Steamhouse IPO Day 3: Subscribed 8.43x; bHNI jumps 152%
- Steamhouse IPO subscribed 8.43x on Day 3, up from 6.02x earlier in the day.
- Large HNI (bHNI) category surged 152.3% intraday to reach 20.94x subscription.
- Retail demand jumped 78.5% to 8.89x, while QIB rose to 2.30x.
- Issue closes on 11-09-2026; listing scheduled for 17-09-2026.
*this image is generated using AI for illustrative purposes only.
Steamhouse IPO is subscribed 8.43x on Day 3, with the large HNI (bHNI) category surging 152.3% intraday to 20.94x. The issue saw massive momentum after 11 am, with total subscription doubling from the morning snapshot.
Subscription Status
The Steamhouse IPO witnessed accelerating demand throughout the subscription window. From a modest start on Day 1, the issue gained significant traction on Day 2 and continued to grow sharply on Day 3, crossing the 8x mark by midday.
| 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 | 1.62x | 2.93x | 1.23x | 2.44x | 2.07x |
| Day 3 | 11-09-2026 | 2.30x | 20.94x | 12.84x | 8.89x | 8.43x |
Category-wise Breakdown
The large HNI (bHNI) segment emerged as the strongest bidder, subscribing to 20.94 times their quota. Retail investors also showed robust interest, contributing 8.89x. The small HNI (sHNI) segment subscribed 12.84x. The QIB segment subscribed 2.30x. Employee quota remained unsubscribed at 0x.
Intra-day Timeline
On Day 3 (11-09-2026), the subscription figures picked up pace significantly after the morning snapshot. The bHNI category jumped +152.3% today (from 8.30x to 20.94x), while Retail jumped +78.5% (from 4.98x to 8.89x). Total subscription jumped +107.1% today (from 4.07x to 8.43x).
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 1.63x | 8.30x | 4.98x | 4.07x |
| 12:15 | 1.65x | 14.34x | 7.08x | 6.02x |
| 13:15 | 2.30x | 20.94x | 8.89x | 8.43x |
Offer Details
- Price Band: ₹77.00000 - ₹81.00000
- Issue Size: 14985 - 500000
- Min Bid Qty: 185
- Open Date: 2026-09-09
- Close Date: 2026-09-11
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
| Metric | FY 2026 | FY 2025 | FY 2024 |
|---|---|---|---|
| Revenue from Operations (₹ crores) | 491.51 | 395.11 | 291.71 |
| Total Profit (₹ crores) | 38.64 | 31.16 | 27.19 |
| Total Assets (₹ crores) | 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
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 Financial Leverage: Net debt-to-equity ratio was 1.57 as of March 31, 2026.
- Regulatory Compliance: Previous violations of Gujarat Pollution Control Board approvals.
- Supplier Concentration: Top ten suppliers accounted for 81.71% of overall purchases in Fiscal 2026.
How might the heavy subscription from the bHNI segment impact the listing price volatility compared to retail-driven IPOs?
Given the high coal dependency and previous regulatory violations, what are the long-term sustainability risks for Steamhouse's operational margins?
Will the significant debt repayment planned via the IPO proceeds sufficiently alleviate the company's high net debt-to-equity ratio of 1.57?
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