Steamhouse India Ltd IPO
Status: Closed
Overview
IPO date
09 Sept 2026 to 11 Sept 2026
Face value
₹ 2 per share
Price
₹ 77 to ₹81 per share
Issue Size
51,111,111 shares
(aggregating up to ₹ 414 Cr)
(aggregating up to ₹ 414 Cr)
Allotment Date
15 Sept 2026
Listing at
NSE
Issue type
Book Building
Sector
Miscellaneous
Unlock Stock of the Month
T&C*
Strengths vs Risks of Steamhouse India Ltd
Know the pros & cons
Strengths
- Leading market position offering customers an energy efficient solution across industries with high growth potential.
- High barriers to entry for competitors.
- Strategically located facilities offering community gas generation and distribution.
- Marquee customer base with long-term relationships driven by our value proposition.
- Track-record of implementing eco-friendly solutions and promoting sustainable development.
- Experienced Promoters and senior management team with strong industry expertise and extensive product knowledge.
Risks
- The company operations are limited to providing steam and other industrial gases to customers in close proximity to its facilities. Further, the company's business and growth plans are dependent on its ability to find suitable land for the development of the company steam and other industrial gas facilities which are in close proximity to the industrial clusters where its potential customers are located.
- The company's top ten customers contributed 47.87% of its revenue from operations in Fiscal 2026. The company also derives a significant portion (90.72% in Fiscal 2026) of its revenue from operations from repeat orders. Loss of any of these customers or a reduction in purchases or repeat orders by any of them could adversely affect the company's business, results of operations, cash flows and financial condition.
- The company's business and profitability are substantially dependent on the availability of coal for its steam production with purchases of coal contributing 77.29%, 76.19% and 92.01% of the company's total purchases for Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively.
- The company has previously entered into related party transactions with Group Companies, which constituted 99.27% of total related party transactions in Fiscal 2026. Its may continue to enters into related party transactions with Group Companies in the future.
- The company has previously entered into related party transactions, and Its may continue to do so in the future.
- The company relies on its top ten suppliers for the company's material requirements which constituted 81.71%, 75.35% and 76.53%, of its overall purchases in Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively. Any increase in the prices, availability and quality of materials or loss of these suppliers could adversely affect the company's reputation, business, results from operations, financial conditions and cash flows.
- The success of the company's business depends on the continued demand for steam and industrial gas, and any change in this demand could materially and adversely affect its business, results of operations, cash flows and financial condition.
- The company has in the past been in violation of certain material approvals of the Gujarat Pollution Control Board such as operating a boiler before receiving the final approval from the regulatory authority. In the future, Its may incur increased costs, be subject to penalties, or have the company's approvals and permits revoked for non-compliance with the approvals of the Gujarat Pollution Control Board.
- The company requires various permits, licenses and approvals to operates its businesses, and the failures to obtain or retain such licenses or approvals in a timely manner or at all may adversely affect the company's business, results of operations, cash flows and financial condition.
- The company were awarded a work order for the Pirana facility through a tender by the Ahmedabad Municipal Corporation. The company is required to pay Ahmedabad Municipal Corporation a royalty after commercial operation of the facility, and such royalty payments may adversely affect the profitability of the Pirana facility. Further, its construction of the facility has been delayed which could attract contractual penalties and interest which, if assessed, could adversely affect the company's business, results of operations, cash flows and financial condition. In addition, if the company has not recovered its investment or achieved the company's projected rate of return for the facility at the end of the 10 year term to its work order and such term is not renewed, the company's business, results of operations, cash flows and financial condition could be adversely affected.
- If the company is unable to receive and purchase steam from the seller under a steam purchase agreement with respect to the Dahej SEZ its would be required to pay the seller 12% interest per annum on the capital expenditure deployed by the seller for the underlying project, and, in such event, the company's business, results of operations, cash flows and financial condition may be adversely affected.
- The company only have one buyer of steam for its Haldia project, and the customer agreement is for an initial term of 6 months. If the company's buyer elects not to continue to purchase steam from its Haldia project after this initial 6 month term and the company is unable to find other buyers of steam at this location, its may not recover the company's investment or achieve its expected rate of return. Further, the company's steam purchase agreement for its Haldia project is for a period of 5 years. If the supplier elects to discontinue the agreement after the expiry of this 5 year period, the company will have to cease operations at the Haldia project unless its find another steam supplier on similar terms.
- The company relies on securing rights of usage to lay and maintain its pipeline that connects the company's facilities to its customers. If the company rights of usage expire and are not renewed, its business, results of operations, cash flows and financial condition may be adversely affected.
- The company's Promoters, Directors, Key Managerial Personnel and members of Senior Management are interested in the Company other than reimbursement of expenses or normal remuneration or benefits which may result in a conflict of interest with the company. Its cannot assure you that the company's Promoters, Directors, Key Managerial Personnel and members of Senior Management will exercise their rights for the benefit, or in the best interests of the Company.
