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The Economic Times

Business

Veer Sharma

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

Steamhouse India STEAMhouse Surat

Ace investor Madhusudan Kela-backed Singularity Large Value Fund III and Singularity Equity Fund I, along with Niveshaay Sambhav Fund, have invested a combined Rs 49.99 crore in IPO-bound Steamhouse India through a pre-IPO placement at an issue price of Rs 73 per equity share.

As part of the transaction, Steamhouse India allotted 68,49,315 equity shares through a private placement. Singularity Large Value Fund III received 47,94,520 equity shares aggregating Rs 34.99 crore, while Singularity Equity Fund I was allotted 6,84,932 equity shares worth Rs 5 crore. Niveshaay Sambhav Fund received 13,69,863 equity shares aggregating Rs 9.99 crore.

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