New Delhi: Industrial gas producer Steamhouse India Ltd has fixed a price band of Rs 77-81 per share for its Rs 414-crore initial public offering (IPO), which will open for subscription on September 9.
The Steamhouse India IPO will close on September 11, while bidding for anchor investors will take place on September 8.
Fresh Issue Worth Rs 353 Crore
The IPO comprises a fresh issue of shares worth up to Rs 353 crore and an offer-for-sale (OFS) component of around Rs 61 crore.
Promoter Vishal Sanwarraprasad Budhia will sell shares through the OFS.
Steamhouse India plans to use proceeds from the fresh issue to repay a portion of its existing borrowings and expand capacity at its Ankleshwar and Panoli facilities.
Funds will also be deployed to establish a new steam-generation unit in the Dahej Special Economic Zone and for general corporate purposes.
In June, the company raised nearly Rs 50 crore through a pre-IPO placement from funds backed by Madhusudhan Kela and Niveshaay Sambhav Fund.
Steamhouse Serves Over 167 Clients
Established in 2014, Steamhouse India supplies industrial steam through a centralised utility model using dedicated pipeline infrastructure.
The company serves more than 167 industrial customers across chemicals, textiles, pharmaceuticals, food processing, paper and manufacturing.
It has developed over 45 kilometres of steam pipelines across industrial clusters including Vapi, Ankleshwar, Sachin, Sarigam, Panoli and Nandesari.
Steamhouse is also expanding into nitrogen compression and distribution, waste-to-energy solutions and aviation logistics.
Retail Investors Get 35% Quota
Up to 50% of the IPO has been reserved for qualified institutional buyers. At least 15% will be available for non-institutional investors and 35% for retail investors.
Steamhouse India shares are proposed to be listed on both the BSE and NSE following completion of the public issue.
