&w=3840&q=100)
Steamhouse India files confidential IPO papers to raise up to ₹700 cr
In a public announcement on Wednesday, Surat-based Steamhouse India said it has submitted "the pre-filed draft red herring prospectus with Sebi and the stock exchanges...in relation to the proposed initial public offering of its equity shares on the main board of the stock exchanges".
While the exact issue size has not been officially disclosed, industry sources estimated that the IPO could be in the range of Rs 500 crore to Rs 700 crore.
Built on the industrial legacy of Sanjoo group, the company was founded in 2014 and is headquartered in Surat. Steamhouse India serves over 167 clients across the country.
The company has expansions underway at Pirana, Ahmedabad; Dahej SEZ; Vapi Phase 3; Ankleshwar Phase 3; Panoli Phase 2; Jhagadia; Nandesari Phase 2.
It also plans to expand operations in Andhra Pradesh, Telangana, Maharashtra, Himachal Pradesh, Madhya Pradesh, Rajasthan, Uttar Pradesh and Haryana.
As per the company's FY24 annual report, its total revenue was Rs 291.71 crore and profit stood at Rs 25.97 crore.
The company has opted for the confidential pre-filing route, which allows it to withhold public disclosure of IPO details under the draft red herring prospectus (DRHP) until later stages. This route is gaining traction among Indian firms aiming for flexibility in their IPO plans.
In recent months, logistics service provider Shadowfax Technologies, Gaja Alternative Asset Management, commerce enablement platform Shiprocket, Tata Capital, edtech unicorn PhysicsWallah and Imagine Marketing, the parent company of wearables brand boAt, also chose confidential filings. In 2024, food delivery giant Swiggy and retail chain Vishal Mega Mart floated their IPOs following similar filings.
Market experts note that the confidential pre-filing route offers companies greater flexibility and reduces the pressure to go public quickly. Unlike the traditional route, which requires companies to launch their IPOs within 12 months of receiving Sebi's approval, the pre-filing route extends this window to 18 months from the receipt of final comments.
Additionally, firms can modify the primary issue size by up to 50 per cent until the updated DRHP stage.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Indian Express
26 minutes ago
- Indian Express
BEML secures $6.23 million export orders; share price rises 720% in 5 years
BEML share price, BEML new order: Shares of BEML climbed 1.73 per cent on Friday (July 4) after the state-owned company secured orders worth $6.23 million. In an exchange filing, the company said that it secured two prestigious export orders from the Commonwealth of Independent States (CIS) region, including Uzbekistan. On Friday, BEML shares closed in green at Rs 4530 apiece, up 76.90 points. About 17.15 lakh equity shares changed hands on the day. According to NSE, this PSU stock has total market cap of Rs 18864.96 crore. The stock registered 52-week-high of Rs 5488 on July 5, 2024. It recorded 52-week-low of Rs 2350 on March 3, 2025. In a regulatory filing, the PSU company said, 'BEML Limited has bagged 2 separate export order, One order from Commonwealth of Independent States (CIS) region, for supply of Heavy Duty Bulldozers and Second order from Uzebekistan (Maiden Order) for Supply of High performance Motor Grader. Total contract value of USD. 6.23 Million approximately.' BEML is a component of the BSE 500. According to the BSE analytics, shares of BEML gave positive returns of 2.11 per cent and 3.40 per cent in the last 1 week and 1 month, respectively. On a YTD basis, shares of the state-owned company up 9.73 per cent. However, in the last 1 year, shares of the PSU company fell 2.84 per cent. In the past 2 years, 3 years, 5 years, and 10 years, shares of the company up 186.79 per cent, 328.85 per cent, 720.20 per cent, and 309.05 per cent, respectively. This year, BEML paid dividends of Rs 5 and Rs 15 in February and May, respectively. Last year, the company paid total dividends of Rs 20.50. BEML never issued bonuses for the equity shareholders.