- There are outstanding legal proceedings against the Company and any adverse decision in such proceedings may render it/them liable to liabilities/penalties and may adversely affect the company's business, results of operations, cash flows and financial condition.
- The Company received orders from the Office of the Superintendent of Stamps, Gujarat in relation to a past amalgamation, which resulted in the requirement to pay stamp duty of approximately Rs.8.25 million and Rs.27.52 million in penalties.
- The company's contingent liabilities could materially and adversely affect its business, results of operations, cash flows and financial condition.
- The company operates its facilities in Sachin, Surat (Gujarat) on an operation and maintenance (O&M) basis. If the asset owner terminates or limits the company's rights to produce steam at these locations, its business, results of operations, cash flows and financial condition may be adversely affected. The company also had been in non-compliance with certain subletting rules of Gujarat Industrial Development Corporation in connection with its Sachin facilities.
- The company faces risks and uncertainties when developing its steam and industrial gas projects, which may result in time delays to the commencement and completion of construction and cost overruns, which could materially and adversely affect the company's business strategy of expansion and its business, results of operations, cash flows and financial condition.
- The company's steam generation and distribution plants and its nitrogen plant are concentrated in Gujarat, India and the company's raw materials (including fuel sources other than coal) are sourced from suppliers located in the State of Gujarat. Any significant social, political, economic or seasonal disruption, natural calamities or civil disruptions in the Gujarat area could have an adverse effect on its business, results of operations, cash flows and financial condition.
- Ambika Agarwal, a relative of the company's Promoter, is deemed to be a part of its Promoter Group. The Company has approached Ambika Agarwal for certain details and confirmations, including details of entities forming part of Ambika Agarwal's extended Promoter Group in terms of the SEBI ICDR Regulations ("Connected Entities"). Its cannot assure you that complete disclosures relating to Ambika Agarwal and her Connected Entities are included in this Red Herring Prospectus, as the company has sourced this information from publicly available sources.
- The company's promoters and management have no experience in operations and management of aircraft services.
- Any shutdowns or maintenance issues with respect to the company's industrial gas generation facilities could adversely affect its business, results of operations, cash flows and financial condition.
- The company has capital expenditure and working capital requirements and its may requires additional financing to meet those requirements, which could have an adverse effect on the company's business, results of operations, cash flows and financial condition.
- The company may not recover its capital investments or achieve profitability if the company's customers minimize their offtake of steam or other industrial gases.
- Community boiler like the company may faces threats that impact their operation and long term sustainability and industry challenges including demand fluctuations, difficulty in capacity planning and scalability issues. These threats and challenges if not properly addressed could adversely affect its business, results of operations, cash flows and financial condition.
- The company steam and industrial gas facilities are dependent on government policy and support and changes in such policy and support or the adoption of new restrictions on steam and industrial gas market could materially impact its operations. Further, as coal is still the company primary fuel source, the imposition of extra duties being levied on coal, additional restrictions, regulations or tariffs on the import of coal or the restrictions on coal's use for community boiler facilities could materially impact the company operations.
- The company may faces increased competition from other industrial gas generation companies in the future, and any inability to respond to market changes in its industry could adversely affect the company's business, results of operations, cash flows and financial condition.
- The company use water from tankers and through pipelines from local sources. In the summer season, water shortages may take place, which could impact the company operations and could have an adverse effect on its business, results of operations, cash flows and financial condition.
- The company's success largely depends upon the knowledge and experience of its Promoter, Directors, Key Managerial Personnel, and Senior Management Personnel as well as the company's ability to attract and retain personnel with technical expertise. Its inability to retain the company's personnel or its ability to attract and retain other personnel with technical expertise could adversely affect the company's business, results of operations, cash flows and financial condition.
- If the company does not continue to invest in new technologies, boilers and equipment, its boilers and other equipment may become obsolete and the company's production costs may increase relative to its competitors, which may have an adverse impact on the company's business, results of operations, cash flows and financial condition.
- The company's cogeneration plants may produce energy below its expectations due unplanned outages or other operational issues.
- The company is constructing a 3.04 MW (AC) ground-mounted solar power project for its Ankleshwar plant. Any delay in construction may result in higher construction costs and higher operating expenses than the company has budgeted. Further, any reduction in the production of electricity from its solar project due to environmental or operational issues may result in increased expenses during the duration of the interruption.
- The company's business is dependent on and will continue to depends on its steam and other industrial gas generation facilities, any underutilization of the company's generation capacities could have an adverse effect on its business, results of operations, cash flows and financial condition. Further, the consideration payable in respect of the lease of the land at Dahej GIDC (Phase 2) has not been paid in full, and any delay or failures in making the balance payment may affect the company's ability to obtain or retain possession of such land, which could in turn delay or prevent the setting up of the Proposed Facility and adversely affect its proposed capacity expansion.
