{"id":14833,"date":"2026-09-10T09:23:20","date_gmt":"2026-09-10T09:23:20","guid":{"rendered":"https:\/\/www.incredmoney.com\/blog\/?p=14833"},"modified":"2026-09-11T09:37:04","modified_gmt":"2026-09-11T09:37:04","slug":"the-steamhouse-india-ipo","status":"publish","type":"post","link":"https:\/\/www.incredmoney.com\/blog\/the-steamhouse-india-ipo\/","title":{"rendered":"Value In Vapour: The Steamhouse India IPO"},"content":{"rendered":"

Steamhouse India Limited is filing a \u20b9414 Cr IPO. The company runs every one of its seven boilers out of industrial estates packed into a single stretch of coastal Gujarat, Ankleshwar, Panoli, Vapi, Sarigam, Nandesari, and Dahej, and sells the steam through pipes it has laid underground to each customer’s factory gate.<\/em><\/p>\n

IPO Summary<\/h2>\n
\n\n\n\n\n\n\n\n\n\n\n
Steamhouse India IPO Details<\/th>\n<\/tr>\n<\/thead>\n
IPO Date<\/td>\n9th to 11th Sep, 2026<\/td>\n<\/tr>\n
Sale Type<\/td>\nFresh Issue + OFS<\/td>\n<\/tr>\n
Tentative Listing Date<\/td>\n17th Sep, 2026<\/td>\n<\/tr>\n
Price Band<\/td>\n\u20b977 to \u20b981<\/td>\n<\/tr>\n
Post Issue M. Cap at \u20b981<\/td>\n\u20b92,239 Cr<\/td>\n<\/tr>\n
Total Listing Size<\/td>\n\u20b9414 Cr<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

Introduction<\/h2>\n

You\u2019d never think it, but a textile plant needs steam to run its dyeing vats. A pharmaceutical plant needs steam to run its reactors.<\/p>\n

Both could buy a boiler, hire staff to run it, and deal with pollution permits on their own. Or they could buy steam from someone else\u2019s pipe<\/strong>.<\/p>\n

Steamhouse India Limited sells that pipe<\/strong>. They are the pioneers of the community boiler system in India, running it since 2014<\/p>\n

They\u2019re now going public through an IPO worth \u20b9414 Cr, consisting of a Fresh Issue of ~\u20b9353 Cr and an Offer for Sale of ~\u20b961 Cr. Proceeds will go towards repayment of borrowings, expansion of two existing plants, and funding a brand new plant in Dahej, GJ.<\/p>\n

The Business Model<\/h2>\n

Steamhouse runs seven community boilers <\/strong>in Gujarat, generates steam<\/strong>, and delivers <\/strong>it through a dedicated pipeline network <\/strong>to factories <\/strong>that would otherwise have built their own boiler.<\/p>\n

It also buys steam from other producers and resells it<\/strong>, trades coal<\/strong>, and has recently begun trading nitrogen.<\/strong><\/p>\n

\n
\n
\"\"<\/picture><\/div>
Source: RHP<\/em><\/figcaption><\/figure>\n<\/div>\n

The problem to solve for Steamhouse is, steam does not travel well. It cools and loses pressure over distance, so it has to be made close to where it is used<\/strong>.<\/p>\n

Steamhouse builds its boilers inside industrial clusters <\/strong>and links them to customers through underground pipes<\/strong>, rather than trucking in cylinders or leaving each factory to build its own plant.<\/p>\n

Their moat <\/strong>is distribution of industrial gases <\/strong>with minimum pressure and temperature losses<\/strong>, with real-time monitoring <\/strong>using flow meters and mapping <\/strong>installations with assistance of drones.<\/strong><\/p>\n

The company earns revenue in four ways:<\/p>\n

    \n
  • Generation and distribution of steam: <\/strong>Steamhouse burns coal, and non-fossil fuels such as plastic waste and textile chindi, in its boilers and sells the steam from boiling water through its pipes. This is the core business and carries the highest margin.<\/li>\n
  • Purchase and distribution of steam: <\/strong>The company buys steam made by other producers and resells it through its own pipeline.<\/li>\n
  • Coal trading: <\/strong>Since Steamhouse already buys coal in bulk for its own boilers, it also trades coal to other parties, including its group company Sanjoo Dyeing and Printing Mills Private Limited.<\/li>\n
  • Nitrogen trade: <\/strong>Since Feb 2025, Steamhouse began separating nitrogen from air at its Ankleshwar facility and piped it to customers, a delivery method that no other Indian company uses for nitrogen<\/strong>.<\/li>\n<\/ul>\n

