Steamhouse IPO Day 2: Subscribed 0.86x; Retail leads at 1.39x
- Steamhouse IPO subscribed 0.86x by end of Day 2
- Retail category leads with 1.39x subscription
- QIB remains unsubscribed at 0.00x
- Total subscription jumped 21.1% intraday on Day 2
*this image is generated using AI for illustrative purposes only.
Steamhouse India Limited’s IPO is subscribed 0.86 times by the end of Day 2. The Retail category leads demand with 1.39x subscription, picking up pace significantly in the afternoon session, while Qualified Institutional Buyers remain unsubscribed.
Subscription Status
The issue opened on 09-09-2026 and closed on 10-09-2026 for Day 2 trading. Total subscription moved from 0.36x on Day 1 to 0.86x on Day 2, reflecting a sharp intraday increase in the final hours.
| Day | Date | QIB | NII (bHNI) | NII (sHNI) | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 | 09-09-2026 | 0.00x | 0.46x | 0.11x | 0.62x | 0.36x |
| Day 2 | 10-09-2026 | 0.00x | 1.32x | 0.46x | 1.39x | 0.86x |
Category-wise Breakdown
Retail investors continue to drive the demand, crossing the 1x mark with a subscription of 1.39x. Non-Institutional Buyers (small HNI) recorded 0.46x, while Non-Institutional Buyers (HNI) stood at 1.32x. Qualified Institutional Buyers (QIB) and Employee categories remain at 0x.
Intra-day Timeline
Demand picked up sharply between 11:15 AM and 12:15 PM on Day 2.
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 0.00x | 1.07x | 1.15x | 0.71x |
| 12:15 | 0.00x | 1.32x | 1.39x | 0.86x |
Offer Details
- 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 |
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 contributed 77.29% of total purchases in Fiscal 2026.
- High Leverage: Net debt-to-equity ratio was 1.57 as of March 31, 2026.
What's Next
- Allotment Date: 2026-09-15
- Listing Date: 2026-09-17
Will the complete lack of Qualified Institutional Buyer (QIB) participation signal potential listing price volatility or a lack of institutional confidence in Steamhouse's business model?
How might the company's high coal dependency (77.29% of purchases) impact its long-term profitability and ESG ratings amid increasing regulatory pressure on carbon emissions?
Given the high customer concentration (47.87% from top 10 clients), what is the risk to revenue stability if key pharmaceutical or chemical clients renegotiate contracts post-listing?
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