Steamhouse India Limited, which provides industrial steam utility services, has raised approximately ₹50 crore from investor Madhusudan Kela-backed funds and Nivesh Aay Samarth Fund ahead of its proposed initial public offering (IPO). The company announced in a public notice on Thursday that it has allocated 6,849,315 shares at an issue price of ₹73 per share, raising a total of ₹49.99 crore through private placement.
Under this transaction, Singularity Large Value Fund-III invested ₹34.99 crore for 4.794 million shares, while Singularity Equity Fund-I invested ₹5 crore by purchasing 685,000 equity shares. Nivesh Aay Samarth Fund invested ₹9.99 crore, for which it was allocated 1.37 million equity shares. According to the regulations of the capital market regulator Securities and Exchange Board of India (SEBI), the size of the proposed new share issue under the IPO will be reduced to the amount raised through pre-IPO placement.
The Surat-based company had submitted updated documents for its proposed IPO to SEBI in December. According to the updated draft documents, the IPO will consist of a mix of ₹345 crore in new shares and an ₹80 crore offer for sale (OFS). The funds raised from the IPO will be used by the company to repay a portion of its existing debt, enhance the capacity of its plants located in Ankleshwar and Panoli, establish a new steam production unit in the Dahej Special Economic Zone (SEZ), and meet general corporate needs.
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