Steamhouse India IPO Fully Subscribed at 1.17 Times on Day 2 Driven by Strong Retail Bidding

The initial public offering (IPO) of industrial steam and gas distribution provider Steamhouse India Ltd reached full subscription on Thursday, September 10, 2026, the second day of the three-day bidding process. Supported heavily by retail individual investors, the issue achieved an overall subscription of 1.17 times.

The Surat-based company's public issue consists of a total size of Rs 414.00 crore, structured as a fresh issue of shares worth Rs 353.00 crore and an offer for sale (OFS) of 75.31 lakh shares worth Rs 61.00 crore by promoter Vishal Sanwarprasad Budhia. The price band has been established between Rs 77 and Rs 81 per share, with an application lot size of 185 equity shares.

Retail and Non-Institutional Bidding Leads the Issue

Bidding data from stock exchanges showed brisk demand from smaller and high-net-worth investors, contrasting with typical institutional participation patterns where qualified buyers step in on the final day.

Subscription breakdown across key categories:

• Retail Individual Investors (RIIs): The retail quota was subscribed 1.80 times, leading total demand across all investor brackets.
• Non-Institutional Investors (NIIs): The portion reserved for non-institutional bidders crossed the line at 1.02 times, supported by strong bids in the small NII sub-category.
• Qualified Institutional Buyers (QIBs): Institutional participation stood at 0.19 times. Institutional bidders traditionally commit the bulk of their funds on the final day of bidding.

Prior to opening the public bidding window, Steamhouse India raised Rs 124.20 crore from anchor investors on September 8, 2026.

Grey Market Trends and Timetable

In the unlisted market, shares of Steamhouse India traded at a grey market premium (GMP) of around Rs 20 per share over the upper price band. At an issue price of Rs 81, the grey market valuation indicates an estimated listing price of Rs 101, translating to an implied listing premium of roughly 24.7%.

The bidding window will officially close on Friday, September 11, 2026. The basis of allotment is scheduled to be finalized on Tuesday, September 15, 2026, followed by the initiation of refunds and credit of equity shares to demat accounts on September 16. The stock is slated to list on both the BSE and the National Stock Exchange (NSE) on Thursday, September 17, 2026. Equirus Capital Ltd is serving as the book-running lead manager for the offering, while KFin Technologies Ltd is the registrar.

Business Profile and Use of Capital

Steamhouse India operates a community boiler model, generating and distributing industrial steam and nitrogen directly to manufacturing units via an extensive 45-kilometre pipeline network across Gujarat's industrial clusters, including Sachin, Vapi, Ankleshwar, Sarigram, Panoli, and Nadesari.

From the fresh issue proceeds of Rs 353 crore, the company plans to deploy Rs 180 crore towards the prepayment or repayment of outstanding borrowings. Additionally, Rs 75.95 crore will fund capacity expansion at its Ankleshwar and Panoli sites, Rs 38.17 crore is earmarked for capital expenditure to build a steam-generation facility at Dahej GIDC (Phase II), and the remaining capital will support general corporate purposes.

Tags: Steamhouse India Ltd NSE BSE Primary Market Equirus Capital