New Delhi, 17 September (H.S.): Shares of Steamhouse India Limited, a company that supplies steam and nitrogen gas to various industries through pipeline networks and operates community boiler systems, made a strong debut on the stock market on Thursday, benefiting its IPO investors. The company had issued its shares at Rs 81 per share under the IPO.
On the BSE, the shares were listed at Rs 93, a premium of 14.81 per cent, while on the NSE, they debuted at Rs 94.50, representing a premium of 16.67 per cent.
After the listing, selling triggered by profit-booking pushed the shares down to Rs 91.60. However, buying activity subsequently gathered momentum, driving the stock higher. Supported by sustained purchases, the shares quickly climbed to the upper-circuit level of Rs 103.95. Profit-booking resumed at this level, resulting in the upper circuit being breached. After a full day of trading, the shares closed at Rs 102.20. Consequently, IPO investors earned a gain of Rs 21.20 per share, or 26.17 per cent, on the first day of trading.
The company’s Rs 414-crore IPO was open for subscription from September 9 to 11. The issue received a strong response from investors and was subscribed 32.07 times overall. The portion reserved for Qualified Institutional Buyers (QIBs) was subscribed 46.19 times, excluding the anchor portion. Similarly, the portion reserved for Non-Institutional Investors (NIIs) received 46.60 times subscription. The retail investors’ portion was subscribed 17.78 times.
Under the IPO, a total of 5,11,11,110 shares with a face value of Rs 2 each were offered. This included 4,35,80,246 fresh shares worth approximately Rs 353 crore, while 75,30,864 shares worth around Rs 61 crore were offered for sale. The proceeds from the fresh issue will be used by the company to establish a manufacturing facility, expand production capacity, meet working-capital requirements, reduce its existing debt burden, reimburse IPO-related expenses and for general corporate purposes.
According to the claims made in the Draft Red Herring Prospectus (DRHP) filed with capital-market regulator SEBI, Steam House India’s financial position has remained consistently strong. The company reported a net profit of Rs 27.19 crore in financial year 2023-24, which increased to Rs 31.16 crore in FY 2024-25. In the previous financial year, FY 2025-26, its net profit rose further to Rs 38.64 crore.
The company’s revenue also increased steadily during this period. Total revenue stood at Rs 293.16 crore in FY 2023-24, rising to Rs 398.53 crore in FY 2024-25 and further to Rs 494.97 crore in FY 2025-26.
During the same period, the company’s debt burden also increased consistently. At the end of FY 2023-24, the company had outstanding debt of Rs 202.71 crore, which rose to Rs 222.95 crore in FY 2024-25. In FY 2025-26, its debt burden increased further to Rs 281.62 crore.
The company’s reserves and surplus also increased steadily during this period. At the end of FY 2023-24, reserves and surplus stood at Rs 58.35 crore, rising to Rs 87.25 crore in FY 2024-25 and further to Rs 127.57 crore in FY 2025-26.
The company’s net worth also recorded consistent growth. Its net worth stood at Rs 102.71 crore in FY 2023-24, increasing to Rs 131 crore in FY 2024-25 and further to Rs 163.76 crore in FY 2025-26.
Similarly, EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortisation) stood at Rs 68.41 crore in FY 2023-24, rising to Rs 69.32 crore in FY 2024-25 and further to Rs 83.49 crore in FY 2025-26.
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Hindusthan Samachar / Jun Sarkar
