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Steamhouse India IPO opens with ₹414 crore issue and ₹99 estimated listing price
The IPO price band is ₹77 to ₹81 per share, with grey market data indicating a double-digit premium of about 22.2% versus the upper band.
Steamhouse India’s ₹414 crore initial public offering opened for public subscription on September 9 and will remain open until September 11, according to LiveMint Markets.
The book-built issue has a price band of ₹77 to ₹81 per share, with a fresh issue of about 4.36 crore shares to raise ₹353 crore and an offer for sale of 75.31 lakh shares for ₹61 crore.
The company generates and centrally distributes industrial gases including steam and nitrogen through its pipeline network. Revenue from operations was ₹291.71 crore in FY24, rising to ₹395.11 crore in FY25 and ₹491.51 crore in FY26, while profit attributable to the holding company was ₹31.16 crore in FY25 and ₹38.64 crore in FY26.
Grey market indications suggest investors are positive on listing, with a reported GMP of ₹18 on Wednesday morning. Based on the upper price band of ₹81, the estimated listing price is ₹99, a premium of about 22.2% over the issue price, and SBICAP Securities has a buy recommendation, citing strong growth metrics and plans to use ₹180 crore of fresh proceeds to repay borrowings.