Allotment Finalised After Strong Subscription
Steamhouse India, an industrial gas supplier, has finalised the allotment of shares for its Rs 414-crore initial public offering (IPO) on September 15. The issue saw robust investor interest during its three-day bidding window, which ran from September 9 to September 11.
According to NSE data, the IPO was subscribed 30.49 times by the close of bidding. Investors placed bids for 114.75 crore equity shares, significantly exceeding the 3.76 crore shares on offer. The non-institutional investor (NII) category led the demand with a subscription of 44.30 times, closely followed by qualified institutional buyers (QIBs) at 43.91 times. Retail investors also participated actively, subscribing to the issue 16.90 times.
Grey Market Premium and Listing Outlook
The Grey Market Premium (GMP) for Steamhouse India has moderated from its peak levels during the subscription period. As of September 15, InvestorGain reported the GMP at Rs 24 per share.
Assuming the shares are allotted at the upper end of the price band (Rs 81), this GMP implies an estimated listing price of Rs 105. This represents a potential premium of approximately 29.63 percent over the issue price. It is important to note that GMP is an unofficial market indicator and does not guarantee the final listing price or future returns.
The company’s shares are scheduled to be listed on both the BSE and NSE on September 17.
How to Check Allotment Status
Investors can verify their allotment status through the registrar, KFin Technologies, or directly via the BSE and NSE websites. The basis of allotment was published on September 15. For those who were not allotted shares, refunds are expected to be processed on September 16.
To check status via KFin Technologies, investors should visit the IPO status portal, select Steamhouse India, and search using their PAN, application number, or DP ID/Client ID. Similar verification processes are available on the BSE and NSE investor portals.
Use of Proceeds and Company Background
The IPO consisted of a fresh issue of Rs 353 crore and an offer for sale (OFS) of Rs 61 crore by promoter Vishal Sanwarprasad Budhia. The price band was fixed at Rs 77-81 per share, with a lot size of 185 shares.
Steamhouse India intends to deploy Rs 180 crore from the fresh issue towards the repayment of debt. An additional Rs 75.9 crore is earmarked for capacity expansion at its facilities in Ankleshwar and Panoli. The company will also invest in capital expenditure for a new steam-generation manufacturing facility at Dahej GIDC, with the remaining proceeds allocated to general corporate purposes.
Prior to the public issue, the company raised Rs 124.2 crore from six anchor investors, allotting 1.53 crore shares at Rs 81 each. Notable anchor investors included Singularity Large Value Fund III and Chartered Finance & Leasing, each acquiring shares worth approximately Rs 42.09 crore.
Specialising in the generation and centralised distribution of industrial gases such as steam and nitrogen, Steamhouse India operates pipeline networks across industrial clusters in Gujarat, including Sachin, Vapi, and Ankleshwar. Its customer base primarily comprises chemical and pharmaceutical manufacturers.