    Unit Economics (\u20b9 per tonne of Industrial Gas Sold across all product lines)<\/h2>\n
    \n
    \n
    \"\"<\/picture><\/div>\n<\/figure>\n<\/div>\n
      \n
    • Adjusted EBITDA per tonne <\/strong>fell from \u20b9832 in FY24 to \u20b9783 in FY26.<\/li>\n
    • Revenue per tonne <\/strong>went up, from \u20b93,550 in FY24 to \u20b94,607 in FY26.<\/li>\n
    • COGS per tonne<\/strong> saw a 160% rise, from \u20b92,186 in FY24 to \u20b94,607 in FY26.<\/li>\n<\/ul>\n

      Operating Metrics<\/h2>\n
        \n
      • Pipeline length grew 37.3% over the same two years, to 57,041 metres, well ahead of what current utilisation suggests the business needs today.<\/li>\n<\/ul>\n
        \n
        \n
        \"\"<\/picture><\/div>\n<\/figure>\n<\/div>\n
          \n
        • Customer count rose from 125 to 202, but Repeat customer revenue stayed above 88% in every year shown, so the growth in customers has not come from churning through a revolving door of one-time buyers.<\/li>\n<\/ul>\n
          \n
          \n
          \"\"<\/picture><\/div>\n<\/figure>\n<\/div>\n
            \n
          • Steam generation still supplies the largest share of revenue, but that share has slipped from 99% in FY24 to 52% in FY26, as coal trading and purchased steam have grown faster. In fact, in two years, coal trading has become more than a quarter of revenue, and Steamhouse doesn\u2019t even mine this coal, it just trades it.<\/li>\n<\/ul>\n
            \n
            \n
            \"\"<\/picture><\/div>\n<\/figure>\n<\/div>\n

            The Financial Stuff<\/h2>\n
            \n
            \n
            \"\"<\/picture><\/div>\n<\/figure>\n<\/div>\n
              \n
            • Revenue <\/strong>grew steadily from \u20b9292 Cr in FY24 to \u20b9492 Cr in FY26, a CAGR of ~30%<\/li>\n
            • Finance Costs <\/strong>of ~\u20b923 Cr took up ~28% of Adj. EBITDA in FY26. Debt servicing claims a meaningful share of profits, and even Depreciation <\/strong>stood at \u20b914 Cr in FY26.<\/li>\n
            • Profit After Tax <\/strong>grew 24% in FY26, but PAT Margin<\/strong> has held constant since FY24 till FY26.<\/li>\n<\/ul>\n

              Peer Comparison<\/h2>\n
              \n
              \n
              \"\"<\/picture><\/div>\n<\/figure>\n<\/div>\n
                \n
              • Steamhouse\u2019s \u20b9492 Cr is a fraction of Linde\u2019s \u20b92,531 Cr and smaller than Ellenbarrie\u2019s \u20b9342 Cr too, though closer to Ellenbarrie in scale.<\/li>\n
              • Steamhouse\u2019s 17% EBITDA Margin is roughly half of Linde\u2019s 36% and Ellenbarrie\u2019s 34%. Both peers convert revenue into operating profit at close to double the rate Steamhouse does.<\/li>\n
              • Steamhouse\u2019s PAT Margin of 7.81% is under a third of Ellenbarrie\u2019s 26.66% and just over a third of Linde\u2019s 21.54%. Faster growth has not yet translated into peer-level profitability.<\/li>\n
              • Steamhouse\u2019s D\/E of 1.57 times sits well above Ellenbarrie\u2019s 0.11 times, and Linde carries net cash rather than net debt. Some of Steamhouse\u2019s higher return on equity is borrowed, not earned.<\/li>\n<\/ul>\n

                At an upper band price of \u20b981, with an FY26 EPS of 1.71, Steamhouse is trading at a P\/E of 47.37, while Linde India trades at a P\/E of 96.7, and Ellenbarrie trades at 43.5.<\/em><\/p><\/blockquote>\n

