Steamhouse India Limited IPO — Subscription & GMP
- Price band
- ₹77 – ₹81
- Lot size
- 185
- Issue size
- ₹414 Cr
- Bidding
- 09 Sept 2026 → 11 Sept 2026
- Allotment
- —
- Listing
- 17 Sept 2026
Listing outcome
Official exchange pricesGMP was out by 8.0 percentage points against the buyer — it implied +24.69% and the issue listed +16.67%. Counted in our running GMP accuracy record.
Schedule
- 09 Sept 2026IPO open date
- 11 Sept 2026IPO close date
- 14 Sept 2026Allotment date†
- 14 Sept 2026Funds unblock or debit†
- 17 Sept 2026Tentative listing date
† Derived from the close date using the T+3 working-day timeline. The exchanges publish the open and close dates; the rest are indicative until confirmed, and exchange holidays are not accounted for.
Fundamentals
The business, its valuation and returnsSteamhouse India Limited - Business Model Summary
Steamhouse India Limited operates as an industrial utility provider specializing in the generation and centralized pipeline distribution of industrial gases, primarily steam and nitrogen, to manufacturing and process clusters.
Core Segments & Operational Model
1. Community Boiler System (Centralized Utilities): - Instead of individual factories operating their own dispersed, smaller captive boilers, the company establishes large, centralized community boiler facilities located strategically within heavy industrial estates (such as GIDC clusters in Gujarat). - It pipes thermal energy directly to client boundaries through dedicated pipeline networks, minimizing energy loss, upfront capital expenditure, and regulatory compliance burdens for individual factories.
2. Product Streams & Services: - Steam Generation & Distribution: Primary revenue driver via owned and leased community steam boilers. - Third-Party Steam Sourcing: Acquires and redistributes steam generated by external industrial partners. - Industrial Gas Separation: Operates facilities for the separation, compression, and pipeline distribution of nitrogen. - Eco-friendly Integration: Utilizes waste-to-energy capabilities (processing plastic and textile waste) and co-generates power to feed clean energy into operations.
Customer Base & Revenue Streams
- Diversified Industrial Clients: Supplies essential thermal energy inputs to over 200 manufacturing customers spanning sectors like chemicals, pharmaceuticals, textiles, agrochemicals, tyres, and polymers.
- Recurring Utility Contracts: Generates high-visibility, recurring B2B revenues (backed by multi-year supply arrangements) charged on a consumption or volumetric utility-metering basis.
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS | ₹1.71 | — |
| P/E ratio | 47.37× | — |
| NAV per share | ₹7.25 | — |
Promoter holding pre/post issue is in the offer document but we do not yet extract it. Left blank rather than estimated.
Read from the company’s offer document filed with SEBI. Figures are the latest reported financial year, as restated in that filing.
Figures are as reported and not independently audited, and are read 45 d ago.
Grey market premium
Unofficial · not from any exchangeSubscription status
Live from NSE · fetched 845 hr ago| Category | Shares offered | Shares bid for | Subscribed |
|---|---|---|---|
| 1Qualified Institutional Buyers(QIBs) | 1.08 Cr | 18.64 Cr | 17.33× |
| 1(a)Foreign Institutional Investors(FIIs) | — | 4.44 Cr | — |
| 1(b)Domestic Financial Institutions(Banks/ Financial Institutions(FIs)/ Insurance Companies) | — | 8.26 Cr | — |
| 1(c)Mutual funds | — | 1.23 Cr | — |
| 2Non Institutional Investors | 80.65 L | 25.03 Cr | 31.03× |
| 2.1Non Institutional Investors(Bid amount of more than Ten Lakh Rupees) | 53.77 L | 16.14 Cr | 30.02× |
| 2.1(c)Others | — | 81.70 L | — |
| 2.2Non Institutional Investors(Bid amount of more than Two Lakh Rupees upto Ten Lakh Rupees) | 26.88 L | 8.89 Cr | 33.06× |
| 2.2(a)Corporates | — | 4.61 L | — |
| 2.2(b)Individuals(Other than RIIs) | — | 8.48 Cr | — |
| 3Retail Individual Investors(RIIs) | 1.88 Cr | 23.67 Cr | 12.58× |
| 3(a)Cut Off | — | 20.48 Cr | — |
| 3(b)Price bids | — | 3.18 Cr | — |
| Total | 3.76 Cr | 67.33 Cr | 17.89× |
Source: NSE issue information · BSE public issue
Demand curve
Shares bid at each price point · BSE₹77 → ₹81 · peak 114.91 Cr shares bid
Anchor investors
From NSE's anchor allocation filingAnchor investors are institutions allotted shares one working day before public bidding opens, in exchange for a lock-in. Up to 60% of the QIB portion can go to them, which reduces the QIB shares left for everyone else — and their participation is widely read as a confidence signal.
Anchor allocation report (NSE)
This issue’s anchor letter was filed as a scanned image with no text layer, so the allocation table cannot be read without OCR. We link the filing rather than publish figures we cannot verify.
Equity split
Fresh equity vs offer for sale- Fresh equity
- ₹353.00 Cr 85.3%
- Offer for sale
- ₹61.00 Cr 14.7%
- Total issue size
- ₹414.00 Cr
Read from the issue size stated in NSE's filing.
Allotment status
You will need your PAN, application number or DP/client ID. These links go to the registrar and exchanges directly — UpcomingIPO never asks for those details.
Issue details
- Price band
- ₹77 – ₹81
- Lot size
- 185 shares
- Min. bid quantity
- 185
- Face value
- ₹2.00
- Tick size
- ₹1.00
- Shares offered
- 3.76 Cr
- Issue size
- ₹414 Cr
- Max bid · QIB
- 3.76 Cr
- Max bid · NII
- 2.69 Cr
Timeline & process
- Bidding opens
- 09 Sept 2026
- Bidding closes
- 11 Sept 2026
- Bidding hours
- 10.00 am to 5.00 pm
- UPI mandate cutoff
- 11 th September 2026 (Upto 5.00 Pm)
- Allotment
- —
- Listing
- 17 Sept 2026
Intermediaries
- Registrar
- KFin Technologies Limited
- Sponsor bank
- HDFC BANK
- Lead managers
- EQUIRUS CAPITAL LIMITED (Formerly Equirus Capital Private Limited)