Steamhouse India Limited IPO — the disclosed details

Steamhouse India Limited is running a mainboard IPO on BSE and NSE, open for bidding from Wednesday, September 9 to Friday, September 11, 2026. This page restates what the company has filed in its Red Herring Prospectus dated September 3, 2026 — the offer size, the objects of the offer, the risk factors and the lock-in terms — and nothing more. The Price Band has not been announced as of this writing; where that leaves a figure undetermined, this page says so rather than estimating one. If the vocabulary is new — DRHP, price band, buckets, allotment — read how an Indian IPO actually works first.

What the company does

Steamhouse India Limited generates industrial gases — principally steam, and, since February 1, 2025, nitrogen — at shared generation facilities and distributes them to industrial customers through its own pipeline network, as an alternative to each customer building its own captive boiler or gas infrastructure. The RHP states that its Promoter is a pioneer of the community boiler system in India, first introduced in 2014, and that the company is the only one in India supplying nitrogen through a distributed pipeline network rather than the more common industry practice of cryogenic tanks or onsite generation. Both statements are sourced by the RHP to a commissioned Frost & Sullivan report, “Industry Report on Community Industrial Gases Generation & Distribution in India,” dated August 25, 2026.

The company served 202 customers in Fiscal 2026, up from 173 in Fiscal 2025 and 125 in Fiscal 2024, from facilities that include Ankleshwar, Panoli, Sachin (GIDC) and Dahej (GIDC). Its customer contracts run between 12 months and 10 years, and its pricing is built on two components: a fixed price per unit of steam that escalates annually on factors other than coal prices, and a variable price per unit of steam linked to the price of coal. Vishal Sanwarprasad Budhia is the company’s Promoter and Chairman & Managing Director.

What the money is for

The offer has two parts. The fresh issue — up to ₹3,530.00 million (₹353.00 crore) — is new money that goes to the Company. The offer for sale — up to ₹610.00 million (₹61.00 crore) — is existing shares sold by the Promoter Selling Shareholder, Vishal Sanwarprasad Budhia; that money goes to him, not the Company, net of his share of the Offer expenses and taxes, and does not form part of the Net Proceeds. Together, the two parts make up the Total Offer of up to ₹4,140.00 million (₹414.00 crore).

The fresh-issue money is earmarked for:

Object of the fresh issue	Amount, as filed
Repayment/prepayment of all or a portion of outstanding borrowings availed by the Company	Up to ₹1,800.00 million
Capital expenditure — capacity expansion of the Ankleshwar Facility (Phase 3)	₹379.77 million
Capital expenditure — capacity expansion of the Panoli Facility (Phase 2)	₹379.76 million
Capital expenditure — new manufacturing facility for steam generation at Dahej GIDC (Phase 2)	₹381.74 million
General corporate purposes	Printed as “[●]” — not yet quantified; capped at 25% of Gross Proceeds under SEBI ICDR Regulations 7(2) and 7(3)

The Ankleshwar capacity-expansion figure is certified by a Chartered Engineer, Dr. P. J. Gandhi, under a certificate dated September 3, 2026. The RHP states that the ₹499.99 million raised through a Pre-IPO Placement on June 24, 2026 will be applied entirely to general corporate purposes. The Promoter Selling Shareholder’s consent to participate in the Offer for Sale was taken on record by a Board resolution dated August 27, 2026; his weighted average cost of acquisition, certified by Natvarlal Vepari & Co., Chartered Accountants under a certificate dated September 3, 2026, is ₹0.04 per equity share.

What the RHP flags as risks

These are paraphrased from the RHP’s own risk-factor section — restated, not commented on:

