{"id":233020,"date":"2026-09-07T11:35:49","date_gmt":"2026-09-07T06:05:49","guid":{"rendered":"https:\/\/univest.in\/blogs-2\/?p=233020"},"modified":"2026-09-07T12:30:10","modified_gmt":"2026-09-07T07:00:10","slug":"blogs-steamhouse-india-initial-public-offering-review","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/blogs-steamhouse-india-initial-public-offering-review\/","title":{"rendered":"Steamhouse India IPO Review: Key Details, Company Overview and Financials"},"content":{"rendered":"<div class=\"meta-block\"><\/div>\n<p style=\"border-left: 4px solid #1F4E79; background: #EBF3FB; padding: 10px 16px; font-style: italic;\"><em>Steamhouse India IPO price band Rs 77 to Rs 81. Opens 9 Sep, closes 11 Sep 2026. Issue size Rs 414 Cr. Lists 17 Sep on BSE, NSE.<\/em><\/p>\n<div style=\"background: #F0F9FF; border-left: 4px solid #2E7D32; border-radius: 6px; padding: 14px 18px; margin: 18px 0;\">\n<p style=\"margin: 0; color: #1f4e79; font-size: 14px;\"><strong>Quick Answer<\/strong><\/p>\n<p style=\"margin: 8px 0 0;\">The Steamhouse India IPO is a Rs 414 crore bookbuilding issue priced between Rs 77 and Rs 81 per share, open for bidding from 9 to 11 September 2026. The Gujarat based industrial utility company, which distributes steam and nitrogen through a centralised pipeline network, combines a Rs 353 crore fresh issue with a Rs 61 crore offer for sale. Shares are proposed to list on BSE and NSE around 17 September 2026, on the back of FY26 revenue and profit both growing around 24 percent.<\/p>\n<\/div>\n<p>The Steamhouse India IPO is a bookbuilding issue of Rs 414 crore, comprising a fresh issue of shares worth Rs 353 crore and an offer for sale of shares worth Rs 61 crore by existing shareholders, including promoter Vishal Sanwarprasad Budhia. The IPO will open for subscription on 9 September 2026 and close on 11 September 2026. The allotment is expected to be finalised on 15 September 2026, while the shares are proposed to list on BSE and NSE around 17 September 2026.<\/p>\n<p>The Steamhouse India IPO price band is set at Rs 77 to Rs 81 per share, with a lot size of 185 shares. Retail investors must apply for a minimum of 185 shares, requiring an investment of Rs 14,985, and can apply for up to 13 lots (2,405 shares, Rs 1,94,805). HNI investors need to apply for at least 32 lots (S-HNI), or 5,920 shares, amounting to roughly Rs 4,79,520 based on the standard SME\/mainboard slab structure; investors should confirm exact HNI slabs from the RHP.<\/p>\n<p>Equirus Capital Ltd. is the book-running lead manager for the Steamhouse India IPO, while KFin Technologies Ltd. is the registrar to the issue.<\/p>\n<p>For detailed information on the company&#8217;s business, financials, risk factors and the proposed utilisation of proceeds, investors should refer to the Steamhouse India IPO Red Herring Prospectus (RHP) before making an investment decision.<\/p>\n<p style=\"margin-top: 24px;\"><a href=\"https:\/\/univest.in\/user\/log-in?utm_source=blogs&amp;utm_medium=ipo_review\"><strong>Click Here &#8211; Get Free Investment Predictions<\/strong><\/a><\/p>\n<p>Here is a complete breakdown of the Steamhouse India IPO, covering the company profile, industry backdrop, financial track record and the risks worth weighing before applying to the Steamhouse India IPO.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/univest.in\/blogs-2\/blogs-steamhouse-india-initial-public-offering-review\/#Company_Overview\" title=\"Company Overview\">Company Overview<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/univest.in\/blogs-2\/blogs-steamhouse-india-initial-public-offering-review\/#IPO_Details\" title=\"IPO Details\">IPO Details<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/univest.in\/blogs-2\/blogs-steamhouse-india-initial-public-offering-review\/#Industry_Context\" title=\"Industry Context\">Industry Context<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/univest.in\/blogs-2\/blogs-steamhouse-india-initial-public-offering-review\/#Business_Strengths\" title=\"Business