Overview
- The issue totals Rs 425 crore, comprising a Rs 345 crore fresh issue and a Rs 80 crore offer for sale by promoter Vishal Sanwarprasad Budhia, with Equirus Capital as sole BRLM.
- Net proceeds are earmarked for repayment or prepayment of borrowings, expansion at the Ankleshwar (Phase 3) and Panoli (Phase 2) facilities, a new steam-generation unit in Dahej SEZ, and general corporate purposes.
- The company operates seven community steam boilers in Gujarat—six owned and one leased—across Vapi, Ankleshwar, Sarigam, Nandesari, and Panoli, with installed capacity of 345 tonnes per hour as of Nov. 15, 2025.
- Steamhouse distributes purchased steam via a 56,236‑meter pipeline in Dahej GIDC and Sachin GIDC and began pipeline-based nitrogen supply at Ankleshwar in February 2025, a model it says is unique in India.
- Revenue from operations rose 35% to Rs 395.11 crore in FY25 with PAT of Rs 31.16 crore, and the company may pursue a pre-IPO placement of up to Rs 15 crore that would reduce the fresh issue size.