Devson Catalyst IPO
Grey Market Premium (GMP)
GMP applies before listing only. This IPO has listed — see Listing Performance below for the actual debut.
Subscription Status
| Category | Subscription |
|---|---|
| QIB | 168.56x |
| NII | 261.22x |
| sNII (₹2L–₹10L) | 211.19x |
| bNII (above ₹10L) | 286.5x |
| Retail (RII) | 244.08x |
| Employee | 1.06x |
| Total | 220.35x |
Bidding day 5 · final figures at close of bidding: 16 Jul 2026, 6:30 pm IST
IPO Details
- Open Date
- 9 Jul 2026
- Close Date
- 13 Jul 2026
- Listing Date
- 16 Jul 2026
- Face Value
- ₹10
- Fresh Issue
- ₹37.26 Cr
- OFS
- ₹2.95 Cr
- Listing On
- BSE
- Registrar
- —
Lot Size & Application Amounts
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 2,400 | ₹2,83,200 |
| HNI (Min) | 3 | 3,600 | ₹4,24,800 |
Issue Reservation
| Investor category | Shares offered | % of issue |
|---|---|---|
| Anchor | 10,00,800 | 29.37% |
| QIB (ex-anchor) | 6,62,400 | 19.44% |
| NII | 5,04,000 | 14.79% |
| — sNII (< ₹10L) | 1,69,200 | 4.96% |
| — bNII (> ₹10L) | 3,34,800 | 9.82% |
| Retail | 11,76,000 | 34.51% |
| Employee | 64,800 | 1.9% |
| Total | 34,08,000 | 100% |
The anchor portion is carved out of the QIB quota. Percentages are of the total shares offered.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2024 | 43.75 | 4.08 | 6.69 | 13.36 | 21.49 | 4.17 | — |
| FY 2025 | 53.54 | 7.67 | 10.93 | 20.98 | 27.38 | 2.78 | — |
| FY 2026 | 56.84 | 12.52 | 16.76 | 33.5 | 41.63 | — | 12.22 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March.
KPIs & Valuation
- P/E (pre-issue)
- 9.66x
- P/E (post-issue)
- 12.81x
- RoNW
- 37.38%
- RoE
- 45.97%
- RoCE
- 47.6%
- Debt / Equity
- 0.07
- EPS (pre-issue)
- ₹12.22
- EPS (post-issue)
- ₹9.21
- EBITDA Margin
- 29.49%
- P/BV
- 5.76x
- NAV / share
- ₹32.68
- Market Cap
- ₹160.34 Cr
As of 31 Mar 2026 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Objects of the Issue
| Purpose | Est. Amount |
|---|---|
| Funding the Capital Expenditure requirements towards setting up of a new manufacturing unit | ₹17.4 Cr |
| Funding the working capital requirements of the Company | ₹12 Cr |
| General corporate purposes | ₹5.69 Cr |
| Issue Expenses | ₹4.63 Cr |
Net-proceeds utilisation as disclosed in the offer document.