Strengths\">Business Strengths<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/univest.in\/blogs-2\/blogs-steamhouse-india-initial-public-offering-review\/#Business_Risks\" title=\"Business Risks\">Business Risks<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/univest.in\/blogs-2\/blogs-steamhouse-india-initial-public-offering-review\/#Financial_Performance\" title=\"Financial Performance\">Financial Performance<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/univest.in\/blogs-2\/blogs-steamhouse-india-initial-public-offering-review\/#Steamhouse_India_Ltd_%E2%80%93_Financials_Rs_in_Lakh\" title=\"Steamhouse India Ltd. &#8211; Financials (Rs in Lakh)\">Steamhouse India Ltd. &#8211; Financials (Rs in Lakh)<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/univest.in\/blogs-2\/blogs-steamhouse-india-initial-public-offering-review\/#Key_Ratios_and_Metrics\" title=\"Key Ratios and Metrics\">Key Ratios and Metrics<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/univest.in\/blogs-2\/blogs-steamhouse-india-initial-public-offering-review\/#Objects_of_the_Offer\" title=\"Objects of the Offer\">Objects of the Offer<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/univest.in\/blogs-2\/blogs-steamhouse-india-initial-public-offering-review\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/univest.in\/blogs-2\/blogs-steamhouse-india-initial-public-offering-review\/#FAQs\" title=\"FAQs\">FAQs<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/univest.in\/blogs-2\/blogs-steamhouse-india-initial-public-offering-review\/#What_are_the_Steamhouse_India_IPO_dates_and_when_will_it_list\" title=\"What are the Steamhouse India IPO dates, and when will it list?\">What are the Steamhouse India IPO dates, and when will it list?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/univest.in\/blogs-2\/blogs-steamhouse-india-initial-public-offering-review\/#What_is_the_price_band_and_minimum_investment_for_the_Steamhouse_India_IPO\" title=\"What is the price band and minimum investment for the Steamhouse India IPO?\">What is the price band and minimum investment for the Steamhouse India IPO?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/univest.in\/blogs-2\/blogs-steamhouse-india-initial-public-offering-review\/#What_does_Steamhouse_India_Limited_actually_do\" title=\"What does Steamhouse India Limited actually do?\">What does Steamhouse India Limited actually do?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/univest.in\/blogs-2\/blogs-steamhouse-india-initial-public-offering-review\/#How_will_Steamhouse_India_use_the_proceeds_from_its_fresh_issue\" title=\"How will Steamhouse India use the proceeds from its fresh issue?\">How will Steamhouse India use the proceeds from its fresh issue?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/univest.in\/blogs-2\/blogs-steamhouse-india-initial-public-offering-review\/#What_are_the_key_strengths_highlighted_for_the_Steamhouse_India_IPO\" title=\"What are the key strengths highlighted for the Steamhouse India IPO?\">What are the key strengths highlighted for the Steamhouse India IPO?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/univest.in\/blogs-2\/blogs-steamhouse-india-initial-public-offering-review\/#What_are_the_main_risks_or_concerns_flagged_for_the_Steamhouse_India_IPO\" title=\"What are the main risks or concerns flagged for the Steamhouse India IPO?\">What are the main risks or concerns flagged for the Steamhouse India IPO?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/univest.in\/blogs-2\/blogs-steamhouse-india-initial-public-offering-review\/#Who_are_the_lead_manager_and_registrar_for_the_Steamhouse_India_IPO\" title=\"Who are the lead manager and registrar for the Steamhouse India IPO?\">Who are the lead manager and registrar for the Steamhouse India IPO?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/univest.in\/blogs-2\/blogs-steamhouse-india-initial-public-offering-review\/#Is_the_Steamhouse_India_IPO_a_good_investment\" title=\"Is the Steamhouse India IPO a good investment?