Advertisement
Steamhouse India has submitted updated draft documents to SEBI for an IPO aimed at raising INR 425 crore. The offering will include a fresh issue of INR 345 crore and an INR 80 crore OFS by promoter Vishal Sanwarprasad Budhia. The company plans to use the funds to repay part of its debt, expand capacity at its Ankleshwar and Panoli sites, and set up a new steam-generation unit in the Dahej SEZ. The firm, which introduced community boiler systems in India in 2014, recently expanded into nitrogen production and served 174 customers in the first half of FY26.
Steamhouse India, a supplier of industrial steam and gas, filed its updated draft documents with the markets regulator after receiving clearance to proceed with its public offering. The company is looking to raise INR 425 crore through its IPO, which will combine a fresh issue of INR 345 crore and an INR 80 crore Offer for Sale by promoter Vishal Sanwarprasad Budhia. Advertisement
According to the updated draft red herring prospectus, the proceeds from the fresh issue are planned to be utilised for partial debt repayment, capacity expansion at the Ankleshwar and Panoli facilities, establishing a new steam-generation unit in the Dahej SEZ, and meeting general corporate needs. The draft also mentions that Steamhouse India may consider a Pre-IPO round of INR 15 crore, and if such funding takes place, the amount will be adjusted against the fresh issue.
The company had originally filed confidential draft documents earlier this year and later received approval to move ahead with the public offering. As part of the process, updated papers were required to be filed before launch.
Steamhouse India, led by promoter and CMD Vishal Budhia, introduced the concept of community boiler systems in the country in 2014. Its operations include steam generation and distribution, steam purchase and distribution, and the extraction, compression, and pipeline-based supply of nitrogen. The company operates seven community boilers in Gujarat-six owned and one leased serving sectors such as pharmaceuticals, chemicals, agro-chemicals, textiles, tyres, dyes and pigments, polymers and paints. Its presence near major ports and industrial clusters has supported its operational network.
The company expanded into nitrogen supply earlier this year and commissioned its first nitrogen project at the Ankleshwar facility. The nitrogen supply is delivered through a dedicated pipeline network. For steam generation, Steamhouse India uses a combination of coal and non-fossil fuels such as plastic waste and textile residues, while also exploring wider use of agro-waste and refuse-derived fuel to diversify its energy mix.
During the first six months of FY26, the company served 174 customers, including Aether Industries, Anupam Rasayan India, Gujarat Polysol Chemicals, K Patel Chemo Pharma, Mangalam Intermediaries, Orgo Chem Gujarat and others. Financially, Steamhouse India's revenue from operations rose to INR 395.11 crore in FY25 from INR 291.71 crore in the previous fiscal, marking a 35% increase. Profit after tax grew from INR 27.19 crore to INR 31.16 crore during the same period.
Equirus Capital is acting as the sole book-running lead manager for the IPO.
Source PTI
5th Jun, 2025
25th May, 2023
11th May, 2023
27th Apr, 2023
Advertisement
Facebook
Whatsapp