- The company's inability to collect receivables on a timely basis or at all and default in payment from its customers could result in the reduction of the company's profits and affect its cash flows.
- The company make advance payments to certain suppliers. If these suppliers default on its contracts or purchase orders, the company may be unable to secure the timely repayment of these advances, and its business, results of operations, cash flows and financial condition could be adversely affected.
- The company has incurred indebtedness, and an inability to comply with repayment and other covenants in its financing agreements could adversely affect the company's business and financial condition.
- The company's credit ratings were downgraded by ICRA on October 30, 2024 and been afforded stable ratings thereafter. Any further downgrade of its credit ratings could adversely affect the company's business.
- The company use flow meters to measure the amount of steam provided to a customer and to determine its sales. If the flow meters does not provide an accurate reading due to tampering or a technical issue, the company may not accurately charge for its steam, which could adversely affect the company's revenues.
- The company may not have sufficient insurance coverage to cover its economic losses as well as certain other risks not covered in the company's insurance policies, which could adversely affect its business, results of operations, cash flows and financial condition.
- The company has dues which are outstanding to its creditors. The company trade payables as on March 31, 2026 were Rs.932.34 million. Any failures in payment of these dues may have a material adverse effect on its reputation, business, results of operations, cash flows and financial condition.
- The company has availed certain unsecured loans, which may be recalled by lenders.
- Conflicts of interest may arise out of business ventures in which certain of the company's Promoter and Directors are interested by virtue of their shareholding in such ventures. Such potential conflict of interests could adversely affect its business, results of operations, cash flows and financial condition.
- Non-compliance with, and changes in, safety, health and environmental laws could adversely affect the company's facilities.
- Delay or default in payment of statutory dues may attract penalties and adversely affect the company's business, results of operations, cash flows and financial condition.
- After the completion of the Offer, the company's Promoters and Promoter Group will continue to hold substantial shareholding in the Company.
- The company has issued Equity Shares during the preceding one year at prices that may be lower than the Offer Price.
- The company will not receive any proceeds from the Offer for Sale. The Promoter Selling Shareholder will receive the net proceeds from the Offer for Sale.
- One of the company's Promoters, Vishal Sanwarprasad Budhia, who is also the Selling Shareholder, has subscribed to, and purchased, Equity Shares, at a price which could be below the Offer Price. The average cost of acquisition of Equity Shares by its Promoters could also be lower than the Offer Price.
- Any variation in the utilisation of the Net Proceeds would be subject to certain compliance requirements, including prior Shareholders' approval.
- The company funding requirements and the proposed deployment of Net Proceeds have not been appraised by any bank or financial institution or any other independent agency and its management will have broad discretion over the use of the Net Proceeds.
- The Objects of the Offer include orders for equipment and machinery which have not yet been placed. Further, the company is yet to place orders for capital expenditures. In the event of any delay in placement of such orders, the proposed schedule of implementation and deployment of the Net Proceeds may be extended or may vary.
- The company's inability to successfully implement some or all its business strategies in a timely manner or at all could have an adverse effect on the company's business, results of operations, cash flows and financial condition.
- The company experience difficulties in expanding its business into additional geographical markets, which may adversely affect the company's business, results of operations, cash flows and financial condition.
- The company use third party transportation and logistics service providers for delivery of coal, other fuel sources and raw materials to its steam and other industrial gas facilities. Any delay in delivery of coal, other fuel sources and raw materials or increase in the charges of these entities could adversely affect the company's business, results of operations, cash flows and financial condition. Its also may be exposed to the risk of theft, accidents and/or loss of the company's products in transit.
- If the company does not successfully install boilers that use non-fossil fuel sources in a timely and cost-effective manner, its strategy to reduce the company's carbon footprint may be adversely affected.
- If the company is unable to introduce industrial gas generation and distribution processes and are unable to respond to changing customer preferences in a timely and effective manner or if its generation and distribution processes become obsolete due to a breakthrough in the development of technology or alternate processes, the demand for the company steam and other industrial gases may decline, which may have an adverse effect on its business, results of operations, cash flows and financial condition.
- The company's inability to manage employee benefits costs and industrial unrest may adversely affect its business, results of operations, cash flows and financial condition.
- The company is dependent on contract labour and any disruption to the supply of such labour for facilities or its.
- If the company is unable to protect its intellectual property rights, the company's business, results of operations, cash flows and financial condition may be adversely affected.
- The company lease its registered and corporate office and a number of the company's key facilities. A failures to renew its existing lease arrangements at commercially favourable terms or at all may have a material adverse effect on the company's business, results of operations, cash flows and financial condition.
- Failures or disruption of its IT systems may adversely affect the company's business, results of operations, cash flows and financial condition.
- The company operations and the workforce, customers and/or third parties on property sites are exposed to various hazards, which could adversely affect its business, results of operations, cash flows and financial condition.
- The company's employees may engage in misconduct or other improper activities, including noncompliance with regulatory standards and requirements.
