Steamhouse India IPO GMP today is Rs 16. Investors can use this GMP along with price band and subscription status for a better IPO review.
Listed
Mainboard IPO
STEAMHOUSE
Steamhouse India IPO GMP & Allotment
Steamhouse India operates large-scale centralized community boilers to generate and distribute steam and other industrial gases through a distributed pipeline network. The company primarily serves industrial clusters in Gujarat, utilizing coal and non-fossil fuels such as plastic waste, textile waste, and agro-waste for its waste-to-energy facilities. It offers a flexible plug-and-play solution where industrial customers control their consumption through on-site valves, paying based on actual usage or minimum contractual obligations. Revenue is primarily generated through the sale of steam and nitrogen under short- to long-term contracts ranging from one to ten years, which include fixed and variable cost components. Additionally, the company generates revenue through coal trading by selling excess imported coal in the open market and co-generates electricity to operate its own boiler facilities.
- IPO Price Band
- ₹77.00 - ₹81.00
- Lot Size
- 185 Shares
- Bidding Closes
- 11 Sept 2026
- Listing Date
- 17 Sept 2026
Current GMP Status
₹16
+19.75% vs upper band
Est. Listing Gain
+14.81%
Last Trend
16 Sept 2026
Listing Price
₹93.00
Retail Entry
₹14,985
IPO Details
Complete IPO information
| IPO Open Date | 09 Sept 2026 |
|---|---|
| IPO Close Date | 11 Sept 2026 |
| IPO Price Band | ₹77.00 - ₹81.00 |
| Lot Size | 185 Shares |
| Current GMP | ₹16 |
| Estimated Listing Gain | +14.81% |
| Issue Size | Approx ₹414 Cr |
| Fresh Issue | Approx ₹353 Cr |
| Issue Type | Mainboard |
| IPO Listing | BSE, NSE |
| Retail Quota | TBA |
| Registrar | Kfin Technologies Ltd. |
| Overall Subscription | 30.49x |
| Minimum Investment | ₹14,985 |
| DRHP Draft Prospectus | |
| RHP Draft Prospectus |
Demand Tracker
Subscription Status
| Category | Shares Reserved | Shares Applied | Subscription (x) |
|---|---|---|---|
| QIB | 107.53 | 4721.24 | 43.91x |
| NII | 80.65 | 3572.58 | 44.30x |
| Retail | 188.18 | 3181.07 | 16.90x |
| Overall Subscription | 376.36 | 11474.89 | 30.49x |
Analysis
IPO Snapshot & Investor Takeaways
At the upper end of its price band, Steamhouse India is priced at ₹81 per share. With a minimum lot size of 185 shares, a retail investor applying for one lot would need approximately ₹14,985 to participate in this Mainboard issue.
The latest recorded Grey Market Premium for Steamhouse India stands at ₹16, implying an estimated listing gain of around 19.75% over the issue price if it holds until listing. This is down ₹3 from its previously recorded level. GMP reflects informal grey-market sentiment rather than a guaranteed outcome, and can change at any point until the day of listing.
As of the latest update, Steamhouse India's IPO was subscribed 30.49x overall, with a category-wise breakdown of Retail 16.9x, QIB 43.91x, NII 44.3x.
Among the strengths highlighted in Steamhouse India's IPO documents: High customer retention with long-term supply contracts spanning up to ten years.; A flexible plug-and-play solution allows customers to pay based on actual consumption..
Investors should also weigh the risk factors Steamhouse India has disclosed, including: Revenue is heavily concentrated, with the top ten customers contributing 47.87% of operations..
A share of Steamhouse India's issue proceeds is earmarked for Repayment Of Borrowings: 180 (50.99%).
Mainboard IPOs list on the main platform of BSE/NSE, typically involve larger issue sizes, and draw participation across retail, HNI and institutional (QIB) investor categories.