\">Is the Steamhouse India IPO a good investment?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Company_Overview\"><\/span><strong>Company Overview<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Incorporated in June 2015, Steamhouse India Limited generates and distributes steam and nitrogen to industrial customers through a centralised pipeline network, offering an alternative to individual companies building and maintaining their own utility infrastructure. It also purchases steam from other generating entities for distribution, separates nitrogen from atmospheric air for supply as purified compressed nitrogen, and additionally engages in coal trading.<\/p>\n<p>The company operates more than 45 kilometres of pipeline infrastructure across key industrial clusters in Gujarat, including Sachin, Vapi, Ankleshwar, Sarigram, Panoli and Nadesari. Its customer base spans chemicals, pharmaceuticals, dyes and pigments manufacturers, including Aether Industries, Anupam Rasayan India, Gujarat Polysol Chemicals, Globe Enviro Care, K. Patel Chemo Pharma, Mangalam Intermediaries and Subhasri Pigments. As of July 2026, Steamhouse India employed 229 permanent staff and engaged 276 contract workers.<\/p>\n<p><em>Read on for the complete Steamhouse India IPO details, including price band, lot size, listing timeline and the company&#8217;s financial track record.<\/em><\/p>\n<h2><span class=\"ez-toc-section\" id=\"IPO_Details\"><\/span><strong>IPO Details<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table style=\"border-collapse: collapse; width: 100%;\" border=\"1\" cellspacing=\"0\" cellpadding=\"6\">\n<tbody>\n<tr>\n<th style=\"background: #1F4E79; color: #fff; text-align: left;\">Particulars<\/th>\n<th style=\"background: #1F4E79; color: #fff; text-align: left;\">Details<\/th>\n<\/tr>\n<tr>\n<td>IPO Date<\/td>\n<td>9 to 11 September 2026<\/td>\n<\/tr>\n<tr>\n<td>Allotment<\/td>\n<td>Tue, 15 September 2026<\/td>\n<\/tr>\n<tr>\n<td>Listing Date<\/td>\n<td>Thu, 17 September 2026 (tentative)<\/td>\n<\/tr>\n<tr>\n<td>Face Value<\/td>\n<td>Rs 2 per share<\/td>\n<\/tr>\n<tr>\n<td>Price Band<\/td>\n<td>Rs 77 to Rs 81<\/td>\n<\/tr>\n<tr>\n<td>Lot Size<\/td>\n<td>185 Shares<\/td>\n<\/tr>\n<tr>\n<td>Issue Type<\/td>\n<td>Bookbuilding IPO<\/td>\n<\/tr>\n<tr>\n<td>Sale Type<\/td>\n<td>Fresh Issue cum Offer for Sale<\/td>\n<\/tr>\n<tr>\n<td>Total Issue Size<\/td>\n<td>Approx. 51.1 lakh shares (agg. up to Rs 414 Cr)<\/td>\n<\/tr>\n<tr>\n<td>Fresh Issue<\/td>\n<td>Aggregating up to Rs 353 Cr<\/td>\n<\/tr>\n<tr>\n<td>Offer for Sale<\/td>\n<td>Aggregating up to Rs 61 Cr<\/td>\n<\/tr>\n<tr>\n<td>Investor Reservation<\/td>\n<td>QIB: not more than 50%; Retail: not less than 35%; NII (HNI): not less than 15% of the net offer<\/td>\n<\/tr>\n<tr>\n<td>Listing Exchange<\/td>\n<td>BSE, NSE<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><em>(Compiled from the RHP\/DRHP and market updates)<\/em><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Industry_Context\"><\/span><strong>Industry Context<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>Industrial steam and nitrogen are essential utilities for chemicals, pharmaceuticals, dyes and pigments manufacturing, and are traditionally generated on-site by individual factories using their own boilers and air-separation units.<\/li>\n<li>Centralised, pipeline-based supply models such as Steamhouse India&#8217;s can offer industrial customers lower capital costs and more reliable supply than building and operating individual generation infrastructure, particularly for smaller manufacturers within a cluster.<\/li>\n<li>India&#8217;s chemicals and specialty chemicals manufacturing hubs, especially industrial belts in Gujarat such as Vapi, Ankleshwar and Sachin, have historically clustered together due to shared utility, logistics and effluent-treatment infrastructure, creating natural demand density for centralised utility providers.