Devson Catalyst IPO GMP today is Rs 49. Investors can use this GMP along with price band and subscription status for a better IPO review.
Listed
SME IPO
DEVSON
Devson Catalyst
Devson Catalyst Limited is an ISO 9001:2015 and ISO 45001:2018 certified manufacturer of catalysts, adsorbents and ceramic balls used in industrial processes. The company operates a manufacturing facility in Gujarat with an installed production capacity of approximately 6,205 metric tons per annum. Its products help improve process efficiency by accelerating chemical reactions, removing impurities from gases and liquids, and supporting catalyst beds in industrial reactors and towers. Devson supplies its products to customers across oil and gas refineries, petrochemicals, steel, fertilisers and other industrial processing sectors in domestic and international markets. The company generates revenue from the manufacture and sale of these industrial products. Its facility follows standard operating procedures and internal quality checks to ensure consistent product quality and operational reliability.
IPO Details
Complete IPO information
| Current GMP | ₹49 |
|---|---|
| Estimated Listing Gain | +41.53% |
| Price Band | ₹112.00 - ₹118.00 |
| Issue Price | ₹118.00 |
| Listing Price | TBA |
| Lot Size | 1,200 Shares |
| Issue Type | SME |
| Issue Size | Approx ₹42.34 Cr |
| Registrar | TBA |
| Exchange | BSE SME |
| Retail Quota | TBA |
| Overall Subscription | 205.06x |
| Listing Date | 16 Jul 2026 |
| Minimum Investment | ₹2,83,200 |
Timeline
IPO roadmap at a glance
01
Bidding Opens
09 Jul 2026
02
Bidding Closes
13 Jul 2026
03
Allotment
14 Jul 2026
04
Listing
16 Jul 2026
Grey Market Premium
Daily GMP status
| Date | GMP | Change | Gain |
|---|---|---|---|
| 16 July | ₹49 | -₹2.00 | 41.53% |
| 15 July | ₹51 | +₹2.00 | 43.22% |
| 14 July | ₹49 | +₹4.00 | 41.53% |
| 13 July | ₹45 | - | 38.14% |
| 11 July | ₹45 | - | 38.14% |
| 10 July | ₹45 | -₹5.00 | 38.14% |
| 9 July | ₹50 | +₹14.00 | 42.37% |
| 8 July | ₹36 | -₹10.00 | 30.51% |
| 7 July | ₹46 | +₹2.00 | 38.98% |
| 6 July | ₹44 | +₹36.00 | 37.29% |
| 4 July | ₹8 | - | 6.78% |
| 3 July | ₹8 | +₹2.00 | 6.78% |
| 2 July | ₹6 | - | 5.08% |
Market Lot
Application size breakdown
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 2 Lot | 2,400 | ₹2,83,200 |
| Retail Maximum | 2 Lot | 2,400 | ₹2,83,200 |
| S-HNI Minimum | 3 Lot | 3,600 | ₹4,24,800 |
| S-HNI Maximum | 7 Lot | 8,400 | ₹9,91,200 |
| B-HNI Minimum | 8 Lot | 9,600 | ₹11,32,800 |
Issue Notes
Important takeaways before applying
Strengths
- Manufactures catalysts, adsorbents and ceramic balls for multiple industrial applications from a single facility.
- ISO 9001:2015 and ISO 45001:2018 certified manufacturing operations with established quality systems.
- Serves customers across domestic and international markets in oil and gas, petrochemicals, steel and fertiliser industries.
- Strong technical and manufacturing capabilities support consistent product quality and timely deliveries.
- Focuses on developing new catalyst and adsorbent products to expand its product portfolio and customer base.
Risks
- A significant portion of revenue comes from the petrochemical industry, exposing the business to sector-specific risks.
- The company operates a single manufacturing facility, making operations vulnerable to any disruption at that plant.
- Failure to maintain product quality or meet customer specifications could affect customer relationships and business.
- The business depends on continuous technological development to remain competitive in the catalyst industry.
- The company has not declared or paid dividends in the last three financial years, and future dividends are not assured.
Analysis
Devson Catalyst IPO Details
Devson Catalyst Limited is launching its Initial Public Offering (IPO) through the book-building process. The public issue consists of a combination of a fresh issue of equity shares and an Offer for Sale (OFS), enabling the company to raise capital for its business objectives while providing an exit opportunity to certain existing shareholders.