Timeline
IPO roadmap at a glance
✓
Bidding Opens
09 Sept 2026
✓
Bidding Closes
11 Sept 2026
✓
Allotment
15 Sept 2026
✓
Listing
17 Sept 2026
Grey Market Premium
Daily GMP status
| Date | GMP | Change | Gain |
|---|---|---|---|
| 16 Sept 2026 | ₹20.00 | -₹3.00 | 24.69% |
| 11 Sept 2026 | ₹23.00 | +₹3.00 | 28.40% |
| 10 Sept 2026 | ₹20.00 | +₹2.00 | 24.69% |
| 09 Sept 2026 | ₹18.00 | +₹18.00 | 22.22% |
| 07 Sept 2026 | ₹0.00 | - | TBA |
| 06 Sept 2026 | ₹0.00 | - | TBA |
Swipe to see more →
Market Lot
Application size breakdown
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 Lot | 185 | ₹14,985 |
| Retail Maximum | 13 Lot | 2,405 | ₹1,94,805 |
| S-HNI Minimum | 14 Lot | 2,590 | ₹2,09,790 |
| S-HNI Maximum | 66 Lot | 12,210 | ₹9,89,010 |
| B-HNI Minimum | 67 Lot | 12,395 | ₹10,03,995 |
Swipe to see more →
Fund Utilization
Objects of the Issue & Official Documents
- Repayment Of Borrowings 180 (50.99%)
- General Corporate Purpose 58.87 (16.68%)
Issue Notes
Important takeaways before applying
Strengths
- High customer retention with long-term supply contracts spanning up to ten years.
- A flexible plug-and-play solution allows customers to pay based on actual consumption.
- Strategic facility locations near major industrial clusters in Gujarat reduce transmission losses.
- Integration of non-fossil fuels like plastic and agro-waste to reduce environmental impact.
- Consistent revenue growth driven by a high volume of repeat orders and established infrastructure.
Risks
- Revenue is heavily concentrated, with the top ten customers contributing 47.87% of operations.
- Profitability is substantially dependent on the price and availability of imported coal.
- Geographic concentration in Gujarat makes operations highly vulnerable to local regulatory changes.
- Significant reliance on related party transactions with group companies for both sales and purchases.
- Past non-compliances with pollution control board approvals could result in future operational penalties.
Analysis
Steamhouse India IPO Reservation
The Steamhouse India IPO reservation is divided among Qualified Institutional Buyers, Non-Institutional Investors and Retail Investors. The issue also includes a dedicated allocation for Anchor Investors before the IPO opens for public subscription.
| Investor Category | Share Offered | % Shares |
|---|---|---|
| Anchor Investor | 1,53,33,332 Shares | -% |
| QIB (Ex. Anchor) | – Shares | 50% |
| NII Shares Offered | – Shares | 15% |
| Retail Shares Offered | – Shares | 35% |
Note: The reservation percentages and share allocation are based on the information provided for the Steamhouse India IPO.
Analysis
Steamhouse India IPO Anchor Investors
The Steamhouse India IPO anchor bidding is scheduled for September 8, 2026, ahead of the public issue opening. A total of 1,53,33,332 shares have been allocated for Anchor Investors, with the applicable lock-in period details provided below.
| Particular | Details |
|---|---|
| Anchor Bidding Date | September 8, 2026 |
| Anchor Investors List | |
| Shares Offered | 1,53,33,332 Shares |
| Anchor Size | [.] Cr. |
| Lock-in Period End Date 50% Shares (30 Days) | 2026 |
| Lock-in Period End Date 50% Shares (90 Days) | 2026 |
Note: Anchor bidding and lock-in details are based on the information provided for the Steamhouse India IPO.
Analysis
Steamhouse India IPO Dates
| Particular | Dates |
|---|---|
| IPO Open Date | 09 Sept 2026 |
| IPO Close Date | 11 Sept 2026 |
| Basis of Allotment | 15 Sept 2026 |
| Refunds | 16 Sept 2026 |
| Credit to Demat Account | 16 Sept 2026 |
| IPO Listing Date | 17 Sept 2026 |
Note: The timeline for Steamhouse India IPO is tentative and subject to change.
Analysis
Steamhouse India Promoters and Holding Pattern
The promoters of Steamhouse India are Vishal Sanwarprasad Budhia, Ritu Budhia, V SB Business Trust, Budhia Business Trust and VB Business Trust. The promoter and promoter group held 98.69% of the company before the IPO, which is expected to reduce to 79.94% after the issue.
| Particular | Pre IPO Shares | Pre IPO % Shares | Post IPO Shares | Post IPO % Shares |
|---|---|---|---|---|
| Promoter and Promoter Group | 223,013,075 | 98.69% | 215,482,211 | 79.94% |
| Others* | 2,963,675 | 1.31% | 54,074,785 | 20.06% |
| Total | 225,976,750 | 100% | 269,556,996 | 100% |
Note: The holding pattern is based on the shareholding figures provided for the Steamhouse India IPO.
