Steamhouse India, Manika Plastech to raise ₹539 crore
While Steamhouse price fixed at ₹77-81 a share, Manika Plastech’s offer was priced at ₹40-43 a share
Steamhouse India and Manika Plastech are set to raise a combined ₹539 crore through an initial public offering (IPO) on the mainboard. Steamhouse India intends to issue new equity shares worth ₹353 crore and an offer for sale (OFS) of ₹61 crore. The price band for the shares has been set between ₹77 and ₹81 per share. Investors can place bids for a minimum of 185 shares and in increments of 185 thereafter.
The IPO is scheduled to open for subscription on Wednesday. Steamhouse India specializes in generating and distributing industrial gases, such as steam and nitrogen, through a pipeline network. The company plans to utilize the funds raised to pay off outstanding borrowings, finance capital expenditure, which includes capacity expansion at their Ankleshwar and Panoli facilities, establish a new manufacturing facility for steam generation at Dahej GIDC, and for general corporate purposes. Equirus Capital served as the sole Book Running Lead Manager for Steamhouse India's IPO.
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