The equity shares of Devson Catalyst Limited are proposed to be listed on the BSE SME platform. Investors can participate in the IPO during the subscription period by applying within the announced price band through the ASBA or UPI process.
| Particular | Details |
|---|---|
| Devson Catalyst IPO Open Date | July 9, 2026 |
| Devson Catalyst IPO Close Date | July 13, 2026 |
| Face Value | ₹10 Per Equity Share |
| IPO Price Band | ₹112 to ₹118 Per Share |
| Issue Size | Approx ₹42.34 Crores, 35,88,000 Equity Shares |
| Fresh Issue | Approx ₹39.39 Crores, 33,38,000 Equity Shares |
| Offer for Sale (OFS) | Approx 2,50,000 Equity Shares |
| Issue Type | Book Building Issue |
| IPO Listing | BSE SME |
Analysis
Devson Catalyst IPO Reservation
Devson Catalyst Limited has allocated its IPO shares among various investor categories in accordance with SEBI guidelines applicable to book-building public issues. The reservation structure is designed to ensure balanced participation from institutional investors, non-institutional investors, and retail investors.
A portion of the issue has been reserved for Anchor Investors and Qualified Institutional Buyers (QIBs), while separate allocations have been made for Non-Institutional Investors (NIIs) and Retail Individual Investors (RIIs). The final allotment will be based on valid bids received during the IPO subscription period.
| Investor Category | Share Offered | Shares (%) |
|---|---|---|
| Anchor Investor | 10,00,800 Shares | 28.41% |
| QIB (Ex. Anchor) | 6,62,400 Shares | 18.80% |
| NII Shares Offered | 5,04,000 Shares | 14.31% |
| Retail Shares Offered | 11,76,000 Shares | 33.38% |
Analysis
Devson Catalyst IPO Anchor Investors
Devson Catalyst Limited has reserved a portion of its IPO for Anchor Investors under the book-building process. Anchor investors generally include Qualified Institutional Buyers (QIBs) such as mutual funds, insurance companies, banks, financial institutions, and foreign portfolio investors who participate in the IPO before it opens for public subscription.
Anchor investor participation is often viewed as an indicator of institutional confidence in the company's business prospects. Shares allotted to anchor investors are subject to mandatory lock-in periods as prescribed by SEBI regulations.
| Particular | Details |
|---|---|
| Anchor Bidding Date | July 8, 2026 |
| Anchor Investors List | |
| Shares Offered | 10,00,800 Shares |
| Anchor Size | [.] Cr. |
| Lock-in Period End Date for 50% Shares (30 Days) | 2026 |
| Lock-in Period End Date for Remaining 50% Shares (90 Days) | 2026 |
Note: The final anchor investor list and issue size will be disclosed after the completion of the anchor allocation process. The allotted shares will remain subject to the applicable SEBI-mandated lock-in requirements.
Analysis
Devson Catalyst IPO Dates
The Devson Catalyst IPO will open for subscription on July 9, 2026 and close on July 13, 2026. During this period, eligible investors can apply for shares through the ASBA facility or UPI-supported applications offered by registered brokers and banks.
Following the closure of the subscription window, the basis of allotment is expected to be finalized on July 14, 2026. Successful applicants will receive the allotted shares in their demat accounts on July 15, 2026, while refunds for unsuccessful applicants will also be initiated on the same day. The equity shares of Devson Catalyst Limited are proposed to be listed on the BSE SME platform on July 16, 2026.
| Event | Date |
|---|---|
| IPO Open Date | July 9, 2026 |
| IPO Close Date | July 13, 2026 |
| Basis of Allotment | July 14, 2026 |
| Refunds Initiation | July 15, 2026 |
| Credit to Demat Account | July 15, 2026 |
| IPO Listing Date | July 16, 2026 |
Analysis
Devson Catalyst IPO Promoters and Holding Pattern
The promoters of Devson Catalyst Limited are Pratapbhai Devjibhai Siyania, Prahladbhai Devjibhai Shiyaniya, Patel Savan Prahladbhai, and Patel Krishna Savanbhai. The promoter group has been instrumental in establishing and expanding the company's operations, providing strategic direction and long-term business leadership.
Following the completion of the IPO, the promoter shareholding will change based on the fresh issue and Offer for Sale (OFS). The final post-issue promoter holding percentage will be determined after the successful allotment and listing of the equity shares.
| Particular | Shares | % Share |
|---|---|---|
| Promoter Holding Pre Issue | 1,02,50,000 | 100% |
| Promoter Holding Post Issue | 1,35,88,000 | -% |
Note: The post-issue promoter shareholding percentage will be finalized after the completion of the IPO process and allotment of equity shares.
Analysis
Devson Catalyst IPO Objects of the Issue & Utilisation of Proceeds
Devson Catalyst Limited intends to utilize the net proceeds from the fresh issue primarily to strengthen its manufacturing capabilities and support future business expansion. The proposed deployment of funds is expected to enhance production capacity, improve operational efficiency, and provide additional financial flexibility for the company's growing operations.
A significant portion of the IPO proceeds will be invested in establishing a new manufacturing unit, while the remaining funds will be used to meet working capital requirements and for general corporate purposes, enabling the company to execute its long-term growth strategy.
| Purpose | Amount (Crores) |
|---|---|
| Funding the Capital Expenditure requirements towards setting up of a new manufacturing unit | ₹17.40 |
| Funding the Working Capital requirements of the Company | ₹12.00 |
| General Corporate Purpose | ₹- |
Note: The proposed utilization of IPO proceeds is based on the company's offer document and may be implemented in accordance with project requirements and applicable regulatory approvals.
