Steamhouse India Secures ₹50 Crore Pre-IPO Investment
Steamhouse India Limited, a company specializing in industrial steam distribution, has successfully raised ₹50 crore in a pre-IPO placement. The funding round saw participation from prominent investors, including Madhusudhan Kela-backed Singularity Large Value Fund III and Singularity Equity Fund I, alongside Niveshaay Sambhav Fund. This strategic investment comes as Steamhouse India prepares for its initial public offering (IPO), having already filed its updated draft red herring prospectus (UDRHP) with the Securities and Exchange Board of India (SEBI).
Key Investors and Share Allotment
The pre-IPO placement involved the allotment of 68,49,315 equity shares at a price of ₹73 per share. Collectively, the three funds now hold approximately 2.94 percent of Steamhouse India's pre-offer equity share capital. Singularity Large Value Fund III acquired the largest portion, securing 47,94,520 shares valued at ₹34.99 crore. Singularity Equity Fund I invested ₹5 crore for 6,84,932 shares, while Niveshaay Sambhav Fund received 13,69,863 shares amounting to ₹9.99 crore. According to SEBI regulations, the size of the proposed fresh issue in the upcoming IPO will be adjusted downwards by the amount raised through this pre-IPO placement.
Pioneering Industrial Steam Networks
Founded in 2014 and supported by the industrial heritage of the Sanjoo Group, Surat-based Steamhouse India has established itself as a leader in providing centralized steam supply to industrial clients across the country. The company operates one of India's most extensive industrial steam distribution networks, serving over 167 clients in diverse sectors such as chemicals, textiles, pharmaceuticals, food processing, paper, and manufacturing. Through its innovative centralized utility model, Steamhouse delivers steam directly to factories via dedicated pipeline infrastructure, utilizing IoT and AI for optimized procurement, generation, and distribution of steam at temperatures around 190 degrees Celsius.
Expansion and Sustainability Initiatives
Steamhouse India has built over 45 kilometers of pipeline infrastructure across key industrial hubs including Sachin, Vapi, Ankleshwar, Sarigam, Panoli, and Nandesari. The company is actively expanding its capacity in regions like Ahmedabad, Dahej, and Jhagadia, while exploring new opportunities in states such as Andhra Pradesh, Telangana, Maharashtra, and Uttar Pradesh. Demonstrating a strong commitment to sustainability, Steamhouse has commissioned a waste-to-steam boiler in Vapi, converting non-recyclable plastic waste from paper mills into industrial steam. Furthermore, it has secured a 5 MW Waste-to-Steam project from the Ahmedabad Municipal Corporation under a public-private partnership model. Beyond its core steam distribution, the company is also diversifying into nitrogen compression, waste-to-energy solutions, and aviation logistics.
Towards a Public Offering
With this significant pre-IPO funding secured, Steamhouse India is progressing towards its public market debut. Equirus Capital Limited has been appointed as the sole book-running lead manager for the upcoming IPO, guiding the company through the final stages of its listing process.