Steamhouse India, an industrial gas solutions provider, is set to launch its Mainboard Initial Public Offering (IPO) from September 9 to September 11, 2026. The total IPO size is projected at INR 425 crore, with shares slated for listing on both the BSE and NSE on September 17, 2026.
The IPO comprises a fresh issue of INR 345 crore and an Offer For Sale (OFS) of INR 80 crore. Each share will have a face value of INR 2. Retail investors will have an allocation of 35% of the total offering.
Steamhouse India specializes in the centralized generation and pipeline-based distribution of steam and nitrogen to industrial customers. Since 2014, the company has pioneered the community boiler system in India, offering an alternative to captive infrastructure by supplying industrial gases from shared generation facilities. This model aims to provide cost efficiency, operational reliability, and improved environmental outcomes across various industrial sectors.
Steam generation and distribution constitute the company’s primary business, contributing over 60% of revenue in Fiscal 2025. The company operates seven community boiler facilities in Gujarat, boasting an aggregate installed capacity of 345 TPH, which translates to an annual capacity of approximately 2.19 million tonnes. Steamhouse India also supplements its capacity through steam purchase and distribution arrangements. In February 2025, the company diversified into nitrogen generation and is currently the only Indian player supplying nitrogen through a distributed pipeline network.
The company’s strategic locations near ports and industrial clusters contribute to logistical efficiencies and high entry barriers. Its focus on eco-friendly fuels, waste-to-energy solutions, and pipeline-based gas delivery aligns with India’s increasing demand for sustainable industrial infrastructure. As of September 30, 2025, Steamhouse India had a workforce of 213 employees and utilized 292 contract laborers across its facilities.
The net proceeds from the issue are intended for several key objectives: INR 150 crore will go towards repaying or prepaying outstanding borrowings; INR 70.80 crore is allocated for capital expenditure to augment infrastructure development and expand capacity at the Ankleshwar and Panoli facilities; and INR 37.38 crore will fund the establishment of a new manufacturing facility for steam generation at Dahej SEZ. The remaining funds will be used for general corporate purposes.
The promoters of Steamhouse India include Vishal Sanwarprasad Budhia, Ritu Budhia, Vsb Business Trust, Budhia Business Trust, and Vb Business Trust.
Financial Performance (INR Crores)
For Fiscal Year 2025, Steamhouse India reported a revenue of INR 395.11 crore and a net income of INR 31.16 crore, with a margin of 7.89%. In Fiscal Year 2024, revenue stood at INR 291.71 crore, with a net income of INR 27.19 crore and a margin of 9.32%. For Fiscal Year 2023, revenue was INR 315.54 crore, net income was INR 33.40 crore, and the margin was 10.59%. For the first half of Fiscal Year 2026, the company recorded a revenue of INR 238.42 crore and a net income of INR 13.09 crore, with a margin of 5.49%.
IPO Schedule
- IPO Opening Date: September 9, 2026
- IPO Closing Date: September 11, 2026
- Finalization of Basis of Allotment: September 15, 2026
- Initiation of Refunds: September 16, 2026
- Transfer of Shares to Demat Accounts: September 16, 2026
- Steamhouse India IPO Listing Date: September 17, 2026
EQUIRUS CAPITAL PRIVATE LIMITED is serving as the Lead Manager for the IPO, and KFIN TECHNOLOGIES LIMITED is the Offer Registrar.
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