Industrial gas producer Steamhouse India Ltd. made a strong debut on the stock market on Thursday, listing at a premium of over 18% to its IPO price. The stock opened at Rs 94.50 on the NSE which is a 16.7% rise from the IPO price of Rs 81. On the BSE, it began trading at Rs 93 per share which marks a 14.8% premium.
Steamhouse India fixed a price band of Rs 77-81 per equity share for its initial public offering (IPO), through which the company plans to raise up to Rs 414 crore.
Steamhouse India raised Rs 124.20 crore from anchor investors ahead of its initial public offering (IPO). The company has allocated 1.53 crore equity shares to anchor investors at Rs 81 apiece, according to a circular uploaded on the BSE website.
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The investors in the anchor round included Singularity Large Value Fund III, Chartered Finance & Leasing Ltd, Abakkus Emerging Opportunities Fund-1, Niveshaay Sambhav Fund, Emerge Capital Opportunities Scheme and 31 Degrees North Fund, as per the circular.
Promoter Vishal Sanwarraprasad Budhia will offload shares in the OFS. In June, Steamhouse raised nearly Rs 50 crore through a pre-IPO placement from funds backed by investor Madhusudhan Kela and Niveshaay Sambhav Fund.
Of the total offer, not more than 50% is reserved for qualified institutional buyers, not less than 15% for non-institutional investors and not less than 35% for retail investors.
Steamhouse India Ltd. Financials
Proceeds from the fresh issue will be used to repay part of the company's existing debt, expand capacity at its Ankleshwar and Panoli facilities, set up a new steam-generation unit in the Dahej SEZ, and meet general corporate requirements.
About The Company
Established in 2014, Steamhouse supplies industrial steam to customers through a centralised utility model using dedicated pipeline infrastructure. The company serves over 167 industrial clients across sectors including chemicals, textiles, pharmaceuticals, food processing, paper and manufacturing.
The company has built over 45 kilometres of steam pipeline network across industrial clusters such as Sachin, Vapi, Ankleshwar, Sarigam, Panoli and Nandesari, and is expanding capacity across several locations, including Ahmedabad, Dahej, Jhagadia and Vapi.
Steamhouse is also diversifying into nitrogen compression and distribution, waste-to-energy solutions and aviation logistics. It has commissioned a waste-to-steam boiler at Vapi and has secured a 5 MW waste-to-steam project from Ahmedabad Municipal Corporation under the public-private partnership model.
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