Surat-based supplier of industrial steam and gas, Steamhouse India, initiated the process for an initial public offering (IPO) through the confidential pre-filing route on Tuesday, July 1, 2025.
The company confirmed that it has submitted a pre-filed draft red herring prospectus (DRHP) to the Securities and Exchange Board of India (SEBI) and the stock exchanges. This submission is part of its plan to list equity shares on the main board of the stock exchanges. However, the company has not disclosed the exact size of the issue publicly.
Steamhouse India’s financial earnings
According to its FY24 annual report, the company reported total revenue of Rs 291.71 crore, EBITDA of Rs 70.14 crore (up from Rs 58.79 crore in FY23), and a net profit of Rs 25.97 crore.
What does Steamhouse India do?
Founded in 2014 and built on the industrial legacy of the Sanjoo Group, Steamhouse India is the first company in India dedicated to centralised steam supply for industrial clients. The company is led by Vishal S Budhia, Chairman and Managing Director, and currently serves over 167 clients across the country. Its major innovation is the community boiler model, which offers a centralised and eco-friendly alternative to traditional captive boilers.Â
The company is actively expanding its operations in several industrial zones, including Pirana (Ahmedabad), Dahej SEZ, Vapi Phase 3, Ankleshwar Phase 3, Panoli Phase 2, Jhagadia, and Nandesari Phase 2. Future expansion plans include entering markets in Andhra Pradesh, Telangana, Maharashtra, Himachal Pradesh, Madhya Pradesh, Rajasthan, Uttar Pradesh, and Haryana.
In March 2024, the company secured a 5MW W2S project from the Ahmedabad Municipal Corporation, involving the design, construction, and maintenance of a 300-tonne-per-day plant under a public-private partnership (PPP) model.
What is confidential pre-filing?
The confidential pre-filing route allows companies to submit IPO documents without immediate public disclosure, offering greater flexibility in planning. This method is becoming increasingly popular among Indian firms. Recently listed companies like Swiggy and Vishal Mega Mart also used this route for their IPOs.
IPOs performance
According to the BSE data, the Indian primary market has seen a total of 68 IPOs in 2025 so far, with 24 listed on the BSE Main Board and 44 on the BSE SME Segment. Out of these, 46 IPOs are currently trading above their issue price, while 22 are trading below.
In 2024, Dalal Street witnessed a total of 68 initial public offerings (IPOs), of which 24 IPOs were mainboard, while 44 IPOs were SME. In terms of performance relative to the issue price, 46 IPOs recorded gains, whereas 22 IPOs traded below their issue price.