<\/li>\n<li>Coal remains a key input for steam generation in India, so utility providers in this space carry exposure to coal price volatility, availability and evolving environmental regulations around industrial fuel use.<\/li>\n<li>As chemical and pharmaceutical manufacturing capacity in India continues to expand, demand for reliable, cost-efficient industrial utility infrastructure, including steam and nitrogen supply, is expected to grow in parallel.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Business_Strengths\"><\/span><strong>Business Strengths<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Here are the key strengths investors evaluating the Steamhouse India IPO should weigh:<\/p>\n<ul>\n<li>A differentiated, centralised industrial-utility model with high barriers to entry, given the capital and network investment required to replicate its pipeline infrastructure.<\/li>\n<li>Strategically located facilities across major Gujarat industrial clusters, spanning more than 45 kilometres of pipeline network, and established relationships with recognised chemical and pharmaceutical companies.<\/li>\n<li>Consistent revenue and profit growth over the past three fiscal years, with FY26 total income and profit after tax both rising by around 24 percent.<\/li>\n<li>Healthy ROE of 22.36 percent and Return on Net Worth of 23.60 percent in FY26, alongside visible expansion plans funded partly through the fresh issue.<\/li>\n<\/ul>\n<p style=\"margin-top: 24px;\"><a href=\"https:\/\/univest.in\/screeners\"><strong>Screen industrial gases and utility stocks on the Univest Screener<\/strong><\/a><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Business_Risks\"><\/span><strong>Business Risks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Alongside these strengths, the Steamhouse India IPO also carries the following business risks:<\/p>\n<ul>\n<li>The post-issue P\/E of around 57.86 times and price-to-book value of about 11.17 times are demanding valuations relative to the company&#8217;s current earnings base.<\/li>\n<li>Total borrowings have risen steadily, reaching Rs 281.62 crore in FY26 from Rs 222.95 crore in FY25, and the debt-to-equity ratio stands at a relatively high 1.57.<\/li>\n<li>The business depends on uninterrupted operation of its centralised facilities and pipeline network, and is exposed to coal and other input cost fluctuations for steam generation.<\/li>\n<li>Operations are concentrated in specific Gujarat industrial clusters and among chemical-sector customers, and the company&#8217;s expansion plans carry execution and cost-overrun risk.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Financial_Performance\"><\/span><strong>Financial Performance<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The Steamhouse India IPO comes after a period of consistent growth. The company&#8217;s total income and profit after tax both increased by around 24 percent between the year ended 31 March 2025 and 31 March 2026.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Steamhouse_India_Ltd_%E2%80%93_Financials_Rs_in_Lakh\"><\/span><strong>Steamhouse India Ltd. &#8211; Financials (Rs in Lakh)<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<table style=\"border-collapse: collapse; width: 100%;\" border=\"1\" cellspacing=\"0\" cellpadding=\"6\">\n<tbody>\n<tr>\n<th style=\"background: #1F4E79; color: #fff; text-align: left;\">Particulars<\/th>\n<th style=\"background: #1F4E79; color: #fff; text-align: left;\">Fiscal 2026<\/th>\n<th style=\"background: #1F4E79; color: #fff; text-align: left;\">Fiscal 2025<\/th>\n<th style=\"background: #1F4E79; color: #fff; text-align: left;\">Fiscal 2024<\/th>\n<\/tr>\n<tr>\n<td>Total Income<\/td>\n<td>49,497.00<\/td>\n<td>39,853.00<\/td>\n<td>29,316.00<\/td>\n<\/tr>\n<tr>\n<td>EBITDA<\/td>\n<td>8,349.00<\/td>\n<td>6,932.00<\/td>\n<td>6,841.00<\/td>\n<\/tr>\n<tr>\n<td>EBITDA Margin (%)<\/td>\n<td>16.87% (computed)<\/td>\n<td>17.40% (computed)<\/td>\n<td>23.34% (computed)<\/td>\n<\/tr>\n<tr>\n<td>Profit