• A Tarapur site needed an extra payment before construction could continue. The RHP discloses that the Company was required to construct on a Tarapur (MIDC) site within a specified time and had not done so; MIDC required an additional payment of ₹14.78 million — the RHP itself uses both the words “premium” and “penalty” for this same amount — to continue using the property. The Company sought a waiver on grounds of justifiable delay, which MIDC refused; it then paid the ₹14.78 million and completed construction. MIDC issued the plant’s no-objection certificate on April 6, 2026.
• Revenue concentrates in a small number of customers, one of them a related party. The top 10 customers contributed 47.87% of revenue from operations in Fiscal 2026 (53.95% in Fiscal 2025). The single largest customer — Sanjoo Dyeing & Printing Mills Private Limited, also a disclosed related party — contributed 18.36% of Fiscal 2026 revenue on its own. Repeat customers made up 90.72% of Fiscal 2026 revenue, and the RHP discloses 30 instances of customer-agreement terminations, by either side, across Fiscals 2024 to 2026.
• Coal makes up most of its raw-material purchases, and its pricing has a coal-linked component. Coal purchases were 77.29% of total purchases in Fiscal 2026 (76.19% in Fiscal 2025, 92.01% in Fiscal 2024). Steam pricing itself carries a variable component tied to the price of coal, alongside a separately escalating fixed component.
• A small number of suppliers account for most of its purchases. The top ten suppliers accounted for 81.71% of overall purchases in Fiscal 2026 (75.35% in Fiscal 2025, 76.53% in Fiscal 2024). The RHP flags fuel-supply disruption as a risk to boiler operations and cost.
• Related-party transactions make up nearly all of its related-party total, and most of its revenue. Transactions with Group Companies — including Sanjoo Dyeing and Sanjoo Prints, both also among the top customers or suppliers — made up 99.27% of total related-party transactions and 73.74% of revenue from operations in Fiscal 2026. The RHP states such transactions may continue and cannot be assured to remain on arm’s-length terms.
• Two facilities operated under provisional regulatory consent before receiving final approval. At the Panoli boiler, the Company applied for GPCB Consent to Establish/Operate on April 19, 2025, received provisional approval on June 3, 2025, began operations on June 5, 2025, and received final approval on June 23, 2025. At the Ankleshwar-area nitrogen plant, the Company applied on May 12, 2025 and received final approval also on June 23, 2025. The RHP states no penalty was imposed at either facility once final approvals were granted. One inconsistency the RHP itself contains: it prints the nitrogen plant’s provisional-approval date as June 20, 2023 — about two years before the plant’s own stated application date of May 12, 2025. That is reproduced here as filed, not resolved.

The numbers as filed

Item	As filed
Issue size (Total Offer)	Up to ₹4,140.00 million (₹414.00 crore)
Fresh issue	Up to ₹3,530.00 million (₹353.00 crore)
Offer for sale	Up to ₹610.00 million (₹61.00 crore), by Promoter Selling Shareholder Vishal Sanwarprasad Budhia
Face value	₹2 per equity share
Price Band	Not yet announced — printed as “[●]” throughout the RHP
Lot size	Not yet announced — set with the Price Band
Minimum investment	Not determinable — depends on the lot size and the Price Band, neither yet set
Pre-Offer paid-up equity capital	232,826,065 equity shares of face value ₹2 each (Promoters 221,160,725 shares, 94.99%; other shareholders 11,665,340 shares, 5.01%)
Post-Offer paid-up equity capital	Not fixed — the fresh issue is defined only in Rupees until the Price Band sets the issue price

The RHP requires the Price Band to be advertised at least two working days before the Bid/Offer Opening Date — on or before Monday, September 7, 2026 — in all editions of Financial Express (English) and Jansatta (Hindi), and the Surat editions of Gujaratmitra and Gujarat Darpan. Two IPO-tracker pages, Groww and mStock, were checked afresh this session and both still show the Price Band and lot size as pending.

This RHP revises the Updated Draft Red Herring Prospectus-I dated December 8, 2025, which had proposed a larger Total Offer of up to ₹4,250.00 million — a fresh issue of up to ₹3,450.00 million and an offer for sale of up to ₹800.00 million. A figure sometimes reported elsewhere — about ₹494.97 crore for Fiscal 2026 and ₹398.53 crore for Fiscal 2025 — is the RHP’s own “Total Income” line, revenue from operations plus other income, not a competing revenue figure; both lines are printed in the same restated-financials table below.

