IPO
Industrial steam supplier Steamhouse India’s Rs.414-Cr IPO subscribed over 19x
The initial public offering (IPO) of Surat-based industrial steam solutions provider Steamhouse India was subscribed 18.62 times. The Non-Institutional Investors (NII) portion saw the strongest response so far. It was subscribed 38.75 times. The retail portion was subscribed 13.88 times. The Qualified Institutional Buyers (QIB) category was subscribed 11.83 times. The IPO, priced within a band of INR 77-INR 81 per share. Equirus Capital is the book-running lead manager for the transaction.The offering features a fresh issue of INR 353 Cr and an Offer for Sale of INR 61 Cr by promoter Vishal Sanwarprasad Budhia. The company intends to use the IPO proceeds to prepay or repay INR 180 Cr of outstanding debt and to fund capacity expansion at its facilities in Ankleshwar and Panoli, with an allocation of INR 37.98 Cr for each project. Additionally, INR 38.17 Cr is earmarked for the establishment of a steam generation facility at the Dahej SEZ.Incorporated in 2015, the company provides industrial gas and steam distribution services, operating a pipeline network spanning over 45 km across various industrial hubs.
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