Steamhouse India IPO Day 1: The ₹414 crore initial public issue (IPO) of industrial gases generator and distributor, Steamhouse India, opens for public subscription today, i.e., Wednesday, 9 September, and will remain open until Friday, 11 September.
The book-build issue, with a price band of ₹77 to ₹81 per share, combines a fresh issue of about 4.36 crore shares to raise ₹353 crore and an offer for sale (OFS) of 75.31 lakh shares for ₹61 crore.
Steamhouse India specialises in the generation and centralised distribution of industrial gases, including steam and nitrogen, through its pipeline network.
Its revenue from operations in FY24 stood at ₹291.71 crore, rising to ₹395.11 crore in FY25 and to ₹491.51 crore in FY26.
Its restated profit for the year attributable to the owner of the holding company was ₹31.16 crore in FY25 and ₹38.64 crore in FY26.
Meanwhile, grey market trends suggest investors are positive about the issue, as the latest grey market premium (GMP) of Steamhouse India shares signals a double-digit listing gain.
Steamhouse India IPO GMP
Steamhouse IPO GMP on Wednesday morning was ₹18. Considering the upper price band of the issue at ₹81, the estimated listing price of Steamhouse IPO shares is ₹99, a premium of 22.22% over the issue price.
Steamhouse India IPO subscription status
The subscription status will be updated after 10 am today.
Steamhouse India IPO review
Brokerage firms largely appear positive about the issue. SBICAP Securities has a “buy” recommendation on the issue.
The brokerage firm highlighted that the company has recorded revenue, EBITDA, and PAT CAGR of 29.8%, 10.5%, and 19.2%, respectively, over FY24-FY26.
Going ahead, the company intends to utilise ₹180 crore of the fresh proceeds to repay its borrowings, which shall significantly de-leverage its balance sheet (D/E ratio of 0.2 times post-repayment versus FY26 D/E of 1.6 times) and improve profitability by reducing interest cost, said SBICAP.
“We believe the company stands to be a key beneficiary of the recent recovery seen in capacity utilisation levels across chemical companies, given that it derived nearly 26% of its FY26 revenue from the chemical sector. At the upper price band of ₹81, the issue is valued at a FY26 P/E multiple of 57.9 times based on post-issue capital. We recommend investors to subscribe to the issue,” said the brokerage firm.
Ventura also has a subscribe view on the IPO, citing the company’s customer base has grown steadily from 125 in FY24 to 202 in FY26, spanning sectors such as chemicals, pharmaceuticals, and textiles, with 100% of its industrial gas revenue concentrated in Gujarat.
Read all market-related news here
Read more stories by Nishant Kumar
Disclaimer: This article is for educational purposes only and does not constitute investment advice. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
