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Steamhouse India, an industrial steam and gas supplier, has filed for an IPO through the confidential pre-filing route, aiming to raise ₹500–700 crore.
Founded in 2014 and built on the industrial legacy of the Sanjoo Group, Steamhouse is headquartered in Surat and serves over 167 clients nationwide.
The deets: the company has submitted its pre-filed DRHP with SEBI, though the exact issue size hasn’t been officially disclosed.
The why: proceeds from the IPO will fund growth into Andhra Pradesh, Telangana, Maharashtra, Himachal Pradesh, Madhya Pradesh, Rajasthan, Uttar Pradesh, and Haryana.
By the numbers: For FY24, the company reported revenue of ₹291.71 crore & profit of ₹25.97 crore.
Worth noting: Steamhouse India is one of the first movers for IPO in this niche.
Most listed industrial companies are in power generation, oil & gas, EPC, or utilities, not specifically in dedicated steam and process gas supply as a core standalone business.
Zoom out: India’s industrial gases market alone (oxygen, nitrogen, hydrogen, etc.) was valued at nearly ₹17,000 crore in FY23 & it is expected to grow at a rate of 8–10% over the next 5 years.
The industrial steam and gas sector is a critical backbone for manufacturing, supplying process steam and industrial gases used in chemicals, pharmaceuticals, textiles, food processing, and heavy industries.
Traditionally, companies would set up their own boilers and gas plants, but rising energy costs, environmental norms, and the push for operational efficiency have driven demand for outsourced steam and gas utilities.
