About Steamhouse India IPO
SteamHouse India Limited has submitted its updated DRHP-I for the SteamHouse India IPO on December 8, 2025. The SteamHouse India IPO comprises a fresh issue of equity shares not exceeding ₹345 crore and an Offer For Sale (OFS) of equity shares not exceeding ₹80 crore by the Promoter Selling Shareholder. The equity shares are proposed to be listed on both the NSE and the BSE stock exchanges.
The shares for the SteamHouse India IPO have a face value of ₹2 each, aggregating up to ₹425 crores. The issue is a 100% book-built offer, and while the price band and specific subscription dates will be announced at least two working days before the bid opening, the company may consider a pre-IPO placement of up to ₹15 crore.
The Book Running Lead Manager (BRLM) for the SteamHouse India IPO is Equirus Capital Private Limited. KFin Technologies Limited is serving as the registrar for the SteamHouse India IPO, responsible for managing the allotment and refund processes.
Company Background
The entity behind the SteamHouse India IPO was originally incorporated as "Ankleshwar Eco Energy Limited" on June 10, 2015. The company later changed its name to its current form in September 2021. It is an Indian company specializing in the generation and centralized distribution of industrial gases, primarily steam and nitrogen, through an extensive pipeline network. The registered and corporate offices for the company launching the SteamHouse India IPO are located in Surat, Gujarat.
Operations & Product Range
The company involved in the SteamHouse India IPO is a pioneer in community boiler services in India. It operates seven community steam boilers (six owned and one leased) across Gujarat, including facilities at Vapi (Phase 1 and WTE unit), Ankleshwar (Phases 1 and 2), Sarigam, Nandesari, and Panoli. As of September 30, 2025, the combined installed plant capacity for steam across these boilers is 345 tonnes per hour (TPH). Additionally, the firm operates a nitrogen generation and distribution facility in Ankleshwar with a capacity of 350 NM³/hour.
Revenue Streams and Business Model
SteamHouse India operates as a centralized utility provider, building large community boilers and an extensive 51 km pipeline network to deliver steam and nitrogen directly to industrial units. This model cuts costs and emissions for clients. Revenue is primarily generated through long-term contracts for steam and nitrogen sales to the chemical, pharmaceutical, and textile sectors.
Management & Shareholding
Promoters & Shareholding
The promoters of the SteamHouse India IPO are Vishal Sanwarprasad Budhia, Ritu Budhia, VSB Business Trust, Budhia Business Trust and VB Business Trust. Vishal Sanwarprasad Budhia also serves as the Chairman and Managing Director and is the sole Promoter Selling Shareholder in the OFS portion of the SteamHouse India IPO.
Board & Key Management
Vishal Sanwarprasad Budhia leads the leadership team as the Chairman and Managing Director. Key executives overseeing the company's transition to the SteamHouse India IPO include Vaibhav Gattani (Chief Financial Officer) and Shyam Bhadresh Kapadia, who serves as the Company Secretary and Compliance Officer.
Steamhouse India IPO Details
| Detail | Description |
|---|---|
| IPO Date | [.] |
| Listing Date | [.] |
| Face Value | ₹ 2 per Equity Share |
| Issue Price Band | [.] |
| Lot Size | [.] |
| Sale Type | Sale Type Fresh Issue + Offer for Sale (OFS) |
| Total Issue Size | Up to ₹ 425.00 Cr |
| Fresh Issue(Ex Market Maker) | Up to ₹ 345.00 Cr |
| Offer for Sale | Up to ₹ 80.00 Cr |
| Issue Type | 100 % Book Built Offer |
| Listing At | BSE and NSE |
| Share Holding Pre Issue | 22,59,76,750 Equity Shares |
Steamhouse India IPO Financial Information
Latest Revenue
239.73
₹ Crore
Profit After Tax
13.09
₹ Crore
Net Worth
139.73
₹ Crore
Total Borrowing
233.78
₹ Crore
| Period Ended | Assets | Revenue From Operations | Profit After Tax | Net Worth | Reserves & Surplus | Total Borrowing | |||
|---|---|---|---|---|---|---|---|---|---|
| 30 Sep 2025 | 536.00 | 239.73 | 13.09 | 139.73 | 94.53 | 233.78 | |||
| 31 Mar 2025 | 483.74 | 398.53 | 31.16 | 130.98 | 85.78 | 208.52 | |||
| 31 Mar 2024 | 327.94 | 293.16 | 27.19 | 102.72 | 84.52 | 109.11 | |||
| 31 Mar 2023 | 196.48 | 316.64 | 33.40 | 56.84 | 41.84 | 105.94 | |||
| Amount in ₹ Crore | |||||||||
Steamhouse India Key Performance Indicator
| KPI | Values |
|---|---|
| ROCE | 23.79% |
| Debt/Equity | 1.59 |
| RoNW | 18.78% |
| PAT Margin | 7.82% |
| EBITDA Margin | 17.39% |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | ₹1.38 | [.] |
| P/E (x) | [.] | [.] |
IPO Objectives
The funds raised from the Fresh Issue of the SteamHouse India IPO are intended for the following key purposes:
- • Funding infrastructure augmentation at Dahej SEZ, Panoli, and Ankleshwar industrial facilities.
- • Supporting working capital needs and potential strategic business acquisitions for growth.
- • The installation of modern facilities for manufacturing steam efficiently.
- • Expand scale in other states like Maharashtra, Telangana, and Andhra Pradesh, instead of relying only on.
- • Investment in R&D to enhance product offerings and operational efficiencies.
Conclusion
In conclusion, the SteamHouse India IPO is an important marker of this industrial energy specialist from Gujarat. The SteamHouse India IPO will provide the required capital to exponentially grow its boiler capacities and pipeline infrastructure by way of issuing fresh equity and promoting partial sale. Investors in the SteamHouse India IPO will get the chance to invest in a company that has already attained market leadership in community steam generation and is expanding operations through strategic facility expansions.
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Competitive Strengths
Pioneer of community boiler systems with extensive Gujarat network.
| Sr.no | Description | Date | File |
|---|---|---|---|
| 1 | SEBI/Exchange approval received | 14/10/2025 | - |
| 2 | Filed with SEBI/Exchange | 02/07/2025 | - |
Steamhouse India IPO Timeline
| IPO Open Date | [.] |
| IPO Close Date | [.] |
| Tentative Allotment | [.] |
| Initiation of Refunds | [.] |
| Credit of Shares to Demat | [.] |
| Tentative Listing Date | [.] |
| Cut-off time for UPI mandate confirmation | - |
IPO Lot Size
| Investors | No.of lots | Shares Offered | Max Bid Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 1 | [.] | ₹14,000 - ₹15,000 |
| Individual investors (Retail) (Max) | 13-14 | [.] | Up to ₹2,00,000 |
| S-HNI (Min) | 14-15 | [.] | Over ₹2,00,000 |
| S-HNI (Max) | 66-70 | [.] | Up to ₹10,00,000 |
| B-HNI (Min) | 71+ | [.] | Over ₹10,00,000 |