Steamhouse IPO Details 2026: Price Band, GMP, Subscription, Financials & Key Details

The Steamhouse IPO is an upcoming Mainboard IPO of Steamhouse India Limited, a Surat-based industrial steam and gas supplier serving customers across the chemical, pharmaceutical and industrial sectors. The company is scheduled to open its IPO for subscription from September 9, 2026 to September 11, 2026.
The Steamhouse IPO is a book-built issue of ₹414 crore, comprising a ₹353 crore fresh issue and an Offer for Sale (OFS) of ₹61 crore. The face value of each equity share is ₹2.
The Steamhouse IPO price band has been fixed at ₹77 to ₹81 per share. The retail investor lot size is 185 shares, requiring a minimum investment of ₹14,985 at the upper price band.
Steamhouse India operates in the industrial gases and steam solutions sector. The company supplies industrial steam through pipeline networks and has also entered the nitrogen production and supply business.
The company operates across industrial locations including Sachin, Vapi, Ankleshwar, Sarigam, Panoli and Nadesari. As of November 15, 2025, its operational pipeline system measured approximately 56,236 metres, while its seven boilers had a combined steam-generation capacity of 345 tonnes per hour.
In this article, we cover the Steamhouse IPO details, GMP, subscription status, IPO timeline, lot size, reservation, business overview, financial performance, key ratios, valuation, peer comparison, IPO objectives, strengths, risks and allotment details.

Steamhouse IPO Details

Steamhouse IPO Timeline

The Steamhouse IPO is scheduled to open for subscription on September 9, 2026 and close on September 11, 2026.
 

Steamhouse IPO GMP

As of September 7, 2026, the Steamhouse IPO GMP is ₹0 according to the available grey-market data.
With the IPO upper price band at ₹81 and GMP at ₹0, the estimated listing price is around ₹81, indicating an estimated listing gain of 0%.
 

The current GMP of ₹0 indicates no premium in the available grey market.
However, GMP is an unofficial and unregulated indicator. It can change before listing and should not be considered a guarantee of the actual listing price or returns.

Steamhouse IPO Subscription Status

The Steamhouse IPO will open for subscription on September 9, 2026. Therefore, live subscription figures are currently unavailable as of September 7, 2026.
 

Once the IPO opens, subscription figures will be updated based on bids received from Qualified Institutional Buyers (QIBs), Non-Institutional Investors (NIIs) and Retail Individual Investors.

Steamhouse IPO Day-wise Subscription Trend

What is the Current Subscription Data for Steamhouse IPO?
The current Steamhouse IPO subscription data is not available because the IPO will open on September 9, 2026.
Once bidding starts, investors can track the category-wise subscription figures to understand demand from QIB, NII and Retail investors.
The final subscription numbers will be available after the IPO closes on September 11, 2026.

Steamhouse IPO Lot Size

The Steamhouse IPO lot size is 185 shares.
At the upper price band of ₹81 per share, one lot requires an investment of ₹14,985.
 

Steamhouse IPO Reservation

The Steamhouse IPO reservation follows the standard Mainboard IPO allocation structure.
 

The final category-wise allocation will be determined according to the IPO documents and applicable regulations.

What is Steamhouse India?

Steamhouse India Limited was incorporated in June 2015 and is headquartered in Surat, Gujarat.
The company is engaged in supplying industrial steam and gases to customers operating across industrial clusters in Gujarat. Its business model involves generating steam and supplying it to industrial customers through dedicated pipeline infrastructure.
Steamhouse operates across Sachin, Vapi, Ankleshwar, Sarigam, Panoli and Nadesari.
As of November 15, 2025, the company had an operational pipeline system of approximately 56,236 metres.
The company has also diversified into nitrogen production and supply. It started nitrogen production and supply from February 1, 2025, with its first nitrogen project located at Ankleshwar.
The company reported nitrogen revenue of ₹0.90 million in FY25 and ₹3.01 million during the stub period ended September 30, 2025.
As of November 15, 2025, Steamhouse operated seven boilers with a combined steam-generation capacity of approximately 345 tonnes per hour, equivalent to around 2,185,920 tonnes annually.
As of September 30, 2025, the company had 213 employees and 292 contract labourers.

