Steamhouse India. Photo Credit: Special Arrangement
Steamhouse India, a supplier of industrial steam and gas, has filed updated draft papers with market regulator SEBI to raise ₹425 crore through its Initial Public Offering (IPO).
The IPO will be a combination of a fresh issue of shares worth ₹345 crore along with an Offer For Sale (OFS) of shares valued ₹80 crore by promoter Vishal Sanwarprasad Budhia, according to the updated draft Red Herring Prospectus filed on Monday (December 8, 2025).
Proceeds from the fresh issue will be used to repay part of the company’s existing debt, expand capacity at its Ankleshwar and Panoli facilities, set up a new steam-generation unit in the Dahej SEZ, and meet general corporate requirements.
As per the draft papers, Steamhouse India may consider raising ₹15 crore in a Pre-IPO funding round. If undertaken the amount raised would be reduced from the fresh issue.
The company had filed its draft IPO papers with SEBI through the confidential filing route in July and subsequently received approval to launch the public issue in October. Following this approval, it was required to submit updated documents.
Led by promoter and CMD Vishal Budhia, Steamhouse India introduced the concept of community boiler systems in India in 2014. Its industrial gas business includes steam generation and distribution, steam purchase and distribution, as well as the extraction, compression, and pipeline-based supply of nitrogen.
At present, the company operates seven community steam boilers in Gujarat — six owned and one leased. It serves a wide industrial customer base spanning pharmaceuticals, chemicals, agro-chemicals, textiles, tyres, dyes and pigments, polymers, and paints, benefiting from its strategic proximity to major ports and industrial clusters.
As part of its expansion into other industrial gases, the company began producing and supplying nitrogen in February 2025 and commissioned its first nitrogen project at the Ankleshwar facility, delivered through a dedicated pipeline network.
For steam generation, it utilizes a mix of coal and non-fossil fuels such as plastic waste and textile chindi, and is now exploring greater use of alternative fuels including agro-waste and refuse-derived fuel.
Its customers include Aether Industries, Anupam Rasayan India, Globe Enviro Care, Gujarat Polysol Chemicals, Devanshi Dyestuff, K Patel Chemo Pharma, K Patel Dye Chem Industries, Mahavir Synthesis, Mangalam Intermediaries, Orgo Chem Gujarat and Subhasri Pigments.
Overall, the company served 174 customers during the six months ended September 30, 2025.
Financially, the company’s revenue from operations increased 35% to ₹395.11 crore in FY25 from ₹291.71 crore in the preceding fiscal. During the same period, profit after tax rose from ₹27.19 crore to ₹31.16 crore.
Equirus Capital is the sole book-running lead manager (BRLM) to the issue.
Published – December 09, 2025 01:41 pm IST
