Steamhouse India files updated DRHP to raise Rs 425 crore via IPO; details here

Steamhouse India Limited has filed its Updated Draft Red Herring Prospectus I (UDRHP I) with the Securities and Exchange Board of India (SEBI) to raise up to Rs 425 crore, comprising a fresh issue of  Rs 345 crore and an offer for sale (OFS) of Rs 80 crore by promoter Vishal Sanwarprasad Budhia.

Steamhouse India’s IPO, as outlined in the UDRHP, includes equity shares of face value Rs 2 each. The fresh issue amounts to Rs 345 crore and the OFS by the promoter is Rs 80 crore. Details such as lot size, price band, and listing dates are yet to be specified. Equirus Capital is the sole Book Running Lead Manager (BRLM).

Steamhouse India may consider a Pre-IPO placement of up to Rs 15 crore before the filing of the red herring prospectus (RHP), in consultation with the lead managers for the issue. If undertaken, the amount raised would be reduced from the fresh issue.

The net proceeds from the fresh issue will be used for repayment or prepayment of borrowings, capital expenditure for capacity expansion at the Ankleshwar and Panoli facilities, setting up a new manufacturing facility in Dahej SEZ, and for general corporate purposes.

Led by promoter and CMD Vishal Budhia, Steamhouse India introduced the community boiler system in India in 2014. The company operates in steam generation and distribution, steam purchase and distribution, and pipeline-based supply of nitrogen.

Steamhouse India currently operates seven community steam boilers in Gujarat—six owned and one leased—across locations including Vapi, Ankleshwar, Sarigam, Nandesari, and Panoli. Its customer base spans sectors such as pharmaceuticals, chemicals, agro-chemicals, textiles, tyres, dyes, pigments, polymers, and paints, and is strategically located near major ports and industrial clusters.

The community boilers help reduce SPM, SOx, and NOx emissions and ash content. As of November 15, 2025, the combined installed steam capacity is 345 tonnes per hour, with an annual capacity of 2,185,920 tonnes. The company also distributes purchased steam in Dahej GIDC and Sachin GIDC via a 56,236-meter pipeline network.

Steamhouse India began supplying nitrogen through a dedicated pipeline at its Ankleshwar facility in February 2025.  The company also engages in coal trading on an invoice-only basis and remains the only company in India supplying nitrogen via a distributed pipeline network.

The company uses coal and non-fossil fuels like plastic waste and textile chindi for steam generation, and is exploring alternative fuels such as agro-waste and refuse-derived fuel. Its marquee customers include Aether Industries, Anupam Rasayan, Gujarat Polysol Chemicals, and others. It served 174 customers in the six months ended September 30, 2025.