You’ve probably never thought about who supplies steam to a chemical factory, but that’s exactly the niche Steamhouse India occupies — and it’s a genuinely sticky business once a customer is on the pipeline. Here’s what to know before this Gujarat-based industrial utility company opens for subscription.
What the company does
Steamhouse India is a Surat-based industrial utilities company, incorporated in 2015, that generates and distributes steam and nitrogen through a centralised, pipeline-based model. Instead of every factory in an industrial cluster building and maintaining its own boiler, Steamhouse sets up community boiler facilities and pipes steam directly to multiple customers nearby — a genuinely capital-efficient model for the customers, if not always for Steamhouse itself. The company runs over 45 km of pipeline network across Gujarat’s industrial hubs — Sachin, Vapi, Ankleshwar, Sarigam, Panoli and Nandesari — with a combined steam capacity of 345 tonnes per hour. It also entered the industrial nitrogen business in February 2025, though that segment is still small relative to the core steam business.
Key dates
| Event | Date |
|---|---|
| Anchor investor bidding | September 8, 2026 |
| IPO opens | September 9, 2026 |
| IPO closes | September 11, 2026 |
| Allotment finalisation | September 15, 2026 |
| Listing on NSE & BSE | September 17, 2026 |
Price band and lot size
The band is ₹77 to ₹81 per share, with a lot size of 185 shares — roughly ₹14,985 for one retail lot at the top of the band.
Issue structure
This is a ₹414 crore issue, split between a ₹353 crore fresh issue and a ₹61 crore offer for sale by promoter Vishal Sanwarraprasad Budhia. The fresh issue money is earmarked for debt repayment, capacity expansion at the Ankleshwar and Panoli facilities, and a new steam-generation unit at Dahej SEZ. In June 2026, the company also raised close to ₹50 crore in a pre-IPO placement from funds backed by investor Madhusudhan Kela.
GMP today
GMP has stayed close to flat for most of the run-up, sitting around ₹0 to ₹18 depending on the day — a distinctly quiet reception compared to some of the other issues opening around the same time. That’s not unusual for a niche, lesser-known industrial utility business without a household name behind it.
Company review — should you apply?
The financials are steady rather than spectacular: revenue grew from ₹293 crore to ₹495 crore between FY24 and FY26, and profit climbed from ₹27 crore to ₹39 crore over the same period, with ROE holding above 22% throughout.
Total borrowings, though, are meaningful relative to the company’s size at over ₹280 crore, and at the upper price, the issue is priced around 47 times FY26 earnings — a rich multiple next to listed industrial gas peers like Ellenbarrie Industrial Gases, which trades closer to 43 times. The community-boiler model is a genuinely sticky one once a customer is on the pipeline, and Gujarat’s chemical and pharma manufacturing base gives it a natural growth runway. But this is a small, regionally concentrated business asking for a peer-level multiple, and the flat GMP suggests the market hasn’t fully made up its mind either.
Frequently Asked Questions
What is the Steamhouse India IPO price band?
₹77 to ₹81 per share, with a lot size of 185 shares.
What does Steamhouse India do?
It generates and distributes industrial steam and nitrogen through a centralised, pipeline-based model to factories in Gujarat’s industrial clusters.
Is Steamhouse India IPO expensive?
At the upper band, it’s priced around 47 times FY26 earnings, which is a rich multiple relative to listed peers like Ellenbarrie Industrial Gases.
Conclusion
Steamhouse India’s community-boiler model gives it a real, sticky customer base, but the valuation is asking peer-level respect for a smaller, regionally concentrated business. The flat GMP suggests the market is still deciding. Read the RHP’s debt and capacity-expansion details closely before applying.
GMP figures mentioned above are unofficial, unregulated grey market indicators that change frequently. They are not a guarantee of listing price. Please review the RHP and consult your financial advisor before applying.