Steamhouse India Files Updated IPO Papers With SEBI For Rs 425 Crore Issue

Steamhouse India Ltd., an industrial steam and gas supplier, has submitted its updated draft red herring prospectus to the Securities and Exchange Board of India for its initial public offering.

The proposed IPO size is Rs 425 crore, comprising a fresh issue of equity shares worth Rs 345 crore and an offer for sale of shares aggregating up to Rs 80 crore by promoter Vishal Sanwarprasad Budhia, according to the UDRHP.

Proceeds from the fresh issue will be used for debt repayment, capital expenditure for capacity expansion at the Ankleshwar Facility (Phase 3) and Panoli Facility (Phase 2), setting up a new steam-generation unit in Dahej SEZ, and general corporate purposes.

The company had earlier filed its draft papers confidentially in July 2025 and received SEBI’s observations on October 14. This confidential filing allowed financial details to remain undisclosed until closer to listing.

Ahead of the IPO, Steamhouse India may conduct a pre-IPO placement of up to Rs 15 crore, which would be adjusted against the fresh issue size if undertaken.

Steamhouse India's industrial gas business spans steam generation and distribution, steam purchase and distribution, and nitrogen extraction, compression, and pipeline-based supply.

The company operates seven community steam boilers in Gujarat — six owned and one leased — across locations including Vapi WTE unit, Vapi Phase 1, Ankleshwar Phase 1, Ankleshwar Phase 2, Nandesari, Sarigam, and Panoli. It serves industries such as textiles, pharmaceuticals, chemicals, agrochemicals, tyres, dyes and pigments, paints, and polymers.

Steamhouse India’s revenue from operations grew 35.44% to Rs 395.10 crore in FY 2024-25, compared to Rs 291.71 crore in the previous year. Profit after tax rose 14.62% to Rs 31.16 crore in FY25, up from Rs 27.18 crore in FY24.

Equirus Capital Pvt Ltd is the book-running lead manager, while KFin Technologies will act as the registrar for the issue.