Steamhouse India IPO
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Steamhouse India IPO details
Schedule of Steamhouse India
| Issue open date | 09 Sep 2026 |
| Issue close date | 11 Sep 2026 |
| UPI mandate deadline | 11 Sep 2026 (5 PM) |
| Allotment finalization | 15 Sep 2026 |
| Refund initiation | 16 Sep 2026 |
| Share credit | 16 Sep 2026 |
| Listing date | 17 Sep 2026 |
| Mandate end date | 26 Sep 2026 |
| Lock-in end date for anchor investors (50%) | 14 Oct 2026 |
| Lock-in end date for anchor investors (remaining) | 13 Dec 2026 |
Note: The schedule is tentative. The anchor lock-in period ends 30 days after the actual allotment date for 50% of the shares and 90 days after for the remaining portion. The allotment status can be checked on the registrar's website and the exchange website.
About Steamhouse India
Steamhouse India operates large-scale centralized community boilers to generate and distribute steam and other industrial gases through a distributed pipeline network. The company primarily serves industrial clusters in Gujarat, utilizing coal and non-fossil fuels such as plastic waste, textile waste, and agro-waste for its waste-to-energy facilities. It offers a flexible plug-and-play solution where industrial customers control their consumption through on-site valves, paying based on actual usage or minimum contractual obligations. Revenue is primarily generated through the sale of steam and nitrogen under short- to long-term contracts ranging from one to ten years, which include fixed and variable cost components. Additionally, the company generates revenue through coal trading by selling excess imported coal in the open market and co-generates electricity to operate its own boiler facilities.
Financials of Steamhouse India
Issue size
| Funds Raised in the IPO | Amount (₹ crores) |
| Total issue size | 414 |
| Fresh Issue – Proceeds go to the company | 353 |
| Offer for sale – Proceeds go to the existing investors | 61 |
Utilisation of proceeds
| Purpose | INR crores (%) |
| Repayment or prepayment of outstanding borrowings |
180 (50.99%) |
| Capacity expansion of the Ankleshwar Facility (Phase 3) | 37.98 (10.76%) |
| Capacity expansion of the Panoli Facility (Phase 2) | 37.98 (10.76%) |
| Manufacturing facility for generation of steam at Dahej SEZ | 38.17 (10.81%) |
| General corporate purposes | 58.87 (16.68%) |
Strengths
- High customer retention with long-term supply contracts spanning up to ten years.
- A flexible plug-and-play solution allows customers to pay based on actual consumption.
- Strategic facility locations near major industrial clusters in Gujarat reduce transmission losses.
- Integration of non-fossil fuels like plastic and agro-waste to reduce environmental impact.
- Consistent revenue growth driven by a high volume of repeat orders and established infrastructure.
Risks
- Revenue is heavily concentrated, with the top ten customers contributing 47.87% of operations.
- Profitability is substantially dependent on the price and availability of imported coal.
- Geographic concentration in Gujarat makes operations highly vulnerable to local regulatory changes.
- Significant reliance on related party transactions with group companies for both sales and purchases.
- Past non-compliances with pollution control board approvals could result in future operational penalties.