After Tax (PAT)<\/td>\n<td>3,864.00<\/td>\n<td>3,116.00<\/td>\n<td>2,719.00<\/td>\n<\/tr>\n<tr>\n<td>Net Worth<\/td>\n<td>16,376.00<\/td>\n<td>13,100.00<\/td>\n<td>10,271.00<\/td>\n<\/tr>\n<tr>\n<td>Total Borrowings<\/td>\n<td>28,162.00<\/td>\n<td>22,295.00<\/td>\n<td>20,271.00<\/td>\n<\/tr>\n<tr>\n<td>Debt-to-Equity Ratio<\/td>\n<td>1.57<\/td>\n<td>Not separately disclosed<\/td>\n<td>Not separately disclosed<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><em>Amounts in Rs Lakh unless stated otherwise, compiled from published Steamhouse India IPO financial disclosures. EBITDA margin figures are computed from disclosed absolute figures. Debt-to-equity for FY25 and FY24 was not separately disclosed in the available data.<\/em><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Key_Ratios_and_Metrics\"><\/span><strong>Key Ratios and Metrics<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The table below summarises the key ratios and metrics relevant to the Steamhouse India IPO as of the latest reported period.<\/p>\n<p><em>These ratios offer a quick snapshot of how the Steamhouse India IPO is priced relative to the company&#8217;s profitability and net worth.<\/em><\/p>\n<table style=\"border-collapse: collapse; width: 100%;\" border=\"1\" cellspacing=\"0\" cellpadding=\"6\">\n<tbody>\n<tr>\n<th style=\"background: #1F4E79; color: #fff; text-align: left;\">KPI (Mar 31, 2026)<\/th>\n<th style=\"background: #1F4E79; color: #fff; text-align: left;\">Value<\/th>\n<\/tr>\n<tr>\n<td>Return on Equity (ROE)<\/td>\n<td>22.36%<\/td>\n<\/tr>\n<tr>\n<td>Return on Capital Employed (ROCE)<\/td>\n<td>16.06%<\/td>\n<\/tr>\n<tr>\n<td>Debt-to-Equity Ratio<\/td>\n<td>1.57<\/td>\n<\/tr>\n<tr>\n<td>Return on Net Worth (RoNW)<\/td>\n<td>23.60%<\/td>\n<\/tr>\n<tr>\n<td>PAT Margin<\/td>\n<td>7.81%<\/td>\n<\/tr>\n<tr>\n<td>EBITDA Margin<\/td>\n<td>16.99%<\/td>\n<\/tr>\n<tr>\n<td>Net Asset Value (NAV per share)<\/td>\n<td>Rs 7.25<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2><span class=\"ez-toc-section\" id=\"Objects_of_the_Offer\"><\/span><strong>Objects of the Offer<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The company proposes to utilise the net proceeds from the Steamhouse India IPO towards the following objects.<\/p>\n<ul>\n<li>Repayment or prepayment of outstanding borrowings (Rs 180.00 Cr)<\/li>\n<li>Capacity expansion at the Ankleshwar facility (Rs 37.98 Cr)<\/li>\n<li>Capacity expansion at the Panoli facility (Rs 37.98 Cr)<\/li>\n<li>Setting up a new steam-generation facility at Dahej SEZ (Rs 38.17 Cr)<\/li>\n<li>General corporate purposes<\/li>\n<\/ul>\n<p style=\"margin-top: 24px;\"><em>Download the <a href=\"http:\/\/apps.apple.com\/in\/app\/univest-stocks-investment\/id6443753518\" rel=\"nofollow noopener\" target=\"_blank\">Univest iOS App<\/a> or <a href=\"http:\/\/play.google.com\/store\/apps\/details?id=com.univest.capp&amp;hl=en_IN\" rel=\"nofollow noopener\" target=\"_blank\">Univest Android App<\/a> to track the Steamhouse India IPO and get daily stock recommendations.<\/em><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><strong>Conclusion<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><em>Here is the bottom line on the Steamhouse India IPO.<\/em><\/p>\n<p>The Steamhouse India IPO reflects a differentiated, centralised industrial-utility business with high barriers to entry, strategically located pipeline infrastructure across Gujarat&#8217;s industrial clusters, and consistent revenue and profit growth over the last three years.<\/p>\n<p>However, a demanding post-issue valuation, rising borrowings and a high debt-to-equity ratio, and dependence on uninterrupted centralised operations are factors that could affect the investment case for the Steamhouse India IPO.<\/p>\n<p>Overall, investors weighing the Steamhouse India IPO should evaluate the company&#8217;s business model, financial performance, industry outlook, competitive positioning, valuation and risk factors in detail, and carefully review the Red Herring Prospectus (RHP) before making an informed investment decision.