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Steamhouse India IPO: Just 22% Subscribed on Day 1
10 Sep
Summary
- The Rs 414-crore IPO saw 22% subscription by 1:30 pm on September 9.
- Retail investors subscribed 37%, while NIIs subscribed 14% by early afternoon.
- Grey market premium stood at 21% on September 9, indicating investor interest.
The initial public offering (IPO) for industrial gases supplier Steamhouse India commenced on September 9, aiming to raise Rs 414 crore. By 1:30 pm on that day, the issue had garnered a subscription rate of 22 percent. Retail investors demonstrated a stronger interest, subscribing 37 percent of their reserved portion, whereas the non-institutional investor (NII) segment recorded 14 percent subscription.
Ahead of its public debut, Steamhouse India successfully raised Rs 124.2 crore from six anchor investors, including Singularity Large Value Fund III and Abakkus Emerging Opportunities Fund-1. The IPO price band is set at Rs 77-81 per share. The company intends to allocate Rs 180 crore from the net proceeds towards debt repayment.
Further funds are earmarked for capacity expansion at its Ankleshwar and Panoli facilities, and for a new steam-generation manufacturing unit in Dahej GIDC. The remaining proceeds will support general corporate purposes. In the grey market, Steamhouse India shares were trading at a 21 percent premium on September 9, signaling positive investor sentiment.