- As a publicly listed company, its will be subject to additional compliance requirements and increased scrutiny. Certain of the company's Directors does not have any prior experience in directorship of listed entities, which may affect the ability to meet these additional compliance requirements and making key decisions.
- Information relating to the plant capacity, production and capacity utilisation and of the company's industrial gas facilities included in this Red Herring Prospectus are based on various assumptions and estimates and future generation and capacity may vary.
- The company track certain operational metrics with internal systems and tools. Certain of its operational metrics are subject to inherent challenges in measurement which may adversely affect the company's business and reputation.
- If the company is unable to establish and maintain an effective internal controls and compliance system, its business and reputation could be adversely affected.
- Fraud or improper conduct may delay the development of a project and adversely affect the company's business, results of operations, cash flows and financial condition.
- Certain sections of this Red Herring Prospectus contain information from the F&S Report which the company commissioned and purchased and any reliance on such information for making an investment decision in the Offer is subject to inherent risks.
- The company has in this Red Herring Prospectus included certain Non-GAAP Measures that may vary from any standard methodology that is applicable across the industrial gas generation industry and may not be comparable with financial information of similar nomenclature computed and presented by other companies.
Steamhouse India Ltd Peer Comparison
Understand the company’s industry standing
Steamhouse India Ltd
Linde India Limited
Ellenbarrie Gases IndustrialLimited
Face Value
2
10
2
Standalone / Consolidated
Consolidated
Consolidated
Standalone
Total Income Rs. Cr.
491.511
2530.64
341.582
EPS-Basis
1.71
64.37
7.54
EPS-Diluted
1.71
64.37
7.54
NAV Per Share
7.25
500.27
69.33
P/E-Basic EPS
---
99.17
42.74
P/E-Diluted EPS
---
---
---
RONW(%)
22.36
12.87
10.68
Latest NAV Period
---
---
---
Latest NAV
---
---
---
How to check the allotment status of Steamhouse India Ltd IPO?
Follow the steps
Open link to the registrar using this URL (https://evault.kfintech.com/ipostatus/).
Select company from dropdown menu.
Enter details- PAN, Application number or DP client ID
Get your allotment status
Open link to the registrar using this URL (https://evault.kfintech.com/ipostatus/).
IPO reads
Stay updated with the latest IPO developments
February 27, 2025 | 5 min read
₹50.11 Cr Balaji Phosphates IPO Opens Feb 28. Issue Details and SWOT AnalysisRead More
February 25, 2025 | 5 min read
Tata Capital Board Approves ₹15,000 Cr Plus Mega IPO; Tata Investment Shares Soar 8%Read More
February 18, 2025 | 5 min read
Busy Week Ahead: 2 SME IPOs and 9 Market Listings – Get the Complete Details HereRead More
October 25, 2024 | 5 min read
Waaree Energies IPO: GMP Soars 106% Amid 76.34x Subscription – Check Your Allotment Status!Read More
October 22, 2024 | 5 min read
Upcoming IPOs: 9 Public Issues Set to Raise ₹10,984.8 Cr – Key Insights Inside!Read More
October 17, 2024 | 5 min read
Hyundai IPO Hits a Speed Bump With 42% Subscription On Day 2 : 4 Reasons WhyRead More
September 6, 2024 | 5 min read
Bajaj Housing Finance IPO: All You Need to KnowRead MoreOctober 17, 2024 | 5 min read
Hyundai IPO Hits a Speed Bump With 42% Subscription On Day 2 : 4 Reasons WhyRead More
August 26, 2024 | 5 min read
Premier Energies IPO: Key Details Ahead of the ₹2,830.40 Cr Issue LaunchRead MoreMore on IPOs
Navigate your way to other IPO resources
Latest videos on IPOs
IPO highlights & details!
FAQs on IPO
Get answers to all your questions here!
The IPO opens on 09 Sept 2026 & closes on 11 Sept 2026.
Steamhouse India Limited was originally incorporated as Ankleshwar Eco Energy Limited' at Surat, Gujarat, as a public limited Company dated June 10, 2015, with the Registrar of Companies, at Ahmedabad. Subsequently, the name of the Company was changed from Ankleshwar Eco Energy Limited' to Steamhouse India Limited' and a fresh Certificate of Incorporation was issued by the Registrar of Companies, Gujarat, at Ahmedabad on September 28, 2021.
Steamhouse India Limited an Indian company specializing in the generation and centralized distribution of industrial gases, including steam and nitrogen, through pipeline network. Company currently operate seven community steam boilers (six owned and one leased) including Vapi Phase 1, Vapi WTE unit, Ankleshwar Phase 1, Ankleshwar Phase 2, Sarigam, Nandesari and Panoli. As of September 30, 2025, the combined installed plant capacity for steam across our seven boilers is an aggregate of 345 tonnes per hour (TPH).
