Steamhouse India Limited, a pioneer in India’s community boiler system, has announced its Initial Public Offering (IPO), with the public issue set to open for subscription on September 9, 2026, and close on September 11, 2026. The company announced the details of the forthcoming IPO at a press conference held in Mumbai on Monday.
The IPO has been priced in the range of ₹77 to ₹81 per equity share, with a face value of ₹2 per share. The total issue size is ₹414 crore, comprising a fresh issue of equity shares aggregating up to ₹353 crore and an Offer for Sale (OFS) of shares worth ₹61 crore by the promoter selling shareholder.
Investors can bid for a minimum of 185 equity shares, and thereafter in multiples of 185 shares. At the upper price band of ₹81 per share, the minimum investment for one lot will be ₹14,985. The anchor investor bidding is scheduled for September 8, one working day before the IPO opens for public subscription.
The company said that the proceeds from the fresh issue will primarily be utilised towards repayment or prepayment of certain outstanding borrowings, infrastructure development and capacity expansion. The planned capital expenditure includes expansion of the Ankleshwar facility under Phase 3 and the Panoli facility under Phase 2, along with the establishment of a new steam generation facility at Dahej GIDC under Phase 2. The remaining funds will be used for general corporate purposes.
Steamhouse India specialises in the generation and centralised distribution of industrial gases, including steam and nitrogen, through its dedicated pipeline network. According to the company, Steamhouse India and its promoters pioneered the community boiler system in India in 2014. Under this model, industrial customers can access centrally generated steam through a common pipeline network rather than maintaining individual boiler infrastructure.
As of November 15, 2025, the company operated seven community steam boilers in Gujarat with an aggregate installed capacity of 345 tonnes per hour (TPH), along with a nitrogen generation facility at Ankleshwar. Its pipeline network extends to approximately 56,236 metres, serving customers across sectors including pharmaceuticals, chemicals, textiles, agro-chemicals, paints and other industries.
The company has also focused on developing an industrial utility model with an emphasis on operational efficiency and alternative energy practices. Its initiatives include the use of AFBC boiler technology, waste-to-energy measures and alternative fuels such as plastic waste, textile chindi and agro-waste.
Steamhouse India’s industrial gas business includes the generation and distribution of steam, purchase and distribution of steam, and separation, compression and distribution of nitrogen. The company commenced its first nitrogen supply facility in February 2025 through a distributed pipeline network at its Ankleshwar facility.
The company’s equity shares are proposed to be listed on the BSE and NSE. Equirus Capital Limited is the sole Book Running Lead Manager to the issue.
The management team at the press conference included Vishal Budhia, Chairman and Managing Director, and Vaibhav Gattani, Chief Financial Officer, who outlined the company’s business model, growth plans and IPO objectives.
With the proposed IPO, Steamhouse India is looking to strengthen its balance sheet, expand its infrastructure and increase its capacity to serve India’s growing industrial utility requirements.
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