As part of the transaction, Steamhouse India allotted 68,49,315 equity shares through private placement. Singularity Large Value Fund III has a total of Rs. 34.99 crore received 47,94,520 equity shares, while Singularity Equity Fund I received Rs. 5 crore worth 6,84,932 equity shares were allotted. A total of Rs. 9.99 crore received 13,69,863 equity shares.
After the allotment, the three investors hold approximately 2.94% of the pre-offer equity share capital of Steamhouse India. As per SEBI rules, the size of the proposed fresh issue under the initial public offer of the company will be reduced by the amount raised through the pre-IPO placement.
About Steamhouse
The Surat-headquartered company has filed its updated draft red herring prospectus (UDRHP) with the Securities and Exchange Board of India (SEBI) for its proposed public issue.
Founded in 2014, Steamhouse India operates a centralized steam supply model for industrial customers and serves more than 167 customers in sectors including chemicals, textiles, pharmaceuticals, food processing, paper and manufacturing. The company supplies steam directly to factories through a network of dedicated pipeline infrastructure.
Its business model is based on centralized “community boilers”, which serve as an alternative to the captive boilers used by individual factories. The company uses IoT and AI-enabled systems in procurement, production and distribution processes to supply industrial steam at around 190 degrees Celsius.
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Steamhouse has developed over 45 kilometers of pipeline infrastructure in industrial clusters like Sachin, Vapi, Ankleshwar, Sarigam, Panoli and Nandesari. The company is expanding capacity across Ahmedabad, Dahej, Vapi, Ankleshwar, Panoli, Zagadia and Nandesari while evaluating opportunities in Andhra Pradesh, Telangana, Maharashtra, Himachal Pradesh, Madhya Pradesh, Rajasthan, Uttar Pradesh and Haryana.
As part of its waste-to-energy initiative, the company has commissioned a waste-to-steam boiler at Vapi that converts non-recyclable plastic waste generated by paper mills into industrial steam. It has also acquired a 5 MW waste-to-steam project from the Ahmedabad Municipal Corporation under the Public-Private Partnership (PPP) model.
In addition to steam distribution, Steamhouse is expanding into adjacent businesses such as nitrogen compression and distribution, waste-to-energy solutions and aviation logistics. Equirus Capital is the sole book-running lead manager for the issue.
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