Issue Expenses
| Purpose | Est. Amount |
|---|---|
| Fees payable to Book Running Lead Manager | ₹0.35 Cr |
| Fees payable to the Registrar to the Offer | ₹0.04 Cr |
| Fees payable for Advertising and Publishing Expense | ₹0.2 Cr |
| Fees payable to Regulators including Stock Exchange & Depositories | ₹0.07 Cr |
| Payment for Printing & Stationary, Postage etc | ₹0.02 Cr |
| Fees payable to Auditors, Legal Advisors & other Professionals | ₹0.17 Cr |
| Other Expense including Fees payable for Marketing & distribution expenses, Sponsor Bank/Banker(s) to the Offer, Underwriting fees, Selling Commission, Brokerage,, Depositories Fees Processing Fees, Independent Chartered Engineers, Depository Participant, Industry Report, Monitoring Agency, Processing Fees | ₹3.79 Cr |
Promoters & Shareholding
Promoters: Pratapbhai Devjibhai Siyania, Prahladbhai Devjibhai Shiyaniya, Patel Savan Prahladbhai and Patel Krishna Savanbhai
- Holding (pre-issue)
- 100%
- Holding (post-issue)
- 74.97%
- Dilution
- 25.03%
Anchor Investors
| Investor | Category | Shares | Price | Amount ₹Cr | Allocation |
|---|---|---|---|---|---|
| INDIA MAX INVESTMENT FUND LTD. | Other | 3,18,000 | ₹118 | 3.75 | 31.77% |
| INVICTO MULTIPLIER FUND | Other | 1,71,600 | ₹118 | 2.02 | 17.15% |
| BRESCON OPPORTUNITIES FUND | Other | 1,70,400 | ₹118 | 2.01 | 17.03% |
| MERU INVESTMENT FUND PCC-CELL 1 | Other | 1,27,200 | ₹118 | 1.5 | 12.71% |
| VIJIT GROWTH FUND | Other | 1,27,200 | ₹118 | 1.5 | 12.71% |
| FINAVENUE CAPITAL TRUST-FINAVENUE STRATEGIC FUND | Other | 86,400 | ₹118 | 1.02 | 8.63% |
Anchor bidding took place on 8 Jul 2026. Anchor lock-in: 50% of shares unlock on 13 Aug 2026, the remainder on 12 Oct 2026.
Lead Managers (BRLMs)
Tap a lead manager to see every IPO it has run and how those listings fared.
Listing Performance
About the Devson Catalyst IPO
The Devson Catalyst SME IPO is open between 9 Jul 2026 and 13 Jul 2026, offered at a price band of ₹112–118 per share, and is set to list on BSE. The IPO seeks to raise ₹42.34 crore. Retail investors bid in lots of 1200 shares, a minimum application of ₹2,83,200.
Issue structure
The offer combines a fresh issue of ₹37.26 crore with an offer for sale (OFS) of ₹2.95 crore by existing shareholders. Money raised through the fresh issue goes to the company for its stated objects, while OFS proceeds go to the selling shareholders rather than the business.
Objects of the issue
Per the offer document, the company intends to deploy the net proceeds primarily toward funding the capital expenditure requirements towards setting up of a new manufacturing unit (₹17.4 crore), alongside funding the working capital requirements of the company (₹12 crore). In all, 4 objects are disclosed — the full break-up is in the table above.
Financials
In FY2026, Devson Catalyst reported revenue of ₹56.84 crore and a net profit of ₹12.52 crore. Revenue grew from ₹43.75 crore in FY2024 to ₹56.84 crore in FY2026 (+30.0%). Net worth stood at ₹33.5 crore at the end of FY2026. At the upper band, that puts the issue at roughly 9.7× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 12.81× post-issue earnings and 5.76× book value, against a return on net worth of 37.38% and a debt-to-equity ratio of 0.07. These ratios come from the offer document and are for comparison, not a recommendation.
Promoters
The promoters of the company are Pratapbhai Devjibhai Siyania, Prahladbhai Devjibhai Shiyaniya, Patel Savan Prahladbhai and Patel Krishna Savanbhai. Promoter holding stands at 100% before the issue and comes down to 74.97% after listing.
Grey market premium (GMP)
In the unofficial grey market, Devson Catalyst shares are quoted at a premium of ₹49 implying an expected listing around ₹167, about +41.5% over the upper band. Grey market premium is a sentiment indicator set by private dealers, not the company or the exchange — it moves quickly and is not a reliable predictor of the actual listing price.
Subscription
The Devson Catalyst IPO was subscribed 220.35 times overall. The strongest demand came from non-institutional investors (NII) at 261.22 times, with qualified institutional buyers (QIB) at 168.56× and retail investors at 244.08×.
Listing performance
Devson Catalyst listed on 16 Jul 2026 at ₹196.15, a premium of +66.2% over the issue price of ₹118.
