Steamhouse India IPO Sees 42% Subscription on Day One

Steamhouse India IPO Sees 42% Subscription on Day One

Steamhouse India, a leading industrial gases supplier, opened its initial public offering (IPO) on September 9. The IPO received 42 percent subscription as of 5:00 pm on the same day, according to NSE data. A total of 1,56,81,525 shares were bid for against 3,76,36,363 shares on offer.

Subscription Details The retail investor portion was subscribed 70 percent, while the non‑institutional investor (NII) category saw 30 percent subscription. This indicates strong interest from retail investors in the company's IPO.

Grey Market Premium In the grey market, Steamhouse India shares were commanding a premium of 21 percent on September 9, according to InvestorGain. The grey market premium (GMP) is an unofficial indicator of investor sentiment and does not guarantee the company's listing price or returns.

IPO Details and Future Plans The Rs 414‑crore IPO has a price band of Rs 77‑81 per share. The issue comprises a fresh issue of shares worth Rs 353 crore and an offer‑for‑sale (OFS) of shares worth Rs 61 crore by promoter Vishal Sanwarprasad Budhia. Steamhouse India plans to use Rs 180 crore from the net proceeds of the fresh issue to repay debt. Another Rs 75.9 crore has been earmarked for capacity expansion at its Ankleshwar and Panoli facilities, and for capital expenditure on a new steam‑generation manufacturing facility at Dahej GIDC.

Context and Significance Steamhouse India specialises in generating and centrally distributing industrial gases, including steam and nitrogen, through pipeline networks. The company claims to be the only player in India supplying nitrogen through a distributed pipeline network, rather than via cryogenic tanks or on‑site nitrogen generation. This unique offering could be a key factor in its growth prospects.

What to Watch The IPO will close on September 11. Investors will be keenly watching the company's listing performance and future growth plans. With a strong presence in the industrial gases sector and a distinctive business model, Steamhouse India is likely to attract significant attention from investors.