                Key Risks<\/h2>\n
                  \n
                • High Customer concentration: <\/strong>Top 10 customers brought in 48% of FY26 revenue, and the single largest customer alone accounted for 18%.<\/li>\n
                • One input dominates costs: <\/strong>Coal made up 77% of total purchases in FY26. A jump in coal prices, or a break in coal supply, would squeeze margins directly, since steam cannot be made without fuel.<\/li>\n
                • Capacity is outrunning demand: <\/strong>Capacity utilisation fell to 42% in FY26, even as the company keeps adding boiler and pipeline capacity, funded partly by this offer. If demand does not catch up, the new capacity may earn poor returns.<\/li>\n
                • The company has broken environmental rules before: <\/strong>At its Panoli site, Steamhouse ran a boiler on provisional approval before receiving final consent from the Gujarat Pollution Control Board.<\/li>\n
                • Largest customer is a related party: <\/strong>Sanjoo Dyeing and Printing Mills Private Limited, Steamhouse\u2019s largest customer, is a group company.<\/li>\n<\/ul>\n

                  Conclusion<\/h2>\n
                  <\/div>\n

                  Steamhouse has built a real moat: pipelines are costly to duplicate, and connected customers will rarely switch. But debt funds a large share of the balance sheet, and a widening slice of revenue comes from lower margin coal trading rather than the core steam business, and capacity utilisation is falling.<\/p>\n","protected":false},"excerpt":{"rendered":"

