Steamhouse India files for IPO with SEBI

Steamhouse India, the first company in India focused on providing centralized steam supply to industrial clients, has submitted a confidential draft red herring prospectus (CDRHP) for an initial public offering (IPO) to the Securities and Exchange Board of India (SEBI). Although the size of the IPO hasn’t been revealed, it is expected to be between Rs.500-700 crores. 

Founded in 2014 and based in Surat, the company is led by Vishal S Budhia and serves over 167 clients nationwide. It is expanding in various regions, including Ahmedabad, Dahej SEZ, Vapi, and several states like Andhra Pradesh and Maharashtra. Steamhouse has introduced a community boiler system through its parent group, Sanjoo, helping industries reduce emissions and costs. They utilize IoT and AI for steam distribution at 190 degrees. 

Their first waste-to-steam boiler is operational in Vapi, converting non-recyclable plastic waste, with a recent project from the Ahmedabad Municipal Corporation. As of August 31, 2024, their operational capacity was 330 TPH. The company also plans to enter new sectors, including aviation and waste conversion, while maintaining a pipeline model that aids in cost reduction for clients. In FY23-24, Steamhouse reported a revenue of Rs 291.71 crore and a profit of Rs 25.97 crores.

 

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