Steamhouse India Files IPO Papers to Raise ₹425 Crore

Steamhouse India, a company that supplies industrial steam and gas, has filed updated papers with SEBI to raise ₹425 crore through an IPO.

This IPO includes a fresh issue of ₹345 crore and an offer for sale of ₹80 crore by the promoter.

The money raised will be used to pay off some of the company's debt, expand its facilities in Ankleshwar and Panoli, set up a new steam-generation unit in Dahej SEZ, and cover general corporate needs.

The company also plans to consider raising up to ₹15 crore in a pre-IPO funding round.

Steamhouse India operates seven community steam boilers in Gujarat and serves various industrial sectors, including pharmaceuticals, chemicals, and textiles.

The company uses a mix of coal and non-fossil fuels for steam generation and is exploring the use of alternative fuels like agro-waste and refuse-derived fuel.

It also supplies nitrogen through a dedicated pipeline network and has a significant customer base, including notable companies like Aether Industries and Anupam Rasayan.