<\/p>\n<div style=\"background: #CC0000; border-radius: 8px; padding: 16px 20px; margin: 24px 0;\">\n<p style=\"color: #ffffff; font-size: 13px; line-height: 1.7; margin: 0;\"><strong style=\"color: #ffffff;\">Disclaimer:<\/strong> Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).<\/p>\n<\/div>\n<p>Univest does not publish grey market premium figures. Grey market premium is an unofficial and unregulated indicator collected informally outside the stock exchanges. It is not published, verified or endorsed by SEBI, NSE or BSE, can vary widely between trackers, and is not always accurate.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"FAQs\"><\/span><strong>FAQs<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"What_are_the_Steamhouse_India_IPO_dates_and_when_will_it_list\"><\/span><strong>What are the Steamhouse India IPO dates, and when will it list?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> The Steamhouse India IPO opens for subscription on 9 September 2026 and closes on 11 September 2026, with the anchor investor bidding day falling on 8 September 2026. The allotment is expected to be finalised on 15 September 2026, and the shares are tentatively scheduled to list on both BSE and NSE around 17 September 2026, in line with the other mainboard IPOs opening the same week.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_is_the_price_band_and_minimum_investment_for_the_Steamhouse_India_IPO\"><\/span><strong>What is the price band and minimum investment for the Steamhouse India IPO?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> The price band for the Steamhouse India IPO is set at Rs 77 to Rs 81 per equity share, with a lot size of 185 shares. Retail investors must apply for a minimum of one lot, which costs Rs 14,985 at the upper price band, and can bid for up to 13 lots (2,405 shares, Rs 1,94,805).<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_does_Steamhouse_India_Limited_actually_do\"><\/span><strong>What does Steamhouse India Limited actually do?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Steamhouse India generates and distributes steam and purified compressed nitrogen to industrial customers through a centralised pipeline network spanning more than 45 kilometres across key Gujarat industrial clusters, including Sachin, Vapi, Ankleshwar, Sarigram, Panoli and Nadesari. This model lets manufacturers, particularly in the chemicals, pharmaceuticals, dyes and pigments industries, source these utilities without building and maintaining their own on-site generation infrastructure. The company also purchases steam from third-party producers for onward distribution and separately engages in coal trading.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_will_Steamhouse_India_use_the_proceeds_from_its_fresh_issue\"><\/span><strong>How will Steamhouse India use the proceeds from its fresh issue?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> The largest single use of proceeds, Rs 180 crore, is earmarked for repaying or prepaying outstanding borrowings, which should help reduce the company&#8217;s interest costs given its FY26 debt-to-equity ratio of 1.57. The company also plans to spend Rs 37.98 crore each on expanding capacity at its existing Ankleshwar and Panoli facilities, and a further Rs 38.17 crore on setting up a new steam-generation facility at Dahej SEZ, with the remaining amount going towards general corporate purposes.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_are_the_key_strengths_highlighted_for_the_Steamhouse_India_IPO\"><\/span><strong>What are the key strengths highlighted for the Steamhouse India IPO?