Steamhouse India IPO Day 2: GMP ₹18

Welcome back to our daily deep dive into the Steamhouse India IPO! As we enter Day 2 of the subscription period, it’s time to take stock of where things stand. The IPO, which opened yesterday and will close on September 11th, 2026, is offering shares on the NSE mainboard at an issue price of ₹81 per share. Let’s see how investors are reacting and what it means for potential returns.

Subscription Status

The subscription numbers for Steamhouse India on Day 2 are, frankly, still showing zero across the board. This means that as of the end of Day 1 and the beginning of Day 2, we haven’t seen any formal bids come in from Retail Individual Investors (RIIs), High Net Worth Individuals (HNIs) or Non-Institutional Investors (NIIs), or Qualified Institutional Buyers (QIBs). A total subscription of 0x across all categories is certainly something to watch closely. Typically, by the second day, we’d expect at least some traction, especially from the retail segment. The absence of any booking might indicate cautious sentiment, or it could simply mean that investors are waiting for more information or for Day 3, which is often the busiest day. We’ll need to see how this unfolds in the coming days.

GMP Update

Now, let’s talk about the Grey Market Premium (GMP). The current GMP for Steamhouse India IPO stands at ₹18. Interestingly, this is unchanged from yesterday’s ₹18. The GMP is a key indicator of market sentiment and demand outside the official channels. A steady GMP, even if it’s not skyrocketing, suggests that there’s a baseline level of interest. If the IPO were to list at its issue price of ₹81 plus the current GMP of ₹18, the expected listing price would be around ₹99. This represents a potential gain of approximately 22% on the issue price, which is quite attractive. However, it’s important to remember that GMP is speculative and can fluctuate significantly. The fact that it hasn’t moved yet on Day 2 could mean a few things: either the initial interest is stable, or there isn’t enough new information to push it higher or lower. We’ll be keeping a keen eye on this.

Should You Apply?

So, the big question: should you be applying for the Steamhouse India IPO? It’s a bit of a mixed bag right now. On one hand, the GMP is positive, hinting at a potential healthy listing gain. The expected listing price of ₹99 is certainly appealing. The lot size is 185 shares, so a basic investment would be ₹15,075 (185 shares * ₹81). That said, the complete lack of subscription figures on Day 2 is a point of caution. It’s unusual for there to be absolutely zero movement, even from retail investors, by this stage. This might suggest that the market is waiting for more substantial cues, or perhaps the company’s fundamentals or the overall market conditions are making investors hesitant. As per SEBI advisor guidelines, it’s always wise to conduct your own thorough research into the company’s business model, financials, and future prospects before making any investment decisions. The IPO period runs until September 11th, 2026, so there’s still time for subscription numbers to pick up. For now, it’s a wait-and-watch game, with the GMP offering a glimmer of optimism amidst the quiet subscription sheets.

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