Madhusudan Kela-backed fund buys stake in IPO-bound Steamhouse India for Rs 40 crore

Madhusudan Kela-backed Singularity Large Value Fund III, Singularity Equity Fund I, and Niveshaay Sambhav Fund together invested about Rs 40 crore in Steamhouse India through a pre-IPO private placement, acquiring roughly 2.94 percent of the company pre-offer equity. The Surat-headquartered firm, which filed its UDRHP with SEBI, operates a centralized industrial steam supply model serving over 167 clients and is expanding into waste-to-energy and nitrogen compression. Under SEBI rules, the size of the proposed fresh issue in the IPO will be reduced by the amount raised via this pre-IPO placement.