Steamhouse India raises Rs 124.2 crore from anchor investors at IPO price band upper limit
Steamhouse India secured funding from key backers before its IPO opens on September 9, allocating shares at the highest rate within its pricing range.
Steamhouse India has collected Rs 124.2 crore from anchor investors prior to its initial public offering set for Wednesday, September 9. The company allotted 1.53 crore shares to these backers at Rs 81 per share, marking the upper limit of the established price band of Rs 77 to Rs 81 per share. The IPO consists of a fresh issue totaling up to Rs 353 crore and an offer for sale of up to Rs 61 crore by the selling shareholder. Equirus Capital serves as the sole book-running lead manager, while KFin Technologies acts as the registrar. Minimum retail application size requires bidding for at least 185 equity shares, which equates to Rs 14,985 at the top of the price range. Singularity Large Value Fund III, backed by Madhu Kela, and Abakkus Emerging Opportunities Fund-I, backed by Sunil Singhania, participated in the anchor book. Other investors include Chartered Finance & Leasing, Niveshaay Sambhav Fund, Emerge Capital Opportunities Scheme, and 31 Degrees North Fund-I. The company intends to use fresh issue proceeds for repayment of borrowings and capital expenditure. The subscription period extends until Friday, September 11. Final allotment is expected on September 15.