                  Steamhouse India Limited is filing a \u20b9414 Cr IPO. The company runs every one of its seven boilers out of industrial estates packed into a single stretch of coastal Gujarat, Ankleshwar, Panoli, Vapi, Sarigam, Nandesari, and Dahej, and sells the steam through pipes it has laid underground to each customer’s factory gate. IPO Summary Steamhouse […]<\/p>\n","protected":false},"author":9,"featured_media":14834,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[59],"tags":[2],"class_list":["post-14833","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ipo","tag-blog"],"acf":[],"yoast_head":"\nThe Steamhouse India IPO: Review, Financials, Business & Risks | InCred Money<\/title>\n<meta name=\"description\" content=\"Explore the Steamhouse India IPO, including its business model, financial performance, unit economics, operating metrics, peers and key investment risks at InCred Money\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.incredmoney.com\/blog\/the-steamhouse-india-ipo\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Steamhouse India IPO: Review, Financials, Business & Risks | InCred Money\" \/>\n<meta property=\"og:description\" content=\"Explore the Steamhouse India IPO, including its business model, financial performance, unit economics, operating metrics, peers and key investment risks at InCred Money\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.incredmoney.com\/blog\/the-steamhouse-india-ipo\/\" \/>\n<meta property=\"og:site_name\" content=\"InCred Money\" \/>\n<meta property=\"article:published_time\" content=\"2026-09-10T09:23:20+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-09-11T09:37:04+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.incredmoney.com\/blog\/wp-content\/uploads\/2026\/09\/79d989f4-d470-432d-a0e2-508fdca215bc_1299x726.webp\" \/>\n\t<meta property=\"og:image:width\" content=\"1299\" \/>\n\t<meta property=\"og:image:height\" content=\"726\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/webp\" \/>\n<meta name=\"author\" content=\"InCred Money\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"InCred Money\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"7 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/the-steamhouse-india-ipo\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/the-steamhouse-india-ipo\\\/\"},\"author\":{\"name\":\"InCred Money\",\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/#\\\/schema\\\/person\\\/91d1ca8413938f5afdb8971df15afacc\"},\"headline\":\"Value In Vapour: The Steamhouse India IPO\",\"datePublished\":\"2026-09-10T09:23:20+00:00\",\"dateModified\":\"2026-09-11T09:37:04+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/the-steamhouse-india-ipo\\\/\"},\"wordCount\":1034,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/the-steamhouse-india-ipo\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/wp-content\\\/uploads\\\/2026\\\/09\\\/79d989f4-d470-432d-a0e2-508fdca215bc_1299x726.webp\",\"keywords\":[\"Blogs\"],\"articleSection\":[\"IPO\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/the-steamhouse-india-ipo\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/the-steamhouse-india-ipo\\\/\",\"url\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/the-steamhouse-india-ipo\\\/\",\"name\":\"The Steamhouse India IPO: Review, Financials, Business & Risks | InCred Money\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/the-steamhouse-india-ipo\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/the-steamhouse-india-ipo\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/wp-content\\\/uploads\\\/2026\\\/09\\\/79d989f4-d470-432d-a0e2-508fdca215bc_1299x726.webp\",\"datePublished\":\"2026-09-10T09:23:20+00:00\",\"dateModified\":\"2026-09-11T09:37:04+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/#\\\/schema\\\/person\\\/91d1ca8413938f5afdb8971df15afacc\"},\"description\":\"Explore the Steamhouse India IPO, including its business model, financial performance, unit economics, operating metrics, peers and key investment risks at InCred Money\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/the-steamhouse-india-ipo\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/the-steamhouse-india-ipo\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/the-steamhouse-india-ipo\\\/#primaryimage\",\"url\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/wp-content\\\/uploads\\\/2026\\\/09\\\/79d989f4-d470-432d-a0e2-508fdca215bc_1299x726.webp\",\"contentUrl\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/wp-content\\\/uploads\\\/2026\\\/09\\\/79d989f4-d470-432d-a0e2-508fdca215bc_1299x726.webp\",\"width\":1299,\"height\":726},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/the-steamhouse-india-ipo\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Value In Vapour: The Steamhouse India IPO\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/#website\",\"url\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/\",\"name\":\"InCred Money\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/#\\\/schema\\\/person\\\/91d1ca8413938f5afdb8971df15afacc\",\"name\":\"InCred Money\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/fa3ca621e2126aa06847bfc76570805abd5bcc3be1841b0be0f56d69de3b1d18?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/fa3ca621e2126aa06847bfc76570805abd5bcc3be1841b0be0f56d69de3b1d18?