Subscription & GMP
Subscription is live from NSE + BSE bid data. GMP is an unofficial market indicator.
Snapshot & Timeline
Verified against RHP, cross-checked on NSE & BSE.
| Issue Structure | |
|---|---|
| Type | Mainboard · Book Built |
| Face Value | ₹2 |
| Fresh Issue | ₹353 Cr |
| Offer for Sale | ₹61 Cr |
| Market Cap | ≈ ₹2,238.89 Cr |
| Reservation & Parties | |
|---|---|
| QIB (incl. anchor) | 50% |
| NII / HNI | 15% |
| Retail | 35% |
| Lead Managers | Equirus Capital |
| Registrar | KFin Technologies |
FY24–FY26 Trend (₹ Cr)
Restated consolidated figures from the RHP.
| Metric | FY24 | FY25 | FY26 | YoY |
|---|---|---|---|---|
| Total Income | 293.16 | 398.53 | 494.97 | +24% |
| EBITDA | 68.41 | 69.32 | 83.49 | +20% |
| PAT | 27.19 | 31.16 | 38.64 | +24% |
| Total Borrowing | 202.71 | 222.95 | 281.62 | +26% |
Is the price fair?
From the RHP "Basis for Issue Price". Price (P/E) beside quality (ROE).
| Company | P/E | ROE | Net Margin |
|---|---|---|---|
| Steamhouse India | 57.9x | 22.36% | 7.8% |
Who runs it & where the money goes
| Promoters | |
|---|---|
| Promoters | Vishal Sanwarprasad Budhia, Ritu Budhia & promoter trusts |
| Pre-issue | 96.59% |
| Post-issue | 78.63% |
| Objects of Issue | |
|---|---|
| Repayment / pre-payment of borrowings | ₹180.00 Cr |
| Ankleshwar facility expansion (Phase 3) | ₹37.98 Cr |
| Panoli facility expansion (Phase 2) | ₹37.98 Cr |
| Dahej SEZ steam facility | ₹38.17 Cr |
| General corporate purposes | Balance |
Strengths & Risks
The part most sites skip — both sides, from the RHP.
- Sticky, near-monopoly model — centralised on-site steam/nitrogen 'utility-on-tap' via dedicated pipelines to pharma/chemical clusters, with recurring revenue.
- Steady growth — income and profit both up ~24% in FY26 (PAT ₹27 → ₹39 Cr over two years).
- Healthy returns — ROE ~22% and RoNW ~24%.
- Mostly-fresh issue — ₹353 Cr of ₹414 Cr is fresh, funding capacity expansion (Ankleshwar, Panoli, Dahej) and debt repayment.
- Established Gujarat cluster footprint (Sachin, Vapi, Ankleshwar, Sarigam, Panoli, Nadesari) serving pharma and chemical customers.
- Very rich valuation — ~57.9x post-issue P/E and ~11.2x book for a thin-margin (~8%) industrial utility.
- High leverage — debt/equity ~1.57 and borrowings still rising (₹203 → ₹282 Cr); ₹180 Cr of fresh proceeds goes to repay debt.
- Thin, compressing margins — EBITDA margin ~17% and PAT margin ~8%; capital-intensive, fuel/energy-cost-sensitive model.
- Modest grey market — GMP only ~₹20–22 (~25–27%), a lukewarm signal for such a rich price.
- Customer and geographic concentration — dependence on Gujarat pharma/chemical clusters; demand was strong on the final day (~6.03x, QIB ~1.7x).
Did the signal hold up? Updates after Sep 17
We close the loop — issue vs listing price, listing-day gain, and whether the call was right.
Steamhouse India IPO FAQs
Common questions about the Steamhouse India IPO — GMP, price, dates, allotment and more.
What is Steamhouse India IPO GMP today?
As of the latest update (Subscription: Sep 11, 5:57 PM IST (Final, IPOJI) · GMP: Sep 11 (₹19 IPOJI ~23% @4:00PM / ₹21 InvestorGain ~26% @5:30PM)), the grey market premium (GMP) for Steamhouse India IPO is around ₹19–21, implying an estimated listing price of about ≈ ₹100–102. GMP is unofficial & indicative
What is Steamhouse India IPO price band?
The price band is ₹77 – ₹81 per share (face value ₹2).
What is Steamhouse India IPO lot size?
The lot size is 185 · min ₹14,985 per application.
When is Steamhouse India IPO allotment?
The tentative basis-of-allotment date is Sep 15.
When will Steamhouse India IPO be listed?
The tentative listing date is Sep 17, 2026 on BSE · NSE.
What is the expected listing price of Steamhouse India IPO?
Based on the current grey market premium of ₹19–21, the estimated listing price is around ≈ ₹100–102 — this is unofficial and not a guarantee of the actual listing price.
Should I apply for Steamhouse India IPO?
Our view: Neutral · May Apply
In simple terms, Steamhouse builds boilers and pipelines that supply steam and nitrogen to pharma and chemical factories in Gujarat — a sticky, recurring 'utility-on-tap' model where each industrial cluster it serves is effectively its own supplier. Its revenue and profit have grown steadily (about 24% last year), it earns a healthy ~22% return, and most of this issue is fresh money to expand capacity and cut debt. Demand closed strongly — the final book is covered about 32.07 times, with the big institutions ~46 times, wealthy investors ~46.6 times and retail ~17.8 times. The catches are still significant: the shares are priced very steeply — about 58 times earnings and 11 times book value — for a business with thin (~8%) margins; it carries a lot of debt (it owes more than one-and-a-half times its net worth); and the grey market is only pointing to a modest gain of roughly 25–27%. The business is a decent niche and demand is strong, but the very rich price on high debt keeps this a fairly-valued 'may apply' rather than a clear apply. This is IPOSignal's research view, not investment advice.
What is Steamhouse India IPO subscription status?
As of Final · Sep 11, 5:57 PM IST (IPOJI), the issue was subscribed 32.1× overall — NII / HNI 46.6×, QIB 46.2×, Retail 17.8×.
Who is the registrar of Steamhouse India IPO?
The registrar is KFin Technologies; the lead manager(s): Equirus Capital.