Steamhouse shares debut at 17% premium over IPO price on NSE

Shares of Steamhouse made their D-Street debut on Thursday, listing at a premium of 17% over the issue price. The stock opened at Rs 94.50 apiece on the NSE, up 16.67% from the issue price of Rs 81. On the BSE, Steamhouse shares listed at Rs 93 apiece, marking a premium of 14.81% over the IPO price.

The Rs 414 crore IPO comprised a fresh issue of Rs 353 crore and an Offer for Sale (OFS) of Rs 61 crore. The company had set the IPO price band at Rs 77–Rs 81 per equity share.

The issue opened for subscription on September 9, 2026, and closed on September 11, 2026, drawing robust demand from investors. Overall, the IPO was subscribed nearly 32 times. Breaking down the subscription figures, the retail portion was subscribed 18 times, while the Non-Institutional Investors (NII) category received 46.60 times subscription. Meanwhile, Qualified Institutional Buyers (QIBs) subscribed 46.19 times their allotted portion.


Equirus Capital Ltd. served as the book-running lead manager for the issue, while Kfin Technologies Ltd. acted as the registrar.

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IPO Objects of the Issue

The company plans to use the IPO proceeds primarily to repay or prepay Rs 180 crore of its outstanding borrowings, helping reduce its debt burden. A portion of the funds will also be directed towards capacity expansion at its Ankleshwar and Panoli facilities, with Rs 37.98 crore earmarked for each project.

Another Rs 38.17 crore will be used to set up a manufacturing facility for steam generation at Dahej SEZ. This remaining proceeds will be utilised for general corporate purposes, taking the total estimated utilisation of the net proceeds to Rs 294.13 crore.

Financial Performance

Steamhouse India Ltd. reported a 24% year-on-year increase in total income, rising from Rs 398.53 crore in FY25 to Rs 494.97 crore in FY26. The growth reflects a strong improvement in the company’s revenue during the latest financial year.

Profitability also moved in tandem, with profit after tax (PAT) climbing 24% from Rs 31.16 crore in FY25 to Rs 38.64 crore in FY26. The steady rise in both income and profit highlights the company’s improved financial performance in FY26.

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About Steamhouse India

Incorporated in June 2015, SteamHouse India Ltd. is an industrial gas company engaged in the generation and centralised distribution of steam and nitrogen through its pipeline network. Its systems offer industrial customers an alternative to setting up and maintaining their own infrastructure. The company operates a pipeline network spanning over 45 km across key industrial hubs such as Sachin, Vapi, Ankleshwar, Sarigam, Panoli and Nadesari.

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Its business includes steam generation and distribution, steam procurement and distribution, and nitrogen separation, compression and supply, along with coal trading. SteamHouse serves clients including Aether Industries, Anupam Rasayan India, Globe Enviro Care, Gujarat Polysol Chemicals and other industrial customers. As of July 31, 2026, the company had 229 employees and 276 contract workers.

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