Major Customers

Steamhouse serves customers across the chemical, pharmaceutical and industrial sectors.
Its customer base includes:
Aether Industries

• Anupam Rasayan
• Globe Enviro Care
• Gujarat Polysol Chemicals
• Devanshi Dyestuff
• K. Patel Chemo Pharma
• K. Patel Dye Chem Industries
• Mahavir Synthesis
• Mangalam Intermediaries
• Orgo Chem Gujarat
• Subhasri Pigments

Steamhouse IPO Objectives

The company proposes to use the net proceeds from the fresh issue for the following objectives:
 

A significant portion of the proceeds is proposed to be used for repayment or prepayment of outstanding borrowings.
The company also plans to invest in expansion projects at Ankleshwar, Panoli and Dahej SEZ, which can support the expansion of its industrial steam business.
The specified project allocations total ₹294.13 crore, while the overall IPO comprises both the fresh issue and OFS. The remaining proceeds are subject to the stated general corporate and issue-related requirements.

Steamhouse Financial Performance

₹ in Crore
 

Steamhouse India's total income increased from ₹398.53 crore in FY25 to ₹494.97 crore in FY26, representing growth of approximately 24%.
Profit After Tax increased from ₹31.16 crore in FY25 to ₹38.64 crore in FY26, also registering approximately 24% growth.
EBITDA increased from ₹69.32 crore in FY25 to ₹83.49 crore in FY26.
The company's total assets increased from ₹422.31 crore in FY24 to ₹679.45 crore in FY26, while net worth increased from ₹102.71 crore to ₹163.76 crore during the same period.
Total borrowings stood at ₹281.62 crore in FY26.

Steamhouse Key Financial Ratios

The company reported an EBITDA margin of 16.99% and a PAT margin of 7.81% in FY26.
Steamhouse also reported ROE of 22.36% and RoNW of 23.60%, indicating profitability relative to shareholder capital.

Steamhouse IPO Valuation

Based on the available IPO valuation data:
 

At the upper price band of ₹81, Steamhouse's post-IPO market capitalization is approximately ₹2,238.89 crore.
The supplied post-IPO valuation indicates a P/E multiple of 57.86x.
Investors should compare this valuation with listed industrial gas and related companies before making an investment decision.

Steamhouse Promoter Holding

The promoters of Steamhouse India include:

• Vishal Sanwarprasad Budhia
• Ritu Budhia
• V SB Business Trust
• Budhia Business Trust
• VB Business Trust

The promoter holding is expected to decline following the IPO due to the proposed issue structure.

Steamhouse IPO Peer Comparison

The available peer comparison is as follows:
 

The peer set includes established industrial gas companies such as Ellenbarrie Industrial Gases and Linde India.
Steamhouse's final valuation should be assessed against these companies after considering differences in business scale, profitability, growth, debt levels and operating segments.

Competitive Strengths of Steamhouse

Established Position in Industrial Steam Solutions
Steamhouse has developed a business focused on supplying industrial steam to customers located within major industrial clusters in Gujarat.

Extensive Pipeline Infrastructure

The company had an operational pipeline system of approximately 56,236 metres as of November 15, 2025, providing dedicated infrastructure for steam distribution.

Large Steam Generation Capacity

Steamhouse operated seven boilers with a combined capacity of 345 tonnes per hour, equivalent to approximately 2.19 million tonnes annually.

Strategic Locations

The company's facilities are strategically located across industrial clusters including Sachin, Vapi, Ankleshwar, Sarigam, Panoli and Nadesari.

Marquee Customer Base

Steamhouse serves established industrial customers including Aether Industries, Anupam Rasayan and other chemical and pharmaceutical companies.

Diversification into Nitrogen

The company started nitrogen production and supply in February 2025, providing an additional industrial gas business opportunity.

