Steamhouse India Files Updated Papers for ₹425 Crore IPO

Steamhouse India Ltd, an industrial steam and gas supplier, has taken another step toward its stock-market debut by filing an updated draft red herring prospectus (UDRHP) with the Securities and Exchange Board of India (SEBI). This follows earlier draft filings made through the confidential route in July and SEBI’s observations received in October.

The upcoming IPO will help the company strengthen its finances, expand capacity and build new steam-generation facilities as it continues to scale its operations.

Steamhouse India IPO Structure and Fund Use

The proposed ₹425 crore initial public offering will include:

• Fresh equity shares worth ₹345 crore
• Offer for sale (OFS) of ₹80 crore by promoter Vishal Sanwarprasad Budhia

The funds raised from the fresh issue will be directed towards:

• Repaying existing debt
• Expanding capacity at the Ankleshwar (Phase 3) and Panoli (Phase 2) facilities
• Setting up a new steam-generation unit at Dahej SEZ
• Meeting general corporate requirements

The company may also conduct a pre-IPO placement of up to ₹15 crore. If this happens, the size of the fresh issue will be adjusted accordingly.

What Does Steamhouse India Do?

Founded by Vishal Budhia, Steamhouse India introduced the concept of a community boiler system in India in 2014. This model allows multiple industrial units to source steam from a shared facility rather than maintaining individual boilers, providing cost and safety advantages.

Its operations cover:

• Steam generation and distribution
• Steam purchase and distribution
• Extraction, compression and pipeline-based supply of nitrogen

The company currently operates seven community boiler systems in Gujarat, spread across locations including Vapi, Nandesari, Sarigam, Panoli and Ankleshwar.

Steamhouse serves a range of sectors such as textiles, chemicals, pharmaceuticals, agrochemicals, tyres, pigments, paints and polymers.

Financial Performance of Steamhouse India

Steamhouse India has reported healthy growth in recent years. In FY25:

• Revenue from operations rose 35.44% to ₹395.10 crore, up from ₹291.71 crore in FY24
• Profit after tax (PAT) increased 14.62% to ₹31.16 crore, compared with ₹27.18 crore the previous year

Equirus Capital Pvt Ltd is managing the IPO as the book-running lead manager, and KFin Technologies will act as the registrar.

Read more: New Labour Code vs Old PF Law: Why Employers Are Struggling With Two Wage Systems.

Conclusion

Steamhouse India’s proposed IPO aims to strengthen its balance sheet and support its expansion strategy across Gujarat’s industrial zones. With rising demand for shared steam and gas solutions, the company is positioning itself for long-term growth. Investors will now await SEBI’s final approval and further details as the listing draws closer.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

Investments in the securities market are subject to market risks. Read all the related documents carefully before investing.