Steamhouse India IPO Opens On 9 September; Price Band Set At ₹77–₹81

Steamhouse India, a Gujarat-based industrial gas supplier, is set to launch its ₹414-crore initial public offering (IPO) on 9 September 2026. This will make Steamhouse India the 11th mainboard company scheduled to enter the primary market this week. The price band for the Steamhouse India IPO has been fixed at ₹77–₹81 per equity share.

The company is raising ₹353 crore through a fresh issue, while promoter Vishal Sanwarprasad Budhia will sell shares worth ₹61 crore through an offer for sale.

The anchor book will open on 8 September. The basis of allotment is expected to be finalised on 15 September, while the shares are likely to list on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) on 17 September.

Steamhouse India IPO: Key Details

How Will The Steamhouse India IPO Funds Be Used?

A significant portion of the funds raised through the Steamhouse India IPO will be used to reduce the company’s debt. ₹180 crore will be used for debt repayment, against total borrowings of ₹400.2 crore as of July 2026.

The company has allocated another ₹75.9 crore for capacity expansion at its Ankleshwar and Panoli facilities. A further ₹38.1 crore from the IPO proceeds will go towards setting up a new steam-generation facility at Dahej GIDC. The remaining funds will be used for general corporate purposes.

Before filing its red herring prospectus, Steamhouse India raised nearly ₹50 crore through pre-IPO funding. This amount was subsequently deducted from the fresh issue size.

What Does Steamhouse India Do?

Steamhouse India specialises in generating and distributing industrial gases through a centralised pipeline network. Its offerings include steam and nitrogen, which are supplied to industrial customers.

The company has a distinctive nitrogen distribution model. It supplies nitrogen through a distributed pipeline network instead of using the more common cryogenic tanks or on-site nitrogen generation.

Steamhouse India has built an industrial customer base in Gujarat that includes Aether Industries, Anupam Rasayan India, Globe Enviro Care, Gujarat Polysol Chemicals, Devanshi Dyestuff, Mahavir Synthesis, Mangalam Intermediaries, and Subhasri Pigments.

Its customer base also shows strong repeat business. In FY26, repeat customers accounted for 90.72% of revenue from operations.

Financially, the company reported a 24.4% increase in revenue from operations to ₹491.5 crore in FY26 from ₹395.1 crore in FY25. Profit for the year rose 24% to ₹38.6 crore from ₹31.2 crore.

With the IPO scheduled alongside 10 other mainboard issues next week, investors will have several new offerings to consider. For Steamhouse India, the focus is likely to remain on its ability to expand capacity while reducing its debt burden and maintaining its strong base of repeat industrial customers.

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