Company utilize a diverse range of fuels in operational steam boiler facilities, including coal and non-fossil fuels like plastic waste to generate steam. Its customers are across key sectors including, pharmaceuticals, chemicals, agro-chemicals, textiles, tyres, dyes and pigments, polymers, paints and other sectors.
The Company established its first facility in Vapi Gujarat Industrial Development Corporation in 2017 and further expanded the plant through addition of boiler to Ankleshwar Unit in 2022. It commenced steam aggregation and distribution at Dahej Gujarat Industrial Development Corporation in 2024. On February 1, 2025, Company commenced first facility for nitrogen production and supply at Ankleshwar facility. Company is now embarking on an expansion plan of supplying other industrial gases.
Company has filed a Draft Prospectus with SEBI and is planning to raise funds aggregating to Rs 425 crores of face value Rs 2 each, consisting a fresh issue of Rs 345 crore and the offer for sale of Rs 80 crore.
Steamhouse India Ltd IPO will close on 11 Sept 2026.
- Leading market position offering customers an energy efficient solution across industries with high growth potential.
- High barriers to entry for competitors.
- Strategically located facilities offering community gas generation and distribution.
- Marquee customer base with long-term relationships driven by our value proposition.
- Track-record of implementing eco-friendly solutions and promoting sustainable development.
- Experienced Promoters and senior management team with strong industry expertise and extensive product knowledge.
| S.No | Promoters Name | Pre Issue Shares | Pre Issue Percentage | Post Issue Shares | Post Issue Percentage |
|---|---|---|---|---|---|
| 1 | Vishal Sanwarprasad Budhia | 202500000 | 86.97 | 194969136 | 70.54 |
| 2 | Ritu Budhia | 300 | --- | 300 | --- |
| 3 | VSB Business Trust | 8010425 | 3.44 | 8010425 | 2.9 |
| 4 | Budhia Business Trust | 6387000 | 2.74 | 6387000 | 2.31 |
| 5 | VB Business Trust | 4263000 | 1.83 | 4263000 | 1.54 |
| 6 | Sanwarprasad Ramkumar Budhia | 100 | --- | 100 | --- |
| 7 | Budhia Kumaresh Sanwarprasad | 900750 | 0.39 | 900750 | 0.33 |
| 8 | Kamal Yogesh Agarawal | 900750 | 0.39 | 900750 | 0.33 |
| 9 | Pushpadevi Sanwarprasad Budhi | 750 | --- | 750 | --- |
| 10 | Sangeeta Gaurav Parasrampuria | 50000 | 0.02 | 50000 | 0.02 |
- The company operations are limited to providing steam and other industrial gases to customers in close proximity to its facilities. Further, the company's business and growth plans are dependent on its ability to find suitable land for the development of the company steam and other industrial gas facilities which are in close proximity to the industrial clusters where its potential customers are located.
- The company's top ten customers contributed 47.87% of its revenue from operations in Fiscal 2026. The company also derives a significant portion (90.72% in Fiscal 2026) of its revenue from operations from repeat orders. Loss of any of these customers or a reduction in purchases or repeat orders by any of them could adversely affect the company's business, results of operations, cash flows and financial condition.
- The company's business and profitability are substantially dependent on the availability of coal for its steam production with purchases of coal contributing 77.29%, 76.19% and 92.01% of the company's total purchases for Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively.
- The company has previously entered into related party transactions with Group Companies, which constituted 99.27% of total related party transactions in Fiscal 2026. Its may continue to enters into related party transactions with Group Companies in the future.
- The company has previously entered into related party transactions, and Its may continue to do so in the future.
- The company relies on its top ten suppliers for the company's material requirements which constituted 81.71%, 75.35% and 76.53%, of its overall purchases in Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively. Any increase in the prices, availability and quality of materials or loss of these suppliers could adversely affect the company's reputation, business, results from operations, financial conditions and cash flows.
- The success of the company's business depends on the continued demand for steam and industrial gas, and any change in this demand could materially and adversely affect its business, results of operations, cash flows and financial condition.
- The company has in the past been in violation of certain material approvals of the Gujarat Pollution Control Board such as operating a boiler before receiving the final approval from the regulatory authority. In the future, Its may incur increased costs, be subject to penalties, or have the company's approvals and permits revoked for non-compliance with the approvals of the Gujarat Pollution Control Board.
- The company requires various permits, licenses and approvals to operates its businesses, and the failures to obtain or retain such licenses or approvals in a timely manner or at all may adversely affect the company's business, results of operations, cash flows and financial condition.
- The company were awarded a work order for the Pirana facility through a tender by the Ahmedabad Municipal Corporation. The company is required to pay Ahmedabad Municipal Corporation a royalty after commercial operation of the facility, and such royalty payments may adversely affect the profitability of the Pirana facility. Further, its construction of the facility has been delayed which could attract contractual penalties and interest which, if assessed, could adversely affect the company's business, results of operations, cash flows and financial condition. In addition, if the company has not recovered its investment or achieved the company's projected rate of return for the facility at the end of the 10 year term to its work order and such term is not renewed, the company's business, results of operations, cash flows and financial condition could be adversely affected.
