Steamhouse India Raises ₹50 Crore in Pre-IPO Funding from Madhusudhan Kela-Backed Funds and Niveshaay Sambhav Fund
Mumbai: Steamhouse India Limited has raised ₹49.99 crore through a pre-IPO private placement from Madhusudhan Kela-backed Singularity funds and Niveshaay Sambhav Fund as the company prepares for its proposed initial public offering (IPO).
The investment was made by Singularity Large Value Fund III, Singularity Equity Fund I, and Niveshaay Sambhav Fund at an issue price of ₹73 per equity share.
As part of the transaction, Steamhouse India allotted 68,49,315 equity shares through a private placement. Singularity Large Value Fund III received 47,94,520 equity shares worth ₹34.99 crore, while Singularity Equity Fund I was allotted 6,84,932 equity shares valued at ₹5 crore. Niveshaay Sambhav Fund received 13,69,863 equity shares, aggregating ₹9.99 crore.
Following the allotment, the three investors collectively hold approximately 2.94% of the company’s pre-offer equity share capital.
Under the Securities and Exchange Board of India (SEBI) regulations, the proposed fresh issue size under the IPO will be reduced by the amount raised through the pre-IPO placement.
IPO Plans and Business Operations
The Surat-headquartered company has already filed its Updated Draft Red Herring Prospectus (UDRHP) with SEBI for its proposed public issue.
Founded in 2014 as part of the Sanjoo Group, Steamhouse India operates a centralized industrial steam supply business, serving more than 167 industrial customers across sectors including chemicals, textiles, pharmaceuticals, food processing, paper and manufacturing.
The company supplies industrial steam through dedicated pipeline infrastructure using a centralized utility model, replacing conventional captive boilers with community boiler systems aimed at improving operational efficiency and reducing emissions.
Steamhouse also integrates Internet of Things (IoT) and Artificial Intelligence (AI) technologies across steam procurement, generation and distribution to support its operations.
Infrastructure Expansion
The company has developed more than 45 kilometres of steam pipeline infrastructure across industrial clusters including Sachin, Vapi, Ankleshwar, Sarigam, Panoli and Nandesari.
Steamhouse is expanding its capacity in Ahmedabad, Dahej, Vapi, Ankleshwar, Panoli, Jhagadia and Nandesari, while evaluating expansion opportunities in Andhra Pradesh, Telangana, Maharashtra, Himachal Pradesh, Madhya Pradesh, Rajasthan, Uttar Pradesh and Haryana.
Sustainability and Diversification
As part of its sustainability initiatives, the company has commissioned a waste-to-steam boiler at Vapi that converts non-recyclable plastic waste generated by paper mills into industrial steam.
Steamhouse has also secured a 5 MW Waste-to-Steam project from the Ahmedabad Municipal Corporation under the Public-Private Partnership (PPP) model.
Beyond steam distribution, the company is expanding into related businesses including nitrogen compression and distribution, waste-to-energy solutions, and aviation logistics.
Equirus Capital Limited is acting as the sole book running lead manager for the proposed IPO.
