Steamhouse India sets price band at ₹77-81 for ₹414-cr IPO
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
Industrial gas firm Steamhouse India Ltd has announced a price range of ₹77-81 per equity share for its upcoming IPO. The company aims to raise up to ₹414 crores through this offering. Anchor investor bids will commence on September 8, with the public subscription opening on September 9 and concluding on September 11. The IPO will see a fresh share issue of up to ₹353 crores, alongside an Offer-for-Sale (OFS) of shares worth approximately ₹61 crores, as per a public statement.
Promoter Vishal Sanwarraprasad Budhia will be selling shares in the OFS. The funds raised will be utilized for repaying part of the company's existing debt, expanding capacity at its Ankleshwar and Panoli plants, establishing a new steam-generation unit in the Dahej Special Economic Zone, and addressing general corporate needs. In June, Steamhouse generated approximately ₹50 crores via a pre-IPO placement from investors including Madhusudhan Kela and Niveshaay Sambhav Fund.
Steamhouse, a provider of industrial steam via a centralized utility model, caters to over 167 industrial clients across various sectors, including chemicals, textiles, pharmaceuticals, food processing, paper, and manufacturing. The company has constructed over 45 kilometers of steam pipeline network across major industrial hubs such as Sachin, Vapi, Ankleshwar, Sarigam, Panoli, and Nandesari, and is presently expanding capacity in several locations, including Ahmedabad, Dahej, Jhagadia, and Vapi.
Steamhouse is also venturing into nitrogen compression and distribution, waste-to-energy solutions, and aviation logistics, having recently commissioned a waste-to-steam boiler in Vapi and secured a 5 MW waste-to-steam project from Ahmedabad Municipal Corporation under a public-private partnership model. For the total offer, no more than 50 percent will be reserved for qualified institutional buyers, while at least 15 percent will be allocated for non-institutional investors and at least 35 percent for retail investors. The company's shares will be listed on both the BSE and NSE.
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