GMP — What It Means
GMP stops mattering once the shares trade — it only ever estimated the listing price. The summary at the top of this page compares the last pre-listing GMP with how the shares actually listed. Its last GMP before listing was 16.7%. Of the 25 Mainboard IPOs we have tracked with a final GMP between 10% and 25%, 22 listed above, 2 flat and 1 below the issue price; Steamhouse India listed 14.8% above its issue price.
See the full Steamhouse India GMP history and trend, or learn how grey market premium works and how reliable it is.
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