- If the company is unable to receive and purchase steam from the seller under a steam purchase agreement with respect to the Dahej SEZ its would be required to pay the seller 12% interest per annum on the capital expenditure deployed by the seller for the underlying project, and, in such event, the company's business, results of operations, cash flows and financial condition may be adversely affected.
- The company only have one buyer of steam for its Haldia project, and the customer agreement is for an initial term of 6 months. If the company's buyer elects not to continue to purchase steam from its Haldia project after this initial 6 month term and the company is unable to find other buyers of steam at this location, its may not recover the company's investment or achieve its expected rate of return. Further, the company's steam purchase agreement for its Haldia project is for a period of 5 years. If the supplier elects to discontinue the agreement after the expiry of this 5 year period, the company will have to cease operations at the Haldia project unless its find another steam supplier on similar terms.
- The company relies on securing rights of usage to lay and maintain its pipeline that connects the company's facilities to its customers. If the company rights of usage expire and are not renewed, its business, results of operations, cash flows and financial condition may be adversely affected.
- The company's Promoters, Directors, Key Managerial Personnel and members of Senior Management are interested in the Company other than reimbursement of expenses or normal remuneration or benefits which may result in a conflict of interest with the company. Its cannot assure you that the company's Promoters, Directors, Key Managerial Personnel and members of Senior Management will exercise their rights for the benefit, or in the best interests of the Company.
- There are outstanding legal proceedings against the Company and any adverse decision in such proceedings may render it/them liable to liabilities/penalties and may adversely affect the company's business, results of operations, cash flows and financial condition.
- The Company received orders from the Office of the Superintendent of Stamps, Gujarat in relation to a past amalgamation, which resulted in the requirement to pay stamp duty of approximately Rs.8.25 million and Rs.27.52 million in penalties.
- The company's contingent liabilities could materially and adversely affect its business, results of operations, cash flows and financial condition.
- The company operates its facilities in Sachin, Surat (Gujarat) on an operation and maintenance (O&M) basis. If the asset owner terminates or limits the company's rights to produce steam at these locations, its business, results of operations, cash flows and financial condition may be adversely affected. The company also had been in non-compliance with certain subletting rules of Gujarat Industrial Development Corporation in connection with its Sachin facilities.
- The company faces risks and uncertainties when developing its steam and industrial gas projects, which may result in time delays to the commencement and completion of construction and cost overruns, which could materially and adversely affect the company's business strategy of expansion and its business, results of operations, cash flows and financial condition.
- The company's steam generation and distribution plants and its nitrogen plant are concentrated in Gujarat, India and the company's raw materials (including fuel sources other than coal) are sourced from suppliers located in the State of Gujarat. Any significant social, political, economic or seasonal disruption, natural calamities or civil disruptions in the Gujarat area could have an adverse effect on its business, results of operations, cash flows and financial condition.
- Ambika Agarwal, a relative of the company's Promoter, is deemed to be a part of its Promoter Group. The Company has approached Ambika Agarwal for certain details and confirmations, including details of entities forming part of Ambika Agarwal's extended Promoter Group in terms of the SEBI ICDR Regulations ("Connected Entities"). Its cannot assure you that complete disclosures relating to Ambika Agarwal and her Connected Entities are included in this Red Herring Prospectus, as the company has sourced this information from publicly available sources.
- The company's promoters and management have no experience in operations and management of aircraft services.
- Any shutdowns or maintenance issues with respect to the company's industrial gas generation facilities could adversely affect its business, results of operations, cash flows and financial condition.
- The company has capital expenditure and working capital requirements and its may requires additional financing to meet those requirements, which could have an adverse effect on the company's business, results of operations, cash flows and financial condition.
- The company may not recover its capital investments or achieve profitability if the company's customers minimize their offtake of steam or other industrial gases.
- Community boiler like the company may faces threats that impact their operation and long term sustainability and industry challenges including demand fluctuations, difficulty in capacity planning and scalability issues. These threats and challenges if not properly addressed could adversely affect its business, results of operations, cash flows and financial condition.
- The company steam and industrial gas facilities are dependent on government policy and support and changes in such policy and support or the adoption of new restrictions on steam and industrial gas market could materially impact its operations. Further, as coal is still the company primary fuel source, the imposition of extra duties being levied on coal, additional restrictions, regulations or tariffs on the import of coal or the restrictions on coal's use for community boiler facilities could materially impact the company operations.
- The company may faces increased competition from other industrial gas generation companies in the future, and any inability to respond to market changes in its industry could adversely affect the company's business, results of operations, cash flows and financial condition.
- The company use water from tankers and through pipelines from local sources. In the summer season, water shortages may take place, which could impact the company operations and could have an adverse effect on its business, results of operations, cash flows and financial condition.
