
Surat-based Steamhouse India, engaged in centralised steam supply for industrial clients, has filed a confidential draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) for its initial public offering (IPO). Although the official issue size has not been disclosed, market sources estimate it to be in the range of Rs 500–700 crore.
Founded in 2014 and backed by the industrial legacy of the Sanjoo Group, Steamhouse is led by Chairman and Managing Director Vishal S Budhia. The company currently serves over 167 clients across the country.
Steamhouse's proprietary community boiler model -- introduced by a Sanjoo Group company -- replaces traditional captive boilers with a centralised, tech-driven alternative. The system uses IoT and AI for real-time monitoring from fuel procurement to steam distribution, delivering steam at 190 degrees Celsius. The company also boasts over 45 km of pipeline infrastructure in major industrial zones such as Sachin, Vapi, Ankleshwar, Sarigram, Panoli and Nandesari, allowing for monopolistic control in these hubs.
Its expansion pipeline includes locations like Pirana (Ahmedabad), Dahej SEZ, Vapi Phase 3, Ankleshwar Phase 3, Panoli Phase 2, Jhagadia and Nandesari Phase 2. Future plans target states such as Andhra Pradesh, Telangana, Maharashtra, Himachal Pradesh, Madhya Pradesh, Rajasthan, Uttar Pradesh and Haryana.
Steamhouse India is also diversifying into adjacent sectors including Nitrogen Compression and Distribution, municipal waste-to-steam conversion, and aviation logistics. It has applied for a Non-Scheduled Operator Permit to enter the cargo and passenger aviation space.
The company reported a revenue of Rs 291.71 crore for FY23–24, with EBITDA rising to Rs 70.14 crore from Rs 58.79 crore the previous year. Net profit stood at Rs 25.97 crore. The company's waste-to-steam project in Vapi and a recent 5MW PPP project with Ahmedabad Municipal Corporation showcase its sustainability focus and long-term growth potential.