What to weigh
When evaluating the Devson Catalyst IPO, the data points most investors look at are the fresh-issue-versus-OFS split, the revenue and profitability trend, subscription demand across investor categories and the grey market premium. Grey market premium and subscription figures reflect short-term sentiment rather than long-term fundamentals; the figures on this page are for information only and are not investment advice.
About Devson Catalyst
Devson Catalyst Limited is an indigenous manufacturer of catalysts, adsorbents, and ceramic balls used in various industrial processes across sectors such as oil & gas refineries, petrochemicals, steel, fertilizers, and other process industries. The company operates a manufacturing facility located in Wadhwan, Gujarat, with an installed production capacity of approximately 6,205 metric tons per annum. Its products are designed to enhance process efficiency, improve operational reliability, and support sustainable industrial operations. Devson Catalyst serves both domestic and international customers through a business-to-business (B2B) model, supplying primarily to institutional and industrial clients based on their specific technical requirements. The company’s manufacturing facility is equipped with the necessary infrastructure and machinery, supported by standard operating procedures and quality control measures to ensure consistent product quality and performance. Competitive Strengths Indigenous manufacturer of catalysts, adsorbents, and ceramic balls in India. Consistent profitability and financial performance in an industry with high entry barriers. Strategically located manufacturing facility with the capability to produce multiple product lines. Operates in an industry with significant entry barriers, supporting long-term business stability. Strong customer relationships and a growing presence in global markets.
Devson Catalyst — Contact Details
- Registered office
- Plot No 213 To 218 and 233 To 237,, Phase II, Ambawadi, GIDC, Wadhwancity,, Surendranagar, Gujarat, 363030
- Phone
- 91 7201010244
- info@devsongroup.com
- Website
- www.devsongroup.com/
- Registrar (IPO queries)
- devsoncatalyst.smeipo@in.mpms.mufg.com
Frequently asked questions
- What is the Devson Catalyst IPO price band?
- The Devson Catalyst IPO price band is ₹112 to ₹118 per share, with a lot size of 1200 shares.
- What was the Devson Catalyst IPO GMP before listing?
- The final grey market premium recorded before the Devson Catalyst IPO listed was ₹49. The IPO listed on 16 Jul 2026 at ₹196.15, +66.2% against the issue price. GMP is an unofficial figure and was never a guarantee of the listing price.
- When does the Devson Catalyst IPO open and close?
- The Devson Catalyst IPO opens on 9 Jul 2026 and closes on 13 Jul 2026.
- When is the Devson Catalyst IPO allotment and listing date?
- Allotment is expected on 14 Jul 2026. The shares are scheduled to list on 16 Jul 2026 on BSE.
- How many times was the Devson Catalyst IPO subscribed?
- The Devson Catalyst IPO was subscribed 220.35 times in total across all investor categories.
- What is the reservation split in the Devson Catalyst IPO?
- Of the total shares offered, retail investors get 34.51%, QIBs 19.44% (plus 29.37% anchor), non-institutional investors 14.79%. The full category-wise break-up is in the Issue Reservation table on this page.
- Who are the promoters of Devson Catalyst and what is their holding?
- The promoters are Pratapbhai Devjibhai Siyania, Prahladbhai Devjibhai Shiyaniya, Patel Savan Prahladbhai and Patel Krishna Savanbhai. Promoter holding is 100% before the issue and 74.97% after listing.
- What is the P/E ratio of the Devson Catalyst IPO?
- At the upper price band, the Devson Catalyst IPO is valued at 9.66× pre-issue earnings and 12.81× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Devson Catalyst IPO?
- The net proceeds go primarily toward funding the capital expenditure requirements towards setting up of a new manufacturing unit, among 4 disclosed objects. See the Objects of the Issue table for the full break-up.
- Who are the lead managers and registrar of the Devson Catalyst IPO?
- The book-running lead manager is JJ IPO Advisors Pvt.Ltd..
- Is Devson Catalyst a Mainboard or SME IPO?
- Devson Catalyst is an SME IPO, listing on BSE (SME platform).