Steamhouse IPO Day 3: Subscription Soars to 8.36x with GMP Indicating a Promising 28% Listing Gain!

The Steamhouse IPO has experienced robust investor interest, showcasing impressive subscription numbers as it approached its listing date. On the third and final day of bidding, the IPO was subscribed 8.36 times by 1 PM, with Retail Individual Investors (RIIs) contributing significantly by oversubscribing to their allotted portion 8.82 times. This IPO entails a fresh issue of Rs 353 crore and an Offer for Sale (OFS) of Rs 61 crore, with a price band set between Rs 77 and Rs 81 per share. The company aims to utilize the proceeds primarily for debt repayment and capacity expansion, with listing anticipated on both the NSE and BSE on September 17, 2026.

The sentiment in the grey market is palpable, with the Steamhouse IPO reflecting a premium of Rs 23 or 28% above its upper price band of Rs 81. This indicates a positive outlook among investors for the stock’s market debut, with estimates suggesting a potential listing price around Rs 104 per share. The allocation indicates strong demand across various investor categories, particularly with Non-Institutional Investors (NIIs) subscribing 15.37 times their allocated shares, highlighting robust institutional backing.

For Indian investors, the strong subscription figures and positive grey market sentiments suggest favorable prospects for the Steamhouse IPO, especially for those looking to capitalize on potential immediate gains. Investors should consider the financial health of the company, as indicated by a 24% year-on-year increase in revenue and profit, while also keeping an eye on the company’s strategic plans for growth through enhanced production capabilities and debt management. Overall, the bustling activity around this IPO reflects a growing confidence in the Indian market.

Source: The Economic Times

(Expert Note: This report was prepared by the Wealthova IPO team.)