United News of India
28 minutes ago
- United News of India
MoS Pabitra Margherita to visit Malaysia for ASEAN-related meetings, also visit Cambodia
New Delhi, July 5 (UNI) Minister of State for External Affairs Pabitra Margherita will be visiting Malaysia where he will attend the Foreign Ministers' Meetings under the ASEAN framework, and will also visit Cambodia. During his official visit to Cambodia from July 7-8, MoS Margherita will be calling on the senior leadership of Cambodia, and would interact with ITEC/ ICCR Alumni, as also members of the Indian community. He would also review the extensive restoration and conservation work carried out by India at World Heritage Sites in Cambodia, that are also symbols of our shared culture, a statement said. Our excellent, close relations with Cambodia are underpinned by shared civilizational heritage and a robust, people-centric development partnership. The visit would further bolster our bilateral ties and provides an opportunity for both sides to exchange views on advancing initiatives and issues of mutual interest in diverse sectors. MoS Margherita will visit Kuala Lumpur, Malaysia, from July 10-11, at the invitation of the current ASEAN Chair, Malaysia. MoS will participate in the Foreign Ministers' Meetings under the ASEAN framework in the format of ASEAN-India, East Asia Summit (EAS) and ASEAN Regional Forum (ARF). India and ASEAN share cultural and civilisational bonds. ASEAN is the cornerstone of India's Act East Policy and the Indo-Pacific vision. The visit will renew India's deep engagement with the ASEAN-centred regional architecture, underline our strong commitment to ASEAN unity, ASEAN centrality and the ASEAN Outlook on the Indo-Pacific (AOIP) and strengthen the ASEAN-India Comprehensive Strategic Partnership. MoS (PM) is also expected to hold bilateral meetings with his counterparts from other countries in Kuala Lumpur, Malaysia, on the margins of the ASEAN-related meetings, the statement added. UNI RN
Time of India
29 minutes ago
- Time of India
Explained: How Jane Street made a staggering Rs 735 crore profit in Indian markets in just a day? SEBI reveals details of ‘manipulation' strategy
SEBI investigation into Jane Street profits highlights worrying aspects about India's derivatives market structure. (AI image) Jane Street Group, the US trading powerhouse that was slapped with a trading ban in Indian markets on Friday, made a whopping Rs 735 crore single-day profit during a January 2024 trading session, according to a SEBI order published that day. The substantial earnings were part of Jane Street's total profits of Rs 36,502.12 crore across various market segments in India from January 2023 to March 2025. SEBI's detailed investigation specifically highlights January 17, 2024, when the organisation allegedly implemented a sophisticated "Intra-day Index Manipulation" scheme involving the Bank Nifty index and its components, resulting in significant gains from index options, according to an ET report. What did Jane Street do to make Rs 735 crore single-day profit? On January 17, 2024, the Bank Nifty index commenced trading considerably lower at 46,573.95, down from its previous closing value of 48,125.10. "Media reports claimed that this fall may be attributed to the market's apparent disappointment with the results announced by HDFC Bank after market close on January 16, 2024," SEBI noted. The regulatory body identified a dual-phase approach that enabled Jane Street to accumulate a net profit of Rs 734.93 crore within several hours of trading. During the initial trading period—"Patch I"—the organisation allegedly purchased Bank Nifty constituent stocks and futures valued at Rs 4,370 crore, which SEBI noted was considerable relative to typical market trading volumes. These acquisitions resulted in price increases, causing market participants to incorrectly interpret it as a market recovery. "At a time when participants in index options markets are misled by the above support for Nifty Bank, JS Group builds effectively Rs 32,114.96 crores of bearish positions in the much more liquid Nifty Bank index options by buying cheap Put options and selling expensive Call options," the order said. During the subsequent phase—"Patch II"—Jane Street disposed of almost all its long-term holdings. "The sales are aggressive, in a manner that pushes down prices in the component stocks and hence the index. JS Group books losses in intraday cash/ futures market trading," the SEBI order alleged. The profits generated from index options significantly outweighed the equity losses. When the Bank Nifty index declined from its morning peak, put options increased substantially in value whilst call options decreased. "Profits in index options more than compensate for the JS Group's losses in intraday cash/futures trading," SEBI said. Jane Street 'Manipulation' Pattern Jane Street employed identical "Intra-day Index Manipulation" tactics during 15 out of 18 days under SEBI's scrutiny. For the remaining three instances, they implemented an "Extended Marking the Close" approach, which continued for three additional days in May 2025, even after receiving SEBI's warning notice. Also Read | Jane Street ban: Why has SEBI barred US-based trading firm, which made multi-thousand crore profit, from India's securities markets? Explained Following a National Stock Exchange advisory in February 2025, the "JS Group persisted with similar trading activities, disregarding both the Exchange's cautionary communication and their own pledges," as stated by the regulatory authority. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Secure Your Child's Future with Strong English Fluency Planet Spark Learn More Undo While the NSE concluded its investigation, SEBI took stringent measures. The regulator issued orders on Friday prohibiting Jane Street and four related entities from participating in Indian securities trading, whilst directing banks to restrict their account withdrawals. Additionally, SEBI initiated proceedings to seize Rs 4,840 crore in purported unlawful profits. The investigation highlights worrying aspects about India's derivatives market structure, where global entities utilising sophisticated algorithms and high-speed trading techniques compete against individual retail options investors. SEBI's investigation revealed Jane Street's dominant position, noting they "consistently running what appeared to be by far the largest risks in 'cash equivalent' terms in F&O particularly on index option expiry days. " The regulatory body emphasised the substantial magnitude of Jane Street's market activities in cash and futures segments. They observed that the firm understood that Nifty Bank would likely decline by day's end, considering their planned strategy to aggressively liquidate their morning acquisitions and beyond. SEBI pointed out that other market participants remained uninformed about these developments, leading them to engage in transactions whilst the Nifty Bank index was being artificially sustained at elevated levels temporarily. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
