Steamhouse IPO Day 1: Subscribed 0.14x; Retail jumps 66.7%, NII bHNI up 77.8%
- Steamhouse IPO subscription reached 0.14x on Day 1, up 75% from morning levels.
- Retail demand jumped 66.7% to 0.25x, leading all investor categories.
- NII (bHNI) participation surged 77.8% to 0.16x during the session.
- QIB and Employee categories remained unsubscribed at 0.00x.
*this image is generated using AI for illustrative purposes only.
Steamhouse IPO subscription ticked up significantly on Day 1, reaching 0.14x by midday. Retail demand jumped 66.7% and NII (bHNI) surged 77.8%, driving the total oversubscription up from the morning's 0.08x. Qualified Institutional Buyers (QIBs) remained completely unsubscribed.
Subscription Status
The issue saw momentum build in the afternoon session, with the total subscription rising by 75% from the morning snapshot. While institutional interest remains absent, retail and high-net-worth individual participation picked up pace after 11 am.
| Day | Date | QIB | NII (bHNI) | NII (sHNI) | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 | 09-09-2026 | 0.00x | 0.16x | 0.03x | 0.25x | 0.14x |
Category-wise Breakdown
Retail investors continued to lead the subscription process, accounting for 0.25x of the issue size. Non-Institutional Investors (NII) showed improved interest, with big HNI (bHNI) bids rising to 0.16x and small HNI (sHNI) bids at 0.03x. The QIB and Employee categories recorded zero demand throughout the day.
Intra-day Timeline
The subscription figures accelerated during the midday window on Day 1.
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 0.00x | 0.09x | 0.15x | 0.08x |
| 12:15 | 0.00x | 0.16x | 0.25x | 0.14x |
Offer Details
- Company: Steamhouse
- Price band: ₹77.00000 - ₹81.00000
- Issue size: 14985 - 500000
- Min bid qty: 185
- Open: 2026-09-09 10:00:00
- Close: 2026-09-11 17:00:00
About the Company
Steamhouse India Limited specializes in the generation and centralized distribution of industrial gases, including steam and nitrogen, through pipeline networks. The company operates seven community steam boilers in Gujarat with a combined installed capacity of 345 TPH, serving 202 customers across pharmaceuticals, chemicals, textiles, and other industrial sectors. It is the only company in India to supply nitrogen through distributed pipeline networks instead of traditional cryogenic tanks.
Financial Highlights
| Particulars | FY 2026 (₹ crores) | FY 2025 (₹ crores) | FY 2024 (₹ crores) |
|---|---|---|---|
| Revenue from Operations | 491.51 | 395.11 | 291.71 |
| Total Profit | 38.64 | 31.16 | 27.19 |
| Total Assets | 679.45 | 543.67 | 422.31 |
Objects of the Issue
- Repayment or prepayment of outstanding borrowings: ₹180.00 crores
- Capacity expansion of Ankleshwar Facility: ₹37.98 crores
- Capacity expansion of Panoli Facility: ₹37.98 crores
- New manufacturing facility in Dahej GIDC: ₹38.17 crores
- General corporate purposes: Balance Net Proceeds
Risk Factors
- Customer Concentration: Top ten customers contributed 47.87% of revenue in Fiscal 2026.
- Coal Dependency: Coal purchases constituted 77.29% of total purchases in Fiscal 2026.
- High Leverage: Net debt-to-equity ratio stood at 1.57 as of March 31, 2026.
Will the complete lack of Qualified Institutional Buyer (QIB) interest on Day 1 signal a potential listing discount or valuation correction for Steamhouse?
How might the company's heavy reliance on coal (77.29% of purchases) impact its long-term profitability and ESG ratings amidst stricter environmental regulations?
Given the high customer concentration (47.87% from top 10 clients), what is the risk exposure if key pharmaceutical or textile clients renegotiate contracts post-IPO?
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