Sustainability-Oriented Solutions

Centralised steam and gas supply can help industrial customers optimise energy infrastructure and reduce the need for individual steam-generation facilities.

Risks Investors Should Consider

High Borrowings

Steamhouse reported total borrowings of ₹281.62 crore in FY26, making debt levels an important factor for investors to monitor.

Capital-Intensive Business

Steam generation and pipeline infrastructure require substantial capital investment for expansion and maintenance.

Customer Concentration

The company's business depends on industrial customers, and changes in demand from major customers could affect revenue and capacity utilisation.

Raw Material and Energy Costs

Changes in fuel, energy and other operating costs could impact the company's profitability and margins.

Industrial Sector Dependence

Demand for Steamhouse's products and services is closely linked to the performance and expansion of chemical, pharmaceutical and other industrial sectors.

Execution Risk

The proposed expansion projects at Ankleshwar, Panoli and Dahej involve capital expenditure and execution requirements. Delays or cost overruns could affect expected returns.

Competition

Steamhouse operates in an industry with established players and may face competition from other industrial gas and steam solution providers.

Should You Invest in Steamhouse IPO?

Steamhouse India operates in the industrial steam and gas segment, with an established presence across major industrial clusters in Gujarat.
The company has several strengths, including an operational pipeline network of 56,236 metres, seven boilers with combined steam-generation capacity of 345 tonnes per hour, a diversified industrial customer base and expansion plans across Ankleshwar, Panoli and Dahej.
The company's financial performance has also shown growth. Total income increased by approximately 24% in FY26, while PAT grew by around 24%. FY26 EBITDA stood at ₹83.49 crore, with an EBITDA margin of 16.99%.
However, investors should also consider the company's ₹281.62 crore borrowings in FY26, capital-intensive operations, industrial-sector dependence and execution risks associated with its expansion plans.
At the upper price band of ₹81, the supplied post-IPO valuation indicates a market capitalization of approximately ₹2,238.89 crore and a P/E of 57.86x.
The current GMP is ₹0, indicating no grey-market premium as of September 7, 2026.
Overall, investors should evaluate the IPO based on the final valuation, financial performance, debt position, growth plans, peer valuations and industry outlook, rather than relying solely on GMP or expected listing gains.

Steamhouse IPO Allotment Status

The Steamhouse IPO allotment is expected to be finalised on September 15, 2026.
Investors can check their allotment status through the IPO registrar, Kfin Technologies Ltd.
How to Check Steamhouse IPO Allotment Status?
Visit the Kfin Technologies IPO status website.
Select Steamhouse India IPO from the available IPO list.
Choose PAN, application number or DP ID/client ID.
Enter the required details.
Submit the information.
Your Steamhouse IPO allotment status will be displayed.
Investors may also receive allotment, refund and demat credit updates through their registered bank or broker.

Steamhouse IPO Registrar

Registrar: Kfin Technologies Ltd.
Address:
Plot No. 31 & 32, Financial District, Nanakramguda, Serilingampally
Website: ipostatus.kfintech.com
Phone: 040-79615565
Email: steamhouse.ipo@kfintech.com

Steamhouse IPO Lead Manager

Lead Manager: Equirus Capital Ltd.
The lead manager is responsible for managing and coordinating various aspects of the IPO process.

Steamhouse Company Details

• Company: Steamhouse India Limited
• Registered Office:
  Office No. 324, Second Floor, Four Point, V.I.P. Road, Vesu, Surat, Gujarat – 395007
• Website: steamhouse.in
• Phone: 0261 2998109
• Email: compliance@steamhouse.in

