In July, the company had filed IPO papers with market regulator via confidential route
According to the updated draft red herring prospectus, the company’s IPO will be a combination of fresh issue of ₹345 crore and an offer of sale of ₹80 crore where Chairman and Managing Director Vishal Budhia will be divesting stake.
While ₹150 crore from the fresh issue will go towards the repayment of loans (company has total outstanding borrowings of ₹216 crore), an additional ₹108 crore will be used to set up a new manufacturing facility for generation of steam at Dahej SEZ in the South Gujarat as well as expansion of the company’s phase 3 of its Ankleshwar facility and phase 2 of the Panoli facility.
Operations
The company that serves customers across pharmaceuticals, chemicals, agro-chemicals, textiles, tyres, dyes and pigments, polymers, paints and other sectors , currently operates seven community steam boilers (six owned and one leased) including Vapi Phase 1, Vapi WTE unit, Ankleshwar Phase 1, Ankleshwar Phase 2, Sarigam, Nandesari and Panoli.
As of September 30, 2025, the company’s combined installed plant capacity for steam across our seven boilers is an aggregate of 345 tonnes per hour (TPH). The company also has one nitrogen generation and distribution facility, which is located in Ankleshwar with a capacity of 350 NM3/hour. It utilises a diverse range of fuels in our operational community steam boiler facilities, including coal and non-fossil fuels like plastic waste to generate steam.
The aggregate installed capacity of the Ankleshwar facility that currently stands at 120 TPH will now be expanded to 180 TPH in the third phase by adding a boiler of 60 TPH. Similarly, the installed capacity of the Panoli facility is 60 TPH and will be raised to 120 TPH in the second phase, while the new Dahej SEZ facility is expected to have an installed capacity of 30 TPH.
Part of Sanjoo Group that introduced the concept of community boiler systems for industries that needed to source steam, the company’s revenues in FY25 has grown by over 35 per cent to ₹395 crore. In the first six months of the current fiscal, the company has clocked ₹238 crore in revenues.
The company’s clientele includes Aether Industries, Anupam Rasayan India, Globe Enviro Care, Gujarat Polysol Chemicals Private Ltd, Devanshi Dyestuff, K. Patel Chemo Pharma Pvt Ltd , K. Patel Dye Chem Industries Pvt Ltd, Mahavir Synthesis Pvt Ltd, Mangalam Intermediaries, Orgo Chem Gujarat Private Ltd and Subhashri Pigments Ltd.
Published on December 9, 2025