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Steamhouse India operates a differentiated, centralised industrial-utility model that would be capital intensive and time-consuming for a new entrant to replicate, given the pipeline network and customer relationships already in place across major Gujarat industrial clusters. The company has delivered consistent revenue and profit growth over the past three fiscal years, with FY26 total income and profit after tax both rising by around 24 percent, alongside a healthy return on equity of 22.36 percent and return on net worth of 23.60 percent. Its established relationships with recognised chemical and pharmaceutical manufacturers also provide a degree of revenue visibility.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_are_the_main_risks_or_concerns_flagged_for_the_Steamhouse_India_IPO\"><\/span><strong>What are the main risks or concerns flagged for the Steamhouse India IPO?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> The most significant financial concern is the company&#8217;s elevated borrowings, with total borrowings rising to Rs 281.62 crore in FY26 from Rs 222.95 crore in FY25 and a debt-to-equity ratio of 1.57, which is high relative to many industrial peers. At the upper price band, the post-issue valuation works out to roughly 57.86 times earnings and about 11.17 times book value, which independent reviews have described as demanding given the company&#8217;s current scale of earnings. Operationally, the business depends on the uninterrupted functioning of its centralised pipeline infrastructure, is exposed to fluctuations in coal and other input costs, and remains geographically concentrated in specific Gujarat industrial clusters and customer segments, with additional execution risk attached to its ongoing capacity expansion plans.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Who_are_the_lead_manager_and_registrar_for_the_Steamhouse_India_IPO\"><\/span><strong>Who are the lead manager and registrar for the Steamhouse India IPO?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Equirus Capital Ltd. is the sole book-running lead manager for the Steamhouse India IPO, responsible for structuring and managing the offer process. KFin Technologies Ltd. is the registrar to the issue and will handle the allotment process and the crediting of shares to successful applicants&#8217; demat accounts.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Is_the_Steamhouse_India_IPO_a_good_investment\"><\/span><strong>Is the Steamhouse India IPO a good investment?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Steamhouse India offers exposure to a niche, differentiated industrial-utility business with real barriers to entry, a track record of consistent growth, and healthy return ratios, which are appealing traits for investors interested in industrial infrastructure plays. At the same time, its high debt load, demanding post-issue valuation multiples, and dependence on continuous centralised operations mean the issue is best suited to investors comfortable with medium-to-high risk. As always, reviewing the RHP in detail, tracking subscription demand, and weighing your own risk tolerance are recommended before applying.<\/p>\n<div class=\"faq-schema\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Steamhouse India IPO is a Rs 414 crore bookbuilding issue priced between Rs 77 and Rs 81 per share, open for bidding from 9 to 11 September 2026. The Gujarat based industrial utility company, which distributes steam and nitrogen through a centralised pipeline network, combine<\/p>\n","protected":false},"author":36,"featured_media":233018,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1281],"tags":[3802],"class_list":["post-233020","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ipo","tag-news"],"metadata":{"rank_math_internal_links_processed":["1"],"_thumbnail_id":["233018"],"_edit_lock":["1788764412:28"],"_last_editor_used_jetpack":["block-editor"],"rank_math_primary_category":["1281"],"rank_math_seo_score":["73"],"rank_math_title":["Steamhouse India IPO 2026: Price and Full Review"],"rank_math_description":["Steamhouse India IPO opens 9 to 11 September 2026 at Rs 77 to Rs 81. 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