Shares of industrial gas producer Steamhouse India made a strong market debut on Thursday, listing at Rs 93 on the BSE, a 14.81 per cent premium over the IPO issue price of Rs 81. On the NSE, the stock opened at Rs 94.50, marking a 16.66 per cent premium. The company’s market valuation stood at Rs 2,689.71 crore.

The Rs 414-crore IPO was subscribed 30.49 times last week. The issue comprised a fresh issue of Rs 353 crore and an offer for sale of Rs 61 crore, with the price band set at Rs 77-81 per share. Steamhouse India had raised Rs 124.20 crore from anchor investors.

Proceeds from the fresh issue will be used to repay part of the company’s existing debt, expand capacity at its Ankleshwar and Panoli facilities, establish a new steam-generation unit at Dahej SEZ and meet general corporate requirements. Established in 2014, the company supplies industrial steam through dedicated pipeline infrastructure to customers in sectors including chemicals, textiles, pharmaceuticals, food processing, paper and manufacturing.