Steamhouse IPO Summary

The Steamhouse IPO is a ₹414 crore Mainboard IPO comprising a ₹353 crore fresh issue and ₹61 crore Offer for Sale.
The IPO price band has been fixed at ₹77 to ₹81 per share, while the retail lot size is 185 shares. Retail investors need a minimum investment of ₹14,985 at the upper price band.
The IPO is scheduled to open on September 9, 2026 and close on September 11, 2026, with listing expected on September 17, 2026.
Steamhouse India operates in the industrial steam and gas sector and has a significant presence across industrial clusters in Gujarat. Its operational pipeline system measured approximately 56,236 metres, while its seven boilers had combined steam-generation capacity of 345 tonnes per hour as of November 15, 2025.
Financially, the company reported ₹494.97 crore total income and ₹38.64 crore PAT in FY26. EBITDA stood at ₹83.49 crore, while the EBITDA margin was 16.99%.
The company plans to use a significant portion of the IPO proceeds towards debt repayment and capital expenditure for expansion projects at Ankleshwar, Panoli and Dahej SEZ.
The Steamhouse IPO GMP is ₹0 as of September 7, 2026. At the upper price band of ₹81, the estimated listing price based on current GMP is ₹81.
Investors should evaluate the company's financial performance, debt levels, expansion plans, valuation, peer comparison and industry outlook before making an investment decision.

Frequently Asked Questions (FAQs)

What is the Steamhouse IPO?

Steamhouse IPO is a Mainboard Book Build IPO of Steamhouse India Limited, an industrial steam and gas supplier based in Gujarat.

What is the Steamhouse IPO issue size?

The Steamhouse IPO issue size is ₹414 crore, comprising a ₹353 crore fresh issue and ₹61 crore OFS.

What is the Steamhouse IPO price band?

The Steamhouse IPO price band is ₹77 to ₹81 per equity share.

What is the Steamhouse IPO GMP today?

The Steamhouse IPO GMP is ₹0 as of September 7, 2026 based on the available grey-market data.

What is the Steamhouse IPO lot size?

The Steamhouse IPO lot size is 185 shares. At ₹81 per share, the minimum retail investment is ₹14,985.

When will the Steamhouse IPO open?

The Steamhouse IPO will open for subscription on September 9, 2026.

When will the Steamhouse IPO close?

The IPO will close on September 11, 2026.

When is the Steamhouse IPO allotment date?

The Steamhouse IPO allotment is expected on September 15, 2026.

When will Steamhouse shares be listed?

Steamhouse India shares are scheduled to list on BSE and NSE on September 17, 2026.

Who is the registrar of the Steamhouse IPO?

Kfin Technologies Ltd. is the registrar of the Steamhouse IPO.

Who is the lead manager of the Steamhouse IPO?

Equirus Capital Ltd. is the lead manager of the Steamhouse IPO.

What does Steamhouse India do?

Steamhouse India supplies industrial steam and gases to customers across chemical, pharmaceutical and other industrial sectors.

What is the steam-generation capacity of Steamhouse?

The company operated seven boilers with a combined steam-generation capacity of approximately 345 tonnes per hour as of November 15, 2025.

What is the Steamhouse IPO market capitalization?

The supplied post-IPO market capitalization is approximately ₹2,238.89 crore.

What is the Steamhouse IPO P/E ratio?

The supplied post-IPO P/E ratio is 57.86x.

Disclaimer

This article is intended for informational and educational purposes only and should not be considered financial or investment advice. IPO dates, price bands, GMP, subscription figures, allotment dates, financial information and valuations may change. Grey Market Premium (GMP) is unofficial and does not guarantee the actual listing price or returns. Investors should carefully read the IPO's Red Herring Prospectus (RHP), verify the latest information from official sources and consult a qualified financial advisor before making any investment decision. Investments in the stock market are subject to market risks.

Author: Komal Bhatt

Komal Bhatt is a finance content writer at InvestKraft, specialising in well-researched articles on financial products, stock markets, and investment opportunities, with a particular focus on unlisted shares.

She holds a Master’s degree in Commerce from the University of Delhi, which gives her a solid academic foundation in finance and business. With over three years of hands-on experience in creating digital finance content, Komal has developed a clear understanding of investor needs through her work on wealth management, NISM certification programs, and market education materials.

Komal is passionate when it comes to breaking down complex financial concepts into simple, accurate and actionable insights. Her goal is to help everyday investors understand markets better and make more informed decisions based on reliable, research-backed information.