Shares of Steamhouse India are set to list on the bourses on Thursday, September 17, with current grey market trends indicating a potential double-digit premium over the IPO price. In the unlisted market, Steamhouse India shares are commanding a grey market premium of ₹13.5 per share.
At the upper end of the IPO price band of ₹81, this implies a premium of around 17%. However, GMP rates are speculative in nature and are not an indicator of the actual listing price. The stock could list at a price different from the level indicated by the grey market.
The IPO was subscribed 30.49 times by the close of bidding on September 11. Investors placed bids for 114.75 crore equity shares against 3.76 crore shares on offer. The non-institutional investor category was subscribed 44.30 times, followed by qualified institutional buyers at 43.91 times and retail investors at 16.90 times.
Steamhouse IPO: Issue size, price band and structureThe ₹414 crore initial public offering opened for subscription on September 9 and closed on September 11. The price band was fixed at ₹77-₹81 per share. The issue comprised a fresh issue of ₹353 crore and an Offer For Sale of ₹61 crore.
At the upper end of the price band, Steamhouse India will have a market capitalisation of around ₹2,238 crore. Equirus Capital is the book-running lead manager of the issue. What does Steamhouse India do? Steamhouse India is an industrial utility and gas company specialising in the generation and centralised distribution of steam and compressed nitrogen.
The company operates community boilers connected to dedicated pipeline networks spanning around 45-56 kilometres across key industrial clusters in Gujarat, including Sachin, Vapi and Ankleshwar. Through its community boiler model, industrial units can source steam on demand without having to install or maintain their own boilers.
The company also handles the separation, compression and distribution of nitrogen gas through its pipeline network. Third-party producers purchase steam from the company for onward distribution. How have Steamhouse India's financials fared? Steamhouse India's revenue stood at ₹494.97 crore in FY26, up more than 50% from ₹293.16 crore in FY24.
Earnings Before Interest, Tax, Depreciation and Amortisation stood at ₹83.49 crore in FY26, compared with ₹69.32 crore in FY25. However, EBITDA margins have been on a declining trend. The margin fell to 16.87% in FY26 from 17.4% in FY25 and 23.34% in FY24.
Profit After Tax margin stood at 7.81% in FY26, broadly in line with the previous year. Does Steamhouse have any direct peers? Steamhouse does not have a directly listed peer with an identical business model. However, it can be compared with industrial gas and utility infrastructure companies such as Linde India and recently listed Ellenbarrie Industrial Gases Ltd., although their business models are not directly comparable.
Steamhouse focuses on localised steam-grid infrastructure serving chemical and other industrial clusters, while Linde India and Ellenbarrie have a greater focus on industrial gases such as oxygen and argon, along with bulk and packaged gases. Steamhouse reported a Return on Equity of 22.36% in FY26, compared with 13.8% for Linde India.
At the upper IPO price of ₹81, Steamhouse is valued at around 57.86x post-IPO price-to-earnings , based on the relevant earnings figure. Linde India's P/E multiple is substantially higher, although the comparison needs to be viewed in the context of differences in business mix, scale and earnings profiles.