Industrial steam and gases provider Steamhouse India files updated DRHP with SEBI for Rs 425-crore IPO

Steamhouse India IPO News

Gujarat-based Steamhouse India, specialising in the generation and centralised distribution of industrial gases, has filed updated Draft Red Herring Prospectus (DRHP) with the SEBI to raise up to Rs 425 crore via initial share sale.

As per the DRHP filing on December 8, the company proposed to mobilise Rs 345 crore by issuing fresh shares, while promoter Vishal Sanwarprasad Budhia will offload shares worth up to Rs 80 crore via offer-for-sale.

It had filed IPO papers via confidential route with the capital markets regulator in July and subsequently received approval in October to go ahead with IPO plans.

The company may consider raising up to Rs 15 crore in pre-IPO round, which is a part of its fresh issue component.

Steamhouse India that involved in generation and distribution of steam through community boiler system and pipelines intends to spend Rs 150 crore of fresh issue proceeds for repaying certain borrowings.

Further, Rs 70.8 crore will be utilised for capacity expansion of the Ankleshwar facility (Phase 3) and Panoli facility (Phase 2), and Rs 37.3 crore for setting up of a new manufacturing facility for generation of steam in Dahej SEZ. The remainder funds will be used for general corporate purposes.

The company said its total outstanding borrowings as of September 2025 was Rs 216.5 crore. This seems the public issue is expected to help the company reduce the debt significantly.

Steamhouse India currently operates seven community steam boilers in Gujarat including Vapi, Ankleshwar, Sarigam, Nandesari and Panoli. As of November 15 this year, the combined installed steam capacity across these seven boilers is 345 tonnes per hour. It also operates one nitrogen generation and distribution facility in Ankleshwar.

On the financial front, the company has recorded profit of Rs 13 crore on revenue of Rs 238.4 crore for six months period ended September 2025, while there was inconsistency in full year numbers.

Profit in the year ended March 2025 grew by 14.6 percent to Rs 31.2 crore, up from Rs 27.2 crore in previous year. Revenue during the same period increased by 35.4 percent to Rs 395.1 crore, up from Rs 291.7 crore. However, in the fiscal year 2024, profit declined 18.6 percent and revenue dropped 7.6 percent YoY.

The merchant banker managing the Steamhouse India IPO is Equirus Capital.