Steamhouse India IPO Lists at 16.67% Premium at ₹94.50 on NSE

Steamhouse India shares made a positive stock market debut on September 17, 2026, listing at ₹94.50 per share on the NSE, a 16.67% premium over the IPO issue price of ₹81 per share. On the BSE, the stock debuted at ₹93 per share, representing a 14.81% premium over the issue price.

The listing followed the company’s ₹414.00 crore IPO, which was open for subscription from September 9 to September 11, 2026. The issue witnessed investor interest and was subscribed 30.49 times by the end of the bidding period.

Steamhouse India’s IPO comprised a fresh issue of up to ₹353.00 crore and an offer for sale of up to ₹61.00 crore, aggregating to an issue size of up to ₹414.00 crore.

Incorporated in 2015, Steamhouse India Limited generates and centrally distributes industrial gases, primarily steam and nitrogen, through pipeline networks. The company operates a community boiler model that enables industrial customers to access shared steam generation infrastructure without setting up and maintaining individual generation systems.

Steamhouse India IPO Listing Details

Steamhouse India launched its ₹414.00 crore book-built IPO, comprising a fresh issue of up to ₹353.00 crore and an offer for sale of up to ₹61.00 crore. The bidding window opened on September 9 and closed on September 11, 2026.

The IPO price band was fixed at ₹77 to ₹81 per equity share, with a face value of ₹2 per share. The minimum lot size was 185 shares, requiring a minimum investment of ₹14,985 at the upper end of the price band.

The IPO received an overall subscription of 30.49 times by the end of the bidding period. Qualified Institutional Buyers subscribed 43.91 times, Non-Institutional Investors 44.30 times and Retail Individual Investors 16.90 times.

Steamhouse India subsequently made its stock market debut at ₹94.50 per share on the NSE against the issue price of ₹81, resulting in a listing premium of 16.67%. On the BSE, shares opened at ₹93, representing a premium of 14.81%.

• Issue Price: ₹81 per share
• NSE Listing Price: ₹94.50 per share
• NSE Listing Premium: 16.67%
• BSE Listing Price: ₹93 per share
• BSE Listing Premium: 14.81%
• IPO Size: Up to ₹414.00 crore
• Fresh Issue: Up to ₹353.00 crore
• Offer for Sale: Up to ₹61.00 crore
• Minimum Lot Size: 185 shares
• Minimum Investment: ₹14,985
• IPO Open Date: September 9, 2026
• IPO Close Date: September 11, 2026
• Listing Date: September 17, 2026
• Exchanges: BSE and NSE

First-Day Trading Performance

Listing Price: Steamhouse India share price debuted at ₹94.50 per share on the NSE against the IPO issue price of ₹81, resulting in a 16.67% listing premium.

On the BSE, Steamhouse India shares opened at ₹93 per share, representing a 14.81% premium over the IPO issue price.

The positive debut followed the company’s ₹414.00 crore IPO, which received an overall subscription of 30.49 times by the end of the bidding period.

Investor demand was led by Non-Institutional Investors, whose portion was subscribed 44.30 times. The Qualified Institutional Buyer portion was subscribed 43.91 times, while the Retail Individual Investor category was subscribed 16.90 times.

The listing performance indicated that the stock entered the secondary market above the price at which shares were offered to IPO investors on both the NSE and BSE.

Growth Drivers and Challenges

Growth Drivers

Community Boiler Model: Steamhouse India operates shared steam generation facilities that allow multiple industrial customers to access steam without establishing and maintaining their own generation infrastructure.

Pipeline Distribution Network: The company centrally distributes steam and nitrogen through pipeline networks, supporting industrial customers located around its facilities.

Expansion Plans: A portion of the IPO proceeds is earmarked for capacity expansion at the Ankleshwar and Panoli facilities and for setting up a new steam generation facility at Dahej GIDC.

Nitrogen Business: Steamhouse entered nitrogen production in 2025 and distributes nitrogen through a centralised pipeline network, diversifying its industrial gas offerings.

Financial Growth: Revenue from operations increased to ₹491.51 crore in FY26 from ₹395.11 crore in FY25 and ₹291.71 crore in FY24.

Challenges

Capital-Intensive Operations: Developing steam generation facilities and pipeline infrastructure requires substantial capital expenditure.

Customer Concentration by Location: The pipeline-based model requires customers to be located within economically viable distances of the company’s generation and distribution infrastructure.

Operational Dependence: Interruptions at steam generation facilities or pipeline networks could affect supply to multiple industrial customers.

Expansion Execution: Planned capacity additions at Ankleshwar, Panoli and Dahej require timely project execution and effective deployment of capital.

Regulatory and Environmental Requirements: Industrial steam generation operations are subject to environmental, safety and other regulatory requirements.

Utilisation of IPO Proceeds

Steamhouse India’s IPO comprised a fresh issue of up to ₹353.00 crore and an offer for sale of up to ₹61.00 crore, aggregating to a total issue size of up to ₹414.00 crore.

The company intends to utilise a portion of the net proceeds from the fresh issue towards repayment or prepayment of certain outstanding borrowings.

The proceeds will also fund capital expenditure for infrastructure development, including capacity expansion of the Ankleshwar Facility under Phase 3 and the Panoli Facility under Phase 2.

A portion of the proceeds is intended to fund capital expenditure for setting up a new manufacturing facility for steam generation at Dahej GIDC under Phase 2.

The remaining proceeds are intended to be utilised for general corporate purposes.

The public issue comprised:

• Fresh Issue: Up to ₹353.00 crore
• Offer for Sale: Up to ₹61.00 crore
• Total IPO Size: Up to ₹414.00 crore

Equirus Capital Limited managed the issue, while KFin Technologies Limited acted as the registrar.

Business and IPO Overview

Incorporated in 2015, Steamhouse India Limited generates and centrally distributes industrial gases, primarily steam and nitrogen, through pipeline networks.

The company pioneered the community boiler model in India, enabling industrial customers to obtain steam from shared generation facilities rather than installing and maintaining their own steam generation systems.

Steam generation and pipeline distribution form the core of its operations, complemented by steam procurement and redistribution.

In 2025, Steamhouse entered nitrogen production and became the first company in India to distribute nitrogen through a centralised pipeline network. This model provides industrial customers with an alternative to cryogenic tank supply and on-site nitrogen generation.

Steamhouse India recorded revenue from operations of ₹491.51 crore in FY26, compared with ₹395.11 crore in FY25 and ₹291.71 crore in FY24.

EBITDA increased to ₹83.49 crore in FY26 from ₹69.32 crore in FY25 and ₹68.41 crore in FY24. Profit after tax rose to ₹38.64 crore in FY26 from ₹31.16 crore in FY25 and ₹27.19 crore in FY24.

Steamhouse India entered the public markets through a ₹414.00 crore IPO comprising a fresh issue of up to ₹353.00 crore and an offer for sale of up to ₹61.00 crore. The issue opened on September 9 and closed on September 11, 2026, with a price band of ₹77 to ₹81 per share.

The IPO received an overall subscription of 30.49 times by the end of the bidding period. The QIB portion was subscribed 43.91 times, the NII portion 44.30 times and the retail portion 16.90 times.

Steamhouse India made a positive stock market debut on September 17, 2026. Shares listed at ₹94.50 on the NSE, representing a 16.67% premium over the ₹81 issue price, while the BSE listing price of ₹93 represented a premium of 14.81%.