# Madhu Kela-backed fund invests in Steamhouse India IPO as company raises Rs 124 crore from anchor investors — retained record

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source: [news](https://highsignal.app/data/news) (news:india-et-markets)  published 2026-09-08 15:05 ingested 2026-09-09 02:55

[original source ↗](https://economictimes.indiatimes.com/markets/stocks/news/madhu-kela-backed-fund-invests-in-steamhouse-india-ipo-as-company-raises-rs-124-crore-from-anchor-investors/articleshow/133930760.cms)

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The anchor book saw participation from Singularity Large Value Fund III, backed by Madhusudhan Kela, and Abakkus Emerging Opportunities Fund-I, backed by Sunil Singhania. Other anchor investors included Chartered Finance & Leasing, Niveshaay Sambhav Fund, Emerge Capital Opportunities Scheme and 31 Degrees North Fund-I.
Steamhouse India IPO details
The IPO comprises a fresh issue of up to Rs 353 crore and an offer for sale of up to Rs 61 crore by the selling shareholder, taking the total offer size to Rs 414 crore.
Investors can bid for a minimum of 185 equity shares and in multiples of 185 shares thereafter. At the upper end of the price band, the minimum retail application size works out to Rs 14,985.
Equirus Capital is the sole book-running lead manager to the offer, while KFin Technologies is the registrar. The allotment for the IPO is expected to be finalised on September 15.
Use of proceeds
Steamhouse India plans to use the fresh issue proceeds for repayment or prepayment of certain borrowings, capacity expansion and new facility development.
The company will fund capital expenditure for augmenting infrastructure, including capacity expansion of its Ankleshwar facility under Phase 3 and Panoli facility under Phase 2. It also plans to set up a new manufacturing facility for steam generation at Dahej GIDC under Phase 2. Part of the proceeds will be used for general corporate purposes.
About Steamhouse India
Steamhouse India specialises in the generation and centralised distribution of industrial gases, including steam and nitrogen, through a pipeline network. The company is also known for pioneering the community boiler system in India.
The company commissioned its first nitrogen supply project through a pipeline network at the Ankleshwar facility and generated revenue from the nitrogen business in FY25 and FY26.
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