- The company's success largely depends upon the knowledge and experience of its Promoter, Directors, Key Managerial Personnel, and Senior Management Personnel as well as the company's ability to attract and retain personnel with technical expertise. Its inability to retain the company's personnel or its ability to attract and retain other personnel with technical expertise could adversely affect the company's business, results of operations, cash flows and financial condition.
- If the company does not continue to invest in new technologies, boilers and equipment, its boilers and other equipment may become obsolete and the company's production costs may increase relative to its competitors, which may have an adverse impact on the company's business, results of operations, cash flows and financial condition.
- The company's cogeneration plants may produce energy below its expectations due unplanned outages or other operational issues.
- The company is constructing a 3.04 MW (AC) ground-mounted solar power project for its Ankleshwar plant. Any delay in construction may result in higher construction costs and higher operating expenses than the company has budgeted. Further, any reduction in the production of electricity from its solar project due to environmental or operational issues may result in increased expenses during the duration of the interruption.
- The company's business is dependent on and will continue to depends on its steam and other industrial gas generation facilities, any underutilization of the company's generation capacities could have an adverse effect on its business, results of operations, cash flows and financial condition. Further, the consideration payable in respect of the lease of the land at Dahej GIDC (Phase 2) has not been paid in full, and any delay or failures in making the balance payment may affect the company's ability to obtain or retain possession of such land, which could in turn delay or prevent the setting up of the Proposed Facility and adversely affect its proposed capacity expansion.
- The company's inability to collect receivables on a timely basis or at all and default in payment from its customers could result in the reduction of the company's profits and affect its cash flows.
- The company make advance payments to certain suppliers. If these suppliers default on its contracts or purchase orders, the company may be unable to secure the timely repayment of these advances, and its business, results of operations, cash flows and financial condition could be adversely affected.
- The company has incurred indebtedness, and an inability to comply with repayment and other covenants in its financing agreements could adversely affect the company's business and financial condition.
- The company's credit ratings were downgraded by ICRA on October 30, 2024 and been afforded stable ratings thereafter. Any further downgrade of its credit ratings could adversely affect the company's business.
- The company use flow meters to measure the amount of steam provided to a customer and to determine its sales. If the flow meters does not provide an accurate reading due to tampering or a technical issue, the company may not accurately charge for its steam, which could adversely affect the company's revenues.
- The company may not have sufficient insurance coverage to cover its economic losses as well as certain other risks not covered in the company's insurance policies, which could adversely affect its business, results of operations, cash flows and financial condition.
- The company has dues which are outstanding to its creditors. The company trade payables as on March 31, 2026 were Rs.932.34 million. Any failures in payment of these dues may have a material adverse effect on its reputation, business, results of operations, cash flows and financial condition.
- The company has availed certain unsecured loans, which may be recalled by lenders.
- Conflicts of interest may arise out of business ventures in which certain of the company's Promoter and Directors are interested by virtue of their shareholding in such ventures. Such potential conflict of interests could adversely affect its business, results of operations, cash flows and financial condition.
- Non-compliance with, and changes in, safety, health and environmental laws could adversely affect the company's facilities.
- Delay or default in payment of statutory dues may attract penalties and adversely affect the company's business, results of operations, cash flows and financial condition.
- After the completion of the Offer, the company's Promoters and Promoter Group will continue to hold substantial shareholding in the Company.
- The company has issued Equity Shares during the preceding one year at prices that may be lower than the Offer Price.
- The company will not receive any proceeds from the Offer for Sale. The Promoter Selling Shareholder will receive the net proceeds from the Offer for Sale.
- One of the company's Promoters, Vishal Sanwarprasad Budhia, who is also the Selling Shareholder, has subscribed to, and purchased, Equity Shares, at a price which could be below the Offer Price. The average cost of acquisition of Equity Shares by its Promoters could also be lower than the Offer Price.
- Any variation in the utilisation of the Net Proceeds would be subject to certain compliance requirements, including prior Shareholders' approval.
- The company funding requirements and the proposed deployment of Net Proceeds have not been appraised by any bank or financial institution or any other independent agency and its management will have broad discretion over the use of the Net Proceeds.
- The Objects of the Offer include orders for equipment and machinery which have not yet been placed. Further, the company is yet to place orders for capital expenditures. In the event of any delay in placement of such orders, the proposed schedule of implementation and deployment of the Net Proceeds may be extended or may vary.
- The company's inability to successfully implement some or all its business strategies in a timely manner or at all could have an adverse effect on the company's business, results of operations, cash flows and financial condition.
- The company experience difficulties in expanding its business into additional geographical markets, which may adversely affect the company's business, results of operations, cash flows and financial condition.
- The company use third party transportation and logistics service providers for delivery of coal, other fuel sources and raw materials to its steam and other industrial gas facilities. Any delay in delivery of coal, other fuel sources and raw materials or increase in the charges of these entities could adversely affect the company's business, results of operations, cash flows and financial condition. Its also may be exposed to the risk of theft, accidents and/or loss of the company's products in transit.
