Data shown is for informational purposes only and does not constitute investment advice. TopFund is not SEBI-registered. Consult a SEBI-registered advisor before investing.
Steamhouse IPO
Price Band
₹77.0–81.0
Issue Size
₹414.0 Cr
Lot Size
185 shares
Min Investment
₹14,985
GMP
+₹13.5 (16.67%)
Issue Price
₹81.0
Subject to Sauda
₹1900
Paid only if allotted
Steamhouse IPO AI Summary
- Steamhouse IPO is listed on BSE, NSE in the Industrial Gases sector.
- Price band: ₹77.0–₹81.0 per share, lot size 185 shares (min. investment ₹14,985).
- Subscription window: 09 Sep–11 Sep 2026, listing on 17 Sep 2026.
- Current GMP is +₹13.5 (16.67%), an estimated listing price of ₹95 — unofficial and can change daily.
Steamhouse India is an emerging player in the industrial gases sector with a solid growth trajectory in revenue and profitability. The IPO has garnered significant interest, particularly from institutional investors, indicating strong market confidence.
TopFund is not SEBI-registered — this is educational analysis, not personalized investment advice.
Steamhouse IPO — Third-Party Research Views
Reviews below reflect analyst calls made before this IPO closed on 11 Sep 2026 — not a current signal.
Recommendations are sourced from third-party research firms and are not TopFund's own investment advice.
Important Dates
Subscription Status
Overall Subscription
32.07x
| Category | Subscription | Status |
|---|---|---|
| QIB (Institutional) |
46.19x
|
46x ✓ |
| NII (HNI) |
46.60x
|
47x ✓ |
| ↳ bNII (>₹10L) |
45.23x
|
45x ✓ |
| ↳ sNII (<₹10L) |
49.33x
|
49x ✓ |
| Retail (RII) |
17.78x
|
18x ✓ |
| Total | 32.07x | 32.07x |
Auto-updated every 5 min · As of 11th Sep 2026 18:55
Steamhouse IPO Grey Market Premium (GMP) Today
GMP
+₹13.5
GMP %
+16.67%
Est. Listing
₹94.5
Updated: 17 Sep 2026 04:15
GMP Trend (Last 13 Days)
About the Company
Incorporated in June 2015, Steamhouse India is a Surat-based industrial steam and gas supplier company. The company has an extensive pipeline network, spans over 45 kms in key industrial hubs including like Sachin, Vapi, Ankleshwar, Sarigram, Panoli and Nadesari. The company started nitrogen production and supply on February 1, 2025, with its first project at the Ankleshwar facility. In Fiscal 2025, they earned ₹0.90 million from nitrogen operations, increasing to ₹3.01 million in the stub period ending September 30, 2025. As of November 15, 2025, the seven boilers have a combined steam capacity of 345 tonnes per hour, equating to 2,185,920 tonnes per annum. As of November 15, 2025, the company owned, operated and maintained a 56,236 meters operational pipeline system connecting its facilities to its customers’ premises. With a strong focus on cutting-edge technology, the company provides energy-efficienct and eco-conscious steam solutions. The company's clients include Aether Industries Limited, Anupam Rasayan India Limited, Globe Enviro Care limited, Gujarat Polysol Chemicals Private Limited, Devanshi Dyestuff, K. Patel Chemo Pharma Private Limited, K. Patel Dye Chem Industries Private Limited, Mahavir Synthesis Private Limited, Mangalam Intermediaries, Orgo Chem Gujarat Private Limited and Subhasri Pigments Limited. As of September 30, 2025, the company's workforce comprised 213 employees, and it utilises the services of 292contract labourers (136 at Ankleshwar, 50 at Nandesari, 34at Sarigam, 38 at Vapiand 34at Panoli). Compettitve Strength: Leading market position offering customers an energy efficient solution across industries with high growth potential. High barriers to entry for competitors. Strategically located facilities offering community gas generation and distribution. Marquee customer base with long-term relationships driven by our value proposition. Track-record of implementing eco-friendly solutions and promoting sustainable development.