Restated financials, fiscal year ended March 31:

Fiscal year	Revenue from operations	Other income	Total income	Restated profit for the year
FY2026	₹4,915.11 million (₹491.51 crore)	₹34.64 million	₹4,949.74 million (₹494.97 crore)	₹386.39 million (₹38.64 crore)
FY2025	₹3,951.06 million (₹395.11 crore)	₹34.23 million	₹3,985.29 million (₹398.53 crore)	₹311.61 million (₹31.16 crore)
FY2024	₹2,917.10 million (₹291.71 crore)	₹14.46 million	₹2,931.55 million (₹293.16 crore)	₹271.86 million (₹27.19 crore)

Total assets were ₹6,794.50 million as at March 31, 2026 (₹5,436.68 million as at March 31, 2025). Total equity was ₹1,727.69 million as at March 31, 2026 (₹1,324.45 million as at March 31, 2025). Total outstanding borrowings were ₹4,002.99 million as at July 31, 2026, per the Objects of the Offer chapter.

Who can actually sell on listing day

On listing day, which of Steamhouse India’s shares can trade depends on lock-in tags this RHP already fixes — and, separately, on an anchor book and a Price Band that have not been fixed yet.

Here is what this RHP itself locks up. All periods run from the date of Allotment, and all four durations are quoted from this issue’s own capital-structure chapter:

Who	Locked for, per this RHP
Minimum Promoters’ Contribution — an aggregate of 20% of the fully diluted post-Offer equity share capital, under Regulation 16(a)	3 years from the date of Allotment
Promoters’ shareholding in excess of that 20%, under Regulation 16(b)	1 year from the date of Allotment
The rest of the pre-Offer equity share capital — everything other than the Minimum Promoters’ Contribution and the promoters’ excess — under Regulation 17	6 months from the date of Allotment
Anchor Investors, on whatever shares are allotted to them	50% of the allotment for 90 days, the remaining 50% for 30 days, from the date of Allotment

This issue sits on the longer promoter-lock tier, not the shorter eighteen-month/six-month version some mainboard RHPs carry. That coincides with the fresh issue funding capacity expansion at the Ankleshwar and Panoli facilities and a new facility at Dahej GIDC among its stated objects — the RHP’s own lock-in clause does not say the tier follows from that, so the link is stated here as a coincidence, not a rule.

The RHP has not yet named which of the Promoters’ shares make up the 20% Minimum Contribution — that shareholder-wise table is still printed as “[●]”, pending the Price Band and the Basis of Allotment. What is already fixed is the pre-Offer register itself, as at the beneficiary position statement dated August 28, 2026:

Pre-Offer holder	Shares	% of pre-Offer capital
Vishal Sanwarprasad Budhia (Promoter, Chairman & Managing Director)	202,500,000	86.97%
VSB Business Trust	8,010,425	3.44%
Budhia Business Trust	6,387,000	2.74%
VB Business Trust	4,263,000	1.83%
Ritu Budhia	300	Negligible
Promoters, total	221,160,725	94.99%
Promoter Group, outside the above	1,852,350	0.80%
Additional top-10 shareholders, including the three Pre-IPO Placement investors of June 24, 2026	9,124,549	3.92%
Other shareholders, outside the RHP’s disclosed top-10 list	688,441	0.30%
Non-promoter, total	11,665,340	5.01%
Pre-Offer paid-up equity capital	232,826,065	100.00%

The offer itself is filed only in Rupees. The Price Band — and every share count and percentage downstream of it — has not been published:

Step	Amount, as filed	Shares	% of post-issue capital
Fresh issue	Up to ₹3,530.00 million	Not fixed	Not fixed
Offer for Sale	Up to ₹610.00 million	Not fixed	Not fixed
Total offer	Up to ₹4,140.00 million	Not fixed	Not fixed
Less: anchor allotment, locked 30/90 days	—	Not yet bid	Not fixed
= Sellable on listing day	—	Not fixed	Not fixed
Locked or not offered — the rest of the register	—	Not fixed	Not fixed
Post-issue capital	—	Not fixed	100.00%

Two qualifications that are not arithmetic. The Anchor Investor Bidding Date is Tuesday, September 8, 2026, one working day before the offer opens — as of this page, that bidding has not occurred, and no figure is estimated for it here; the final number lands with the anchor-allocation intimation the RHP requires be filed with BSE and NSE after that date. And the Price Band itself must be advertised at least two working days before the Bid/Offer Opening Date, on or before Monday, September 7, 2026 — until it is, the fresh-issue share count and the post-issue capital stay undetermined, because the fresh issue is defined only in Rupees; the Post-issue capital row above always accounts for the whole register by definition, whatever the underlying share count turns out to be.