- If the company does not successfully install boilers that use non-fossil fuel sources in a timely and cost-effective manner, its strategy to reduce the company's carbon footprint may be adversely affected.
- If the company is unable to introduce industrial gas generation and distribution processes and are unable to respond to changing customer preferences in a timely and effective manner or if its generation and distribution processes become obsolete due to a breakthrough in the development of technology or alternate processes, the demand for the company steam and other industrial gases may decline, which may have an adverse effect on its business, results of operations, cash flows and financial condition.
- The company's inability to manage employee benefits costs and industrial unrest may adversely affect its business, results of operations, cash flows and financial condition.
- The company is dependent on contract labour and any disruption to the supply of such labour for facilities or its.
- If the company is unable to protect its intellectual property rights, the company's business, results of operations, cash flows and financial condition may be adversely affected.
- The company lease its registered and corporate office and a number of the company's key facilities. A failures to renew its existing lease arrangements at commercially favourable terms or at all may have a material adverse effect on the company's business, results of operations, cash flows and financial condition.
- Failures or disruption of its IT systems may adversely affect the company's business, results of operations, cash flows and financial condition.
- The company operations and the workforce, customers and/or third parties on property sites are exposed to various hazards, which could adversely affect its business, results of operations, cash flows and financial condition.
- The company's employees may engage in misconduct or other improper activities, including noncompliance with regulatory standards and requirements.
- As a publicly listed company, its will be subject to additional compliance requirements and increased scrutiny. Certain of the company's Directors does not have any prior experience in directorship of listed entities, which may affect the ability to meet these additional compliance requirements and making key decisions.
- Information relating to the plant capacity, production and capacity utilisation and of the company's industrial gas facilities included in this Red Herring Prospectus are based on various assumptions and estimates and future generation and capacity may vary.
- The company track certain operational metrics with internal systems and tools. Certain of its operational metrics are subject to inherent challenges in measurement which may adversely affect the company's business and reputation.
- If the company is unable to establish and maintain an effective internal controls and compliance system, its business and reputation could be adversely affected.
- Fraud or improper conduct may delay the development of a project and adversely affect the company's business, results of operations, cash flows and financial condition.
- Certain sections of this Red Herring Prospectus contain information from the F&S Report which the company commissioned and purchased and any reliance on such information for making an investment decision in the Offer is subject to inherent risks.
- The company has in this Red Herring Prospectus included certain Non-GAAP Measures that may vary from any standard methodology that is applicable across the industrial gas generation industry and may not be comparable with financial information of similar nomenclature computed and presented by other companies.
The Issue type of Steamhouse India Ltd is Book Building.
The minimum application for shares of Steamhouse India Ltd is 185.
The total shares issue of Steamhouse India Ltd is 51111111.
Initial public offering of up to 51,111,111 equity shares of face value of Rs. 2 each ("Equity Shares") of Steamhouse India Limited (the "Company" or the "Company") for cash at a price of Rs. 81 per equity share ("Offer Price") aggregating up to Rs. 414.00 Crores (the "Offer") comprising a fresh issue of up to 43,580,247 equity shares of face value of Rs. 2 each aggregating up to Rs. 353.00 Crores (the "Fresh Issue") and an offer for sale of up to 7,530,864 equity shares of face value of Rs. 2 each aggregating up to Rs. 61 .00 Crores by the promoter selling shareholder (the "Offer For Sale", and such equity shares, the "Offered Shares"). The offer shall constitute [*] % of the post offer paid up equity share capital of the company.
The company, in consultation with the brlm, may consider an issue of specified securities, as may be permitted under the applicable law, aggregating up to Rs.15.00 crores, at its discretion, between the date of filing of the ("pre-ipo placement"). The pre-ipo placement, if undertaken, will be at a price to be decided by the company, in consultation with the brlm. If the pre-ipo placement is completed, the amount raised pursuant to the pre-ipo placement will be reduced from the fresh issue, subject to compliance with Rule 19(2)(b) of the scrr. The pre-ipo placement, if undertaken, shall not exceed 20% of the size of the fresh issue. Prior to the completion of the offer, the company shall appropriately intimate the subscribers to the pre-ipo placement, prior to allotment pursuant to the pre-ipo placement, that there is no guarantee that the company may proceed with the offer or the offer may be successful and will result into listing of the equity shares on the stock exchanges. Further, relevant disclosures in relation to such intimation to the subscribers to the pre-ipo placement (if undertaken).
Price Band: Rs. 81 per equity share bearing face value of Rs. 2 each.
The floor price is 40.50 times of the face value of the equity shares.
Bids can be made for a minimum of 185 equity shares of face value of Rs. 2 each and in multiples of 185 equity shares of face value of Rs. 2 each thereafter.