Steamhouse India IPO
Day 1 of 3 of bidding · Sept 09, 2026
Steamhouse India IPO is on Day 1 of 3 of its subscription window. The latest grey market premium is Rs 19 (23.5% over issue price), up Rs 1 from previous. Total subscription stands at 0.18x (NII 0.1x, Retail 0.32x). Bidding closes on Sept 11, 2026 (in 2 days).
Last updated:Market Sentiment
IPO Details
Market Lot Size
IPO Reservation
Return Estimator (GMP*)
Allotment Chances
Financial Analysis
| 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 |
| Company | EPS | P/E | RoNW % | NAV | Income |
|---|---|---|---|---|---|
| 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 |
Promoters: Vishal Sanwarprasad Budhia, Ritu Budhia, V SB Business Trust, Budhia Business Trust, VB Business Trust
Strengths & Risks
- Strong grey-market premium — +23% over the issue price.
- Grey-market premium is trending up during the bidding window.
- 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
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.
| 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
Office No. 324, Second Floor, Four Point, V.I.P. Road, Vesu Surat Gujarat
Steamhouse India has set a price band of Rs 77–Rs 81 per share for an issue size of Rs 414 crore. The Mainboard issue is currently open for subscription and closes in 2 days on September 11, 2026.
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 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).
Grey market is quoting a premium of +Rs 19 (+23.5% over issue price), up Rs 1 from the previous session. Live demand data shows overall subscription at 0.18x, retail at 0.32x, NII at 0.10x.
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 are trading.
Our data-driven engine currently flags this issue as a Neutral stance — the data is mixed and the risk-reward is balanced rather than one-sided. All figures below — GMP history, subscription tiers, financials and peers — are aggregated from public disclosures. Always apply through your own broker after reading the RHP.
Steamhouse India IPO GMP — What It Means
The latest grey market premium for Steamhouse India IPO is ₹19 (+23.5%). GMP is an unofficial, dealer-quoted figure that hints at expected listing-day demand — it is not a guaranteed listing price. For Steamhouse India it should be read alongside the subscription numbers and the company's fundamentals, since grey-market premiums can swing sharply during the bidding window.
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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