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Steamhouse India files confidential IPO papers to raise up to ₹700 cr
In a public announcement on Wednesday, Surat-based Steamhouse India said it has submitted "the pre-filed draft red herring prospectus with Sebi and the stock exchanges...in relation to the proposed initial public offering of its equity shares on the main board of the stock exchanges".
While the exact issue size has not been officially disclosed, industry sources estimated that the IPO could be in the range of Rs 500 crore to Rs 700 crore.
Built on the industrial legacy of Sanjoo group, the company was founded in 2014 and is headquartered in Surat. Steamhouse India serves over 167 clients across the country.
The company has expansions underway at Pirana, Ahmedabad; Dahej SEZ; Vapi Phase 3; Ankleshwar Phase 3; Panoli Phase 2; Jhagadia; Nandesari Phase 2.
It also plans to expand operations in Andhra Pradesh, Telangana, Maharashtra, Himachal Pradesh, Madhya Pradesh, Rajasthan, Uttar Pradesh and Haryana.
As per the company's FY24 annual report, its total revenue was Rs 291.71 crore and profit stood at Rs 25.97 crore.
The company has opted for the confidential pre-filing route, which allows it to withhold public disclosure of IPO details under the draft red herring prospectus (DRHP) until later stages. This route is gaining traction among Indian firms aiming for flexibility in their IPO plans.
In recent months, logistics service provider Shadowfax Technologies, Gaja Alternative Asset Management, commerce enablement platform Shiprocket, Tata Capital, edtech unicorn PhysicsWallah and Imagine Marketing, the parent company of wearables brand boAt, also chose confidential filings. In 2024, food delivery giant Swiggy and retail chain Vishal Mega Mart floated their IPOs following similar filings.
Market experts note that the confidential pre-filing route offers companies greater flexibility and reduces the pressure to go public quickly. Unlike the traditional route, which requires companies to launch their IPOs within 12 months of receiving Sebi's approval, the pre-filing route extends this window to 18 months from the receipt of final comments.
Additionally, firms can modify the primary issue size by up to 50 per cent until the updated DRHP stage.
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