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/fa3ca621e2126aa06847bfc76570805abd5bcc3be1841b0be0f56d69de3b1d18?s=96&d=mm&r=g\",\"caption\":\"InCred Money\"},\"url\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/author\\\/incred-money-team\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"The Steamhouse India IPO: Review, Financials, Business & Risks | InCred Money","description":"Explore the Steamhouse India IPO, including its business model, financial performance, unit economics, operating metrics, peers and key investment risks at InCred Money","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.incredmoney.com\/blog\/the-steamhouse-india-ipo\/","og_locale":"en_US","og_type":"article","og_title":"The Steamhouse India IPO: Review, Financials, Business & Risks | InCred Money","og_description":"Explore the Steamhouse India IPO, including its business model, financial performance, unit economics, operating metrics, peers and key investment risks at InCred Money","og_url":"https:\/\/www.incredmoney.com\/blog\/the-steamhouse-india-ipo\/","og_site_name":"InCred Money","article_published_time":"2026-09-10T09:23:20+00:00","article_modified_time":"2026-09-11T09:37:04+00:00","og_image":[{"width":1299,"height":726,"url":"https:\/\/www.incredmoney.com\/blog\/wp-content\/uploads\/2026\/09\/79d989f4-d470-432d-a0e2-508fdca215bc_1299x726.webp","type":"image\/webp"}],"author":"InCred Money","twitter_card":"summary_large_image","twitter_misc":{"Written by":"InCred Money","Est. reading time":"7 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.incredmoney.com\/blog\/the-steamhouse-india-ipo\/#article","isPartOf":{"@id":"https:\/\/www.incredmoney.com\/blog\/the-steamhouse-india-ipo\/"},"author":{"name":"InCred Money","@id":"https:\/\/www.incredmoney.com\/blog\/#\/schema\/person\/91d1ca8413938f5afdb8971df15afacc"},"headline":"Value In Vapour: The Steamhouse India IPO","datePublished":"2026-09-10T09:23:20+00:00","dateModified":"2026-09-11T09:37:04+00:00","mainEntityOfPage":{"@id":"https:\/\/www.incredmoney.com\/blog\/the-steamhouse-india-ipo\/"},"wordCount":1034,"commentCount":0,"image":{"@id":"https:\/\/www.incredmoney.com\/blog\/the-steamhouse-india-ipo\/#primaryimage"},"thumbnailUrl":"https:\/\/www.incredmoney.com\/blog\/wp-content\/uploads\/2026\/09\/79d989f4-d470-432d-a0e2-508fdca215bc_1299x726.webp","keywords":["Blogs"],"articleSection":["IPO"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.incredmoney.com\/blog\/the-steamhouse-india-ipo\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.incredmoney.com\/blog\/the-steamhouse-india-ipo\/","url":"https:\/\/www.incredmoney.com\/blog\/the-steamhouse-india-ipo\/","name":"The Steamhouse India IPO: Review, Financials, Business & Risks | InCred Money","isPartOf":{"@id":"https:\/\/www.incredmoney.com\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.incredmoney.com\/blog\/the-steamhouse-india-ipo\/#primaryimage"},"image":{"@id":"https:\/\/www.incredmoney.com\/blog\/the-steamhouse-india-ipo\/#primaryimage"},"thumbnailUrl":"https:\/\/www.incredmoney.com\/blog\/wp-content\/uploads\/2026\/09\/79d989f4-d470-432d-a0e2-508fdca215bc_1299x726.webp","datePublished":"2026-09-10T09:23:20+00:00","dateModified":"2026-09-11T09:37:04+00:00","author":{"@id":"https:\/\/www.incredmoney.com\/blog\/#\/schema\/person\/91d1ca8413938f5afdb8971df15afacc"},"description":"Explore the Steamhouse India IPO, including its business model, financial performance, unit economics, operating metrics, peers and key investment risks at InCred Money","breadcrumb":{"@id":"https:\/\/www.incredmoney.com\/blog\/the-steamhouse-india-ipo\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.incredmoney.com\/blog\/the-steamhouse-india-ipo\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.incredmoney.com\/blog\/the-steamhouse-india-ipo\/#primaryimage","url":"https:\/\/www.incredmoney.com\/blog\/wp-content\/uploads\/2026\/09\/79d989f4-d470-432d-a0e2-508fdca215bc_1299x726.webp","contentUrl":"https:\/\/www.incredmoney.com\/blog\/wp-content\/uploads\/2026\/09\/79d989f4-d470-432d-a0e2-508fdca215bc_1299x726.webp","width":1299,"height":726},{"@type":"BreadcrumbList","@id":"https:\/\/www.incredmoney.com\/blog\/the-steamhouse-india-ipo\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.incredmoney.com\/blog\/"},{"@type":"ListItem","position":2,"name":"Value In Vapour: The Steamhouse India IPO"}]},{"@type":"WebSite","@id":"https:\/\/www.incredmoney.com\/blog\/#website","url":"https:\/\/www.incredmoney.com\/blog\/","name":"InCred Money","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.incredmoney.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.incredmoney.com\/blog\/#\/schema\/person\/91d1ca8413938f5afdb8971df15afacc","name":"InCred Money","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/fa3ca621e2126aa06847bfc76570805abd5bcc3be1841b0be0f56d69de3b1d18?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/fa3ca621e2126aa06847bfc76570805abd5bcc3be1841b0be0f56d69de3b1d18?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/fa3ca621e2126aa06847bfc76570805abd5bcc3be1841b0be0f56d69de3b1d18?s=96&d=mm&r=g","caption":"InCred Money"},"url":"https:\/\/www.incredmoney.com\/blog\/author\/incred-money-team\/"}]}},"_links":{"self":[{"href":"https:\/\/www.incredmoney.com\/blog\/wp-json\/wp\/v2\/posts\/14833","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.incredmoney.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.incredmoney.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.incredmoney.com\/blog\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/www.incredmoney.com\/blog\/wp-json\/wp\/v2\/comments?post=14833"}],"version-history":[{"count":4,"href":"https:\/\/www.incredmoney.com\/blog\/wp-json\/wp\/v2\/posts\/14833\/revisions"}],"predecessor-version":[{"id":14844,"href":"https:\/\/www.incredmoney.com\/blog\/wp-json\/wp\/v2\/posts\/14833\/revisions\/14844"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.incredmoney.com\/blog\/wp-json\/wp\/v2\/media\/14834"}],"wp:attachment":[{"href":"https:\/\/www.incredmoney.com\/blog\/wp-json\/wp\/v2\/media?parent=14833"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.incredmoney.com\/blog\/wp-json\/wp\/v2\/categories?post=14833"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.incredmoney.com\/blog\/wp-json\/wp\/v2\/tags?post=14833"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}