Analysis
Steamhouse India Objects of the Issue & Utilisation of Proceeds
| Purpose | Crores |
|---|---|
| Purpose | INR crores (%) |
| Repayment or prepayment of outstanding borrowings | 180 (50.99%) |
| Capacity expansion of the Ankleshwar Facility (Phase 3) | 37.98 (10.76%) |
| Capacity expansion of the Panoli Facility (Phase 2) | 37.98 (10.76%) |
| Manufacturing facility for generation of steam at Dahej SEZ | 38.17 (10.81%) |
| General corporate purposes | 58.87 (16.68%) |
Note: Objectives are as specified in the DRHP/RHP documents of Steamhouse India.
Analysis
Steamhouse India About Ipo
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.
Analysis
Steamhouse India Company Financials
| Period | Revenue | Expense | PAT | Assets |
|---|---|---|---|---|
| 2024 | 293.16 Cr. | 249.85 Cr. | 27.19 Cr. | 422.31 Cr. |
| 2025 | 398.53 Cr. | 359.56 Cr. | 31.16 Cr. | 543.67 Cr. |
| 2026 | 494.97 Cr. | 443.74 Cr. | 38.64 Cr. | 679.45 Cr. |
Note: Financial numbers for Steamhouse India are in ₹ Crores unless stated otherwise.
Analysis
Steamhouse India Company Valuation – FY2026
| KPI | Values |
|---|---|
| ROE | 22.36% |
| ROCE | 16.06% |
| EBITDA Margin | 16.99% |
| PAT Margin | 7.81% |
| Debt to Equity Ratio | 1.57 |
| Earning Per Share (EPS) | 1.71 (Basic) |
| Price/Earning P/E Ratio | - |
| Return on Net Worth (RoNW) | 23.60% |
| Net Asset Value (NAV) | 7.25 |
Note: Valuation KPIs for Steamhouse India are computed for FY2026.
Analysis
Steamhouse India IPO Peer Group Comparison
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
|---|---|---|---|---|---|
| Linde India Limited | 64.37 | 99.17 | 12.87% | 500.27 | 2530.64 Cr. |
| Ellenbarrie Industrial Gases Limited | 7.54 | 42.74 | 10.68% | 69.33 | 341.58 Cr. |
Note: Peer group comparisons for Steamhouse India are sourced from DRHP filings.
Analysis
Steamhouse India IPO Lead Managers aka Merchant Bankers
- Equirus Capital Ltd.
Comparison
Compare Steamhouse India IPO with similar IPOs
FAQ
Steamhouse India IPO FAQs
Steamhouse India IPO price band is Rs 77.00 to Rs 81.00. Check the latest issue price, lot size and GMP together before applying.
Steamhouse India IPO open date is 09 Sept 2026, close date is 11 Sept 2026, and listing date is 17 Sept 2026.
Steamhouse India IPO lot size is 185 shares. The minimum retail investment is Rs 14,985.
Steamhouse India is classified as a Mainboard IPO. This helps investors quickly understand the issue category and exchange segment.
Steamhouse India IPO subscription status currently shows Retail 16.9x, QIB 43.91x, NII 44.3x, Overall 30.49x.
Steamhouse India operates large-scale centralized community boilers to generate and distribute steam and other industrial gases through a distributed pipeline network. The company primarily serves industrial clusters in Gujarat, utilizing coal and non-fossil fuels such as plastic waste, textile waste, and agro-waste for its waste-to-energy facilities. It offers a flexible plug-and-play solution where industrial customers control their consumption through on-site valves, paying based on actual usage or minimum contractual obligations. Revenue is primarily generated through the sale of steam and nitrogen under short- to long-term contracts ranging from one to ten years, which include fixed and variable cost components. Additionally, the company generates revenue through coal trading by selling excess imported coal in the open market and co-generates electricity to operate its own boiler facilities.
Steamhouse India IPO issue size is 414 and the expected allotment date is 15 Sept 2026.
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