Steamhouse India IPO opens: Should you apply? Price band, GMP, reviews, valuation, risks & more

The initial public offering (IPO) of Steamhouse India opens for subscription on September 9. The Rs 414 crore IPO comprises a fresh share sale of Rs 353 crore and an offer-for-sale (OFS) of Rs 61 crore. Here are the key details of Steamhouse India IPO:  

What does Steamhouse India do? Incorporated in 2015, Steamhouse India is an industrial gas company engaged in the generation and centralised distribution of steam and nitrogen through a pipeline network spanning more than 45 km across industrial hubs in Gujarat. Its business also includes steam procurement and distribution, nitrogen separation and supply, and coal trading.

How much Steamhouse India raised from anchor investors ahead of its IPO? Ahead of its IPO, Steamhouse India raised Rs 124.20 crore from six anchor investors as it allocated 1,53,33,332 equity shares at Rs 81 apiece. Investors including Singularity Large Value Fund, Chartered Finance & Leasing, Abakkus Emerging Opportunities, Niveshaay Sambhav Fund, Emerge Capital Opportunities Scheme and 31 Degrees Noth Fund participated in the anchor book.

What are the objective of fresh share sale in Steamhouse India IPO? The company will use Rs 180 crore from the fresh issue to repay or prepay borrowings. It will spend about Rs 38 crore each on capacity expansion at its Ankleshwar and Panoli facilities, and Rs 38 crore to set up a steam-generation facility at Dahej SEZ. The balance will be used for general corporate purposes.

What is the financial performance of Steamhouse India? Steamhouse India reported total income of Rs 495 crore in FY26, up from Rs 399 crore in FY25. Profit after tax rose to Rs 39 crore from Rs 31 crore during the same period.

What is the valuation demanded by Steamhouse India IPO? At the upper price band of Rs 81, Steamhouse India commands a market capitalisation of around Rs 2,239 crore. The IPO is valued at around 58 times FY26 earnings, according to Anand Rathi's analysis.  

What is the latest grey market premium (GMP) for Steamhouse India IPO? The GMP was not available/active as of September 8, with IPO Watch reporting no active grey-market premium. GMP is unofficial and can change quickly.

When will the allotment for Steamhouse India IPO be finalised? The basis of allotment is expected on September 15, refunds and demat credit on September 16, while the shares are scheduled to list on September 17 on NSE and BSE.

What are the leading managers and registrar of Steamhouse India IPO? Equirus Capital is the sole book-running lead manager, while KFin Technologies Ltd is the registrar.

What are the key positives for Steamhouse India IPO? Brokerage firms have cited differentiated business model, customer retention, robust operational platforms, health financials, recovery in chemical sector, significant capacity expansion, asset light model, deleveraging catalyst, growth potential, and favourable tailwinds are key positive for the issue.  

What are the key concerns or risk factors for Steamhouse India IPO? They have cited rich valuation, high geographic concentration, execution risk, debt burden, limited room for margin expansion, and nascency of nitrogen are key concerns for the company.

What brokerage firms have to say on Steamhouse India IPO? Brokerage firms like KC Securities, SMIFS, SBI Securities, Ventura Securities and BP Equities have suggested to subscribe to the issue.