Steamhouse India has announced a price band of ₹77 to ₹81 per share for its ₹414 crore IPO. The subscription window opens on September 9 and closes on September 11, 2026, with proceeds aimed at reducing debt and funding new facility expansions.
Steamhouse India Limited has finalized the price band for its initial public offering at ₹77 to ₹81 per equity share. The company aims to raise a total of ₹414 crore through this public issue, which will open for investor subscription on September 9, 2026, and remain available until September 11, 2026. Prospective investors must bid for a minimum lot size of 185 shares.
The public offering consists of a fresh issue of shares worth ₹353 crore and an offer-for-sale component of approximately ₹61 crore, where existing promoter Vishal Sanwarraprasad Budhia will sell part of his stake. The shares are tentatively scheduled to be listed on the BSE and the NSE on September 17, 2026.
The company, which provides industrial steam through a pipeline network, has shown growth in its recent financial performance. Its revenue increased to ₹494.97 crore in the financial year ending 2026, up from ₹398.53 crore in the previous year. Correspondingly, the profit after tax rose to ₹38.64 crore from ₹31.16 crore in the same period, suggesting an expanding business scale.
A significant portion of the money raised from the fresh issue, specifically ₹180 crore, is designated for repaying outstanding debt. This is intended to lower the company's borrowing costs. The remaining funds will support capacity expansion at existing facilities in Ankleshwar and Panoli, as well as the construction of a new steam-generation unit in the Dahej Special Economic Zone. This expansion strategy is tied to the company's centralized utility model, which delivers steam directly to industrial clients.
While the company is expanding, investors should also consider specific operational and business risks. The company’s revenue is heavily concentrated, with its top ten customers accounting for more than half of its total income. Any reduction in demand from these specific clients could impact overall earnings. Additionally, the business model relies on the availability of land near industrial clusters for facility expansion, and any delays in acquiring land or obtaining necessary regulatory approvals could hinder growth. The nature of the business also carries operational hazards that require strict safety and environmental compliance.
Investors may monitor the subscription data during the three-day window to gauge market demand. The future performance of the company will likely depend on its ability to execute its planned expansion projects on time and maintain its margins while managing debt levels. The final allotment status and the subsequent listing price will be the next key updates for those participating in the IPO.