The Steamhouse IPO continued to attract strong investor interest on the third and final day of bidding, with the issue subscribed 8.36 times by 1 pm. Adding to the buzz, the stock was seen commanding a 28% premium in the grey market, signalling expectations of a strong listing gain.On Day 3, investors bid for 8.36 times the 3.76 crore shares on offer. Retail investors remained active; the portion reserved for Retail Individual Investors (RIIs) was subscribed 8.82 times against the 1.88 crore shares on offer.The IPO comprises a fresh issue of Rs 353 crore and an Offer for Sale (OFS) of Rs 61 crore. The entire OFS component will be sold by promoter Vishal Sanwarprasad Budhia, who is offloading shares worth approximately Rs 61 crore.The company has set the IPO price band at Rs 77–Rs 81 per equity share, with each share having a face value of Rs 2.Steamhouse shares are proposed to be listed on both the NSE and BSE, with the tentative listing date set for September 17, 2026. The basis of allotment is expected to be finalised on September 15, ahead of the stock market debut.Equirus Capital Ltd. is the book-running lead manager for the issue, while Kfin Technologies Ltd. is acting as the registrar.Steamhouse IPO Subscription StatusThe Steamhouse IPO continued to see strong demand on the third and final day of bidding. As of 1:00 PM on Day 3, the issue was subscribed 8.36 times, with investors bidding for shares against the total 3.76 crore shares on offer.Retail Individual Investors (RIIs): The retail portion was subscribed 8.82 times, against 1.88 crore shares on offer.Non-Institutional Investors (NIIs): The NII category witnessed the strongest demand, with the portion subscribed 15.37 times against 80.64 lakh shares on offer.Qualified Institutional Buyers (QIBs): The QIB portion was subscribed 2.30 times, against 1.07 crore shares on offer.Steamhouse IPO GMP TodayThe Steamhouse IPO Grey Market Premium (GMP) currently stands at Rs 23, indicating a 28% premium over the IPO's upper price band of Rs 81.At the current GMP, the estimated listing price works out to around Rs 104 per share, pointing to a potential 28% listing gain for investors if the grey market trend translates into the actual market debut.IPO Objects of the IssueThe company plans to use the IPO proceeds primarily to repay or prepay Rs 180 crore of its outstanding borrowings, helping reduce its debt burden. A portion of the funds will also be directed towards capacity expansion at its Ankleshwar and Panoli facilities, with Rs 37.98 crore earmarked for each project.Another Rs 38.17 crore will be used to set up a manufacturing facility for steam generation at Dahej SEZ. This remaining proceeds will be utilised for general corporate purposes, taking the total estimated utilisation of the net proceeds to Rs 294.13 crore.Financial PerformanceSteamhouse India Ltd. reported a 24% year-on-year increase in total income, rising from Rs 398.53 crore in FY25 to Rs 494.97 crore in FY26. The growth reflects a strong improvement in the company’s revenue during the latest financial year.Profitability also moved in tandem, with profit after tax (PAT) climbing 24% from Rs 31.16 crore in FY25 to Rs 38.64 crore in FY26. The steady rise in both income and profit highlights the company’s improved financial performance in FY26.About Steamhouse India Ltd.Incorporated in June 2015, SteamHouse India Ltd. is an industrial gas company engaged in the generation and centralised distribution of steam and nitrogen through its pipeline network. Its systems offer industrial customers an alternative to setting up and maintaining their own infrastructure. The company operates a pipeline network spanning over 45 km across key industrial hubs such as Sachin, Vapi, Ankleshwar, Sarigam, Panoli and Nadesari.Its business includes steam generation and distribution, steam procurement and distribution, and nitrogen separation, compression and supply, along with coal trading. SteamHouse serves clients including Aether Industries, Anupam Rasayan India, Globe Enviro Care, Gujarat Polysol Chemicals and other industrial customers. As of July 31, 2026, the company had 229 employees and 276 contract workers.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)