Steamhouse India Files Rs 425 Crore IPO

Steamhouse India, an industrial steam and gas supplier, has filed updated draft papers with the India — Securities and Exchange Board of India to raise Rs 425 crore through an Initial Public Offering. The IPO consists of a fresh issue of shares worth Rs 345 crore and an Offer For Sale of shares valued at Rs 80 crore by promoter Vishal Sanwarprasad Budhia. Proceeds from the fresh issue will be used for debt repayment, capacity expansion at its Ankleshwar and Panoli facilities, setting up a new steam-generation unit in the Dahej SEZ, and general corporate requirements. Steamhouse India, led by Vishal Sanwarprasad Budhia, introduced the community boiler system in India in 2014 and operates seven community steam boilers in Gujarat. The company's industrial gas business includes steam generation and distribution, steam purchase and distribution, and pipeline-based supply of nitrogen. It serves a diverse industrial customer base including JK Industries, Anupam Rasayan India, and Gujarat Polysol Chemicals. Financially, Steamhouse India's revenue increased 35% to Rs 395.11 crore in FY25, with profit after tax rising to Rs 31.16 crore. Equirus Capital is the sole book-running lead manager for the issue.