A lock-in is not a forecast of anything — it is a restriction on selling; it says who may trade, not what the price will do.

These figures are from the RHP’s capital-structure and lock-in disclosures and its Objects of the Offer chapter, as of 5 September 2026.

Dates and mechanics

Event	Date
Anchor Investor Bidding Date	Tuesday, September 8, 2026
Bid/Offer Opens	Wednesday, September 9, 2026
Bid/Offer Closes (UPI mandate end time 5:00 p.m. IST)	Friday, September 11, 2026
Finalisation of Basis of Allotment with the Designated Stock Exchange	On or about Tuesday, September 15, 2026 (indicative)
Credit of Equity Shares to demat accounts	On or about Wednesday, September 16, 2026 (indicative)
Commencement of trading, on BSE and NSE	On or about Thursday, September 17, 2026 (indicative)

The RHP states that every date in this timetable other than the Bid/Offer Closing Date is indicative and not a binding obligation on the Company, the Selling Shareholder or the BRLM.

Allotment is proportionate, under the SEBI ICDR Regulations: the Offer is made under Rule 19(2)(b) of the Securities Contracts (Regulation) Rules read with Regulation 31 of the SEBI ICDR Regulations for eligibility, through Book Building under Regulation 6(1), with allocation under Regulation 32(1). The buckets, as filed:

Bucket	Share of the Offer, as filed
Qualified Institutional Buyers (QIB) — not more than	50% of the Offer
— of which Anchor Investor Portion, up to	60% of the QIB Portion
— of which reserved for domestic Mutual Funds, within the Anchor Portion	33.33% of the Anchor Investor Portion
— of which reserved for life insurance companies and pension funds, within the Anchor Portion	6.67% of the Anchor Investor Portion
— of which Mutual Funds, within the Net QIB Portion	5% of the Net QIB Portion, balance to all QIBs
Non-Institutional Investors (NII) — not less than	15% of the Offer
— of which bids above ₹200,000 up to ₹1,000,000	one-third of the NII portion
— of which bids above ₹1,000,000	two-thirds of the NII portion
Retail Individual Bidders (RIB) — not less than	35% of the Offer

Either NII sub-category’s unsubscribed portion may spill over to the other.

This is a 100% book-built offer under Rule 19(2)(b) of the SCRR read with Regulation 31 of the SEBI ICDR Regulations. The equity shares are proposed to be listed on BSE Limited and the National Stock Exchange of India Limited (NSE); BSE is the Designated Stock Exchange. Both exchanges granted in-principle listing approval by letters each dated September 10, 2025.

The sole Book Running Lead Manager is Equirus Capital Limited, formerly Equirus Capital Private Limited (SEBI Reg. No. INM000011286). The registrar is KFin Technologies Limited (SEBI Reg. No. INR000000221).

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Information as of 5 Sep 2026, taken from the offer documents and pages linked below. This is not an IPO review and no subscribe/avoid rating is given. Figures move through the issue lifecycle — check the filed documents before acting on any of them. Grey-market premium is an unofficial, unregulated price with no exchange record, and is not referenced here as information. Where the standing notice below refers to hypothetical figures, that covers the illustrative worked examples used in the options posts on this site — every number on this page is reproduced from the filed documents cited above.

This post is for educational purposes only and does not constitute investment advice or a recommendation to buy or sell any security or derivative contract. The author is not a SEBI-registered Research Analyst or Investment Adviser. Futures and options trading carries a high risk of loss and is not suitable for every investor — you can lose your entire premium, and more when selling naked. All figures and examples in this post, including the rupee premiums and price levels, are hypothetical and used only to illustrate the framework; they are not predictions, return promises, performance claims, or a recommendation to trade any specific instrument. Lot sizes and premiums change over time — always check current exchange data before trading. Please consult a SEBI-registered investment adviser before making any investment decisions.