Company Financials (₹ Cr)
As of 2026-03-31
| Period Ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 679.45 | 543.67 | 422.31 |
| Total Income | 494.97 | 398.53 | 293.16 |
| Profit After Tax | 38.64 | 31.16 | 27.19 |
| EBITDA | 83.49 | 69.32 | 68.41 |
| NET Worth | 163.76 | 131.00 | 102.71 |
| Reserves and Surplus | 127.57 | 87.25 | 58.35 |
| Total Borrowing | 281.62 | 222.95 | 202.71 |
Key Ratios
EPS
₹1.66
NAV
₹7.25
ROE
22.36%
ROCE
16.06%
RoNW
23.60%
P/B Value
11.17
P/E Ratio
48.8
Market Cap
₹2238.89 Cr
PAT Margin
7.81%
Debt/Equity
1.57
Peer Comparison
| Company | NAV | P/E (x) | EPS Basic | EPS Diluted |
|---|---|---|---|---|
| Ellenbarrie Industrial Gases Limited | 69.33 | 42.74 | 7.54 | 7.54 |
| Linde India Limited | 500.27 | 99.17 | 64.37 | 64.37 |
| Steamhouse India Ltd. This IPO | 7.25 | — | 1.71 | 1.71 |
Promoters
Vishal Sanwarprasad Budhia, Ritu Budhia, V SB Business Trust, Budhia Business Trust, VB Business Trust
Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: # Issue Objects Est Amt (₹ Cr.) 1 Repayment or prepayment of all or a portion of certain outstanding borrowings availed by Company 180.00 2 Funding capital expenditure requirements for augmenting infrastructure development of the Company towards capacity expansion of the Ankleshwar Facility (Phase 3 75.95 3 Funding capital expenditure in relation to the setting up of a manufacturing facility for generation of steam at Dahej SEZ 38.17 4 General Corporate Purposes 23.13 5 Issue Expenses 35.75 Total 353.00
IPO Evaluation
Generated 23 Sep 2026Revenue Trend
Total income was ₹293.16 Cr in the year ending 31 Mar 2024, increasing to ₹398.53 Cr by 31 Mar 2025, and further rising to ₹494.97 Cr by 31 Mar 2026. This shows a consistent growth trend in revenue over the periods.
Profit Trend
Profit After Tax was ₹27.19 Cr for the year ending 31 Mar 2024, which grew to ₹31.16 Cr by 31 Mar 2025, and reached ₹38.64 Cr by 31 Mar 2026. This indicates a positive trend in profitability across the reported periods.
Valuation
Steamhouse India Ltd. has an EPS of ₹1.66, implying a P/E ratio of 48.8 at the issue price. In comparison, peers like Ellenbarrie Industrial Gases Limited have a P/E of 42.74, while Linde India Limited trades at 99.17. This positions Steamhouse at a higher valuation relative to its peers.
Grey Market Premium, Explained
The Grey Market Premium (GMP) refers to the unofficial trading of shares before they are listed on the stock exchange. A positive GMP indicates that shares are expected to list at a higher price than the issue price, while a negative GMP suggests the opposite. Investors often use GMP as a gauge of market sentiment towards an IPO.
Subscription Demand
The IPO saw significant interest, with a total subscription of 32.07 times as of 11th September 2026. The QIB segment was particularly strong, subscribing 46.19 times, while the retail segment subscribed 17.78 times.
Who This IPO Suits
Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against their investment goals and risk tolerance. It is important to consider the company's growth potential and market position.
Who May Want to Wait
Investors who prefer stable, established companies and are risk-averse may want to avoid IPOs like this, which can be subject to market fluctuations and uncertainties.
IPO Timeline, Explained
The IPO opens on September 9, 2026, and closes on September 11, 2026. Allotment of shares will be done on September 15, 2026, with the listing date set for September 17, 2026.
Listing Gains — The Risk
Listing gains refer to the potential profit an investor can make when the stock lists at a higher price than the issue price. However, these gains are not guaranteed and can be influenced by market conditions, investor sentiment, and overall demand for the stock on listing day.
This evaluation is generated from Steamhouse's own public IPO filing data for educational purposes and is not investment advice or a recommendation to apply, subscribe to, or avoid this issue — see Broker Recommendations below for named third-party research views (clearly attributed, not TopFund's own). TopFund is not a SEBI-registered investment adviser — see our Disclaimer.
Frequently Asked Questions
What is Steamhouse IPO GMP today?
Steamhouse IPO GMP today is +₹13.5 (16.67%), indicating an estimated listing price of ₹95. GMP is an unofficial grey-market indicator and can change daily.
What is the price band of Steamhouse IPO?
The price band of Steamhouse IPO is ₹77.0–₹81.0 per share.
When does Steamhouse IPO open and close?
Steamhouse IPO opens on 09 September 2026 and closes on 11 September 2026.
When does Steamhouse IPO list on the stock exchange?
Steamhouse IPO listed on 17 September 2026 at ₹94.5.
What is the lot size for Steamhouse IPO?
The lot size for Steamhouse IPO is 185 shares, requiring a minimum investment of ₹14,985.
What is the price band for the Steamhouse IPO?
The price band for the Steamhouse IPO is ₹77.0 to ₹81.0.
What is the minimum investment required?
The minimum investment required is ₹14,985.
What is the lot size for the IPO?
The lot size for the Steamhouse IPO is 185 shares.
When is the listing date for the IPO?
The listing date for the Steamhouse IPO is September 17, 2026.
What does GMP mean?
GMP stands for Grey Market Premium, which indicates the expected listing price of the shares compared to the issue price.
Issue Details
Investor Allocation
Registrar
Lead Managers / Book Running
IPO Timeline
Open
09 Sep 2026
Close
11 Sep 2026
Allotment
15 Sep 2026
Listing
17 Sep 2026
Similar IPOs in Industrial Gases
Plan Your IPO Investment
Related Articles
Full Analysis
Should you apply? Company analysis, GMP explained & FAQs
Community Sentiment
What are other investors planning for Steamhouse?
No votes yet — be the first to share your view.
Sign in to voteDiscussion
User-generated content — not investment advice, and not verified or endorsed by TopFund.
No comments yet — start the discussion.