Pioneers of the Community Boiler system in India, Steamhouse India Limited has filed its Updated Draft Red Herring Prospectus 1 (UDRHP I) with the Securities and Exchange Board of India (SEBI). The company had filed Confidential Draft Red Herring Prospectus (CDRHP) with SEBI on July 01, 2025 and received observations on the same on October 14,2025.

The proposed initial public offering comprises equity shares of face value ₹2 each aggregating up to ₹425 crores, including a fresh issue of equity shares aggregating up to ₹345 crore and an offer for sale of equity shares aggregating up to ₹80 crore by Vishal Sanwarprasad Budhia (Promoter Selling Shareholder).

In consultation with the BRLMs, Steamhouse India Limited may consider a Pre-IPO aggregating up to Rs 15 crores between the date of filing of this Updated Draft Red Herring Prospectus – I and prior to filing of the Red Herring Prospectus. If undertaken the amount raised would be reduced from the fresh issue.

The company proposes to utilise the net proceeds from the fresh issue towards repayment or prepayment of outstanding borrowings; funding capital expenditure for capacity expansion of the Ankleshwar Facility (Phase 3) and Panoli Facility (Phase 2); setting up a new manufacturing facility for generation of steam in Dahej SEZ; and general corporate purposes.

Led by Vishal Budhia, its promoter and CMD, Steamhouse India introduced the concept of community boiler system in India in 2014 (Source: F&S Report). Their industrial gas business comprises steam generation and distribution, steam purchase and distribution, and pipeline-based supply of nitrogen.

The company currently operates seven community steam boilers in Gujarat, across locations including Vapi Phase 1, Vapi WTE unit, Ankleshwar Phase 1, Ankleshwar Phase 2, Sarigam, Nandesari, and Panoli. It serves key sectors such as pharmaceuticals, chemicals, agro-chemicals, textiles, tyres, dyes and pigments, polymers and paints.

Its community boilers reduce SPM, SOx and NOx emissions and ash content.

As of November 15, 2025, the combined installed steam capacity is 345 tonnes per hour, translating to an annual installed capacity of 2,185,920 tonnes per annum. Additionally, the company distributes purchased steam in Dahej GIDC and Sachin GIDC via 56,236 meters of pipeline system.

The company commenced nitrogen production and supply on February 01, 2025, commissioning its first nitrogen project at its Ankleshwar facility. The company generated ₹0.90 million from nitrogen operations in Fiscal 2025 and ₹3.01 million during the stub period ended September 30, 2025. It also engages in coal trading on an invoice-only basis.

It remains the only company in India supplying nitrogen through a distributed pipeline network.

The company utilizes alternative fuel sources including plastic waste, textile chindi, agro-waste and refuse-derived fuel for steam generation.

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Its marquee customers include Aether Industries Limited, Anupam Rasayan India Limited, Globe Enviro Care Limited, Gujarat Polysol Chemicals Private Limited, Devanshi Dyestuff, Mahavir Synthesis Private Limited, Mangalam Intermediaries, Orgo Chem Gujarat Private Limited and Subhasri Pigments, serving 174 customers during the six-month period ended September 30, 2025.

Revenue from operations increased from ₹2,917.10 million in FY24 to ₹3,951.06 million in FY25, while Profit After Tax (PAT) rose to ₹311.61 million.

According to F&S, India’s process steam demand stood at approximately 186,000 TPH in Fiscal 2025, with a projected CAGR of 9.5% through 2030. Pipeline-based industrial gas supply is emerging as a preferred alternative to cylinder-based supply.

Equirus Capital Private Limited is the sole Book Running Lead Manager (BRLM) to the issue.