Analysis
Devson Catalyst - About IPO
Devson Catalyst is one of the leading Indigenous manufacturers of catalysts, adsorbents, and ceramic balls, which are important materials used in a wide range of industrial processes. Its manufacturing facility is in Gujarat. Its products are used in various industries, including oil and gas refineries, petrochemicals, steel, fertilizers, and other industrial processing sectors. Its manufacturing facility is situated in Surendranagar, Gujarat, and is equipped with various machinery and infrastructure with a capacity of 6,205 MT per year.
Devson Catalyst operates its business in the B2B segment and supplies institutional and industrial customers. The company serves its products to both domestic and international markets.
Analysis
Devson Catalyst IPO Company Financial Report
Devson Catalyst Limited has demonstrated consistent financial growth over the last four financial years, with steady increases in revenue, profitability, and total assets. The company's improving financial performance reflects its expanding operations, better cost management, and strengthening business fundamentals.
Between FY2023 and FY2026, the company recorded strong growth in revenue while significantly improving its Profit After Tax (PAT). The rise in total assets also indicates continued investment in business expansion and operational capacity, providing a solid financial foundation ahead of the IPO.
| Period Ended | Revenue | Expense | PAT | Assets |
|---|---|---|---|---|
| 2023 | ₹32.75 | ₹29.58 | ₹2.34 | ₹15.89 |
| 2024 | ₹43.75 | ₹38.07 | ₹4.08 | ₹21.49 |
| 2025 | ₹53.54 | ₹43.16 | ₹7.67 | ₹27.38 |
| 2026 | ₹56.84 | ₹40.01 | ₹12.52 | ₹41.63 |
Amount in ₹ Crores: The above financial figures are based on the company's reported financial statements and provide an overview of Devson Catalyst Limited's revenue, expenses, profitability, and asset growth before the IPO.
Analysis
Devson Catalyst IPO Valuation – FY2026
Before investing in an IPO, investors generally evaluate important financial metrics such as Return on Equity (ROE), Return on Capital Employed (ROCE), EBITDA Margin, Profit After Tax (PAT) Margin, Earnings Per Share (EPS), Net Asset Value (NAV), and the Debt-to-Equity Ratio. These indicators help assess the company's profitability, financial strength, operational efficiency, and overall valuation.
Devson Catalyst Limited has delivered strong financial performance during FY2026, supported by healthy margins, robust returns, and a low debt profile. The valuation metrics below provide an overview of the company's financial position ahead of its proposed IPO.
| KPI | Values |
|---|---|
| ROE | 45.97% |
| ROCE | 47.60% |
| EBITDA Margin | 29.49% |
| PAT Margin | 22.45% |
| Debt to Equity Ratio | 0.07 |
| Earning Per Share (EPS) | ₹12.22 (Basic) |
| Price/Earning (P/E) Ratio | N/A |
| Return on Net Worth (RoNW) | 37.38% |
| Net Asset Value (NAV) | ₹32.68 |
Note: The above valuation metrics are based on the FY2026 financial statements of Devson Catalyst Limited. Investors should also evaluate the company's business model, industry outlook, peer comparison, and risk factors before making an IPO investment decision.
Analysis
DAevson Catalyst Peer Group Comparison
- There are no listed peer companies.
Analysis
IPO Lead Managers aka Merchant Bankers
- JJ IPO Advisors Pvt.Ltd.
FAQ
Devson Catalyst IPO FAQs
Devson Catalyst IPO price band is Rs 112.00 to Rs 118.00. Check the latest issue price, lot size and GMP together before applying.
Devson Catalyst IPO open date is 09 Jul 2026, close date is 13 Jul 2026, and listing date is 16 Jul 2026.
Devson Catalyst IPO lot size is 1,200 shares. The minimum retail investment is Rs 2,83,200.
Devson Catalyst is classified as a SME. This helps investors quickly understand the issue category and exchange segment.
Devson Catalyst IPO subscription status currently shows Retail 244.03x, QIB 168.56x, Overall 205.06x.
Devson Catalyst Limited is an ISO 9001:2015 and ISO 45001:2018 certified manufacturer of catalysts, adsorbents and ceramic balls used in industrial processes. The company operates a manufacturing facility in Gujarat with an installed production capacity of approximately 6,205 metric tons per annum. Its products help improve process efficiency by accelerating chemical reactions, removing impurities from gases and liquids, and supporting catalyst beds in industrial reactors and towers. Devson supplies its products to customers across oil and gas refineries, petrochemicals, steel, fertilisers and other industrial processing sectors in domestic and international markets. The company generates revenue from the manufacture and sale of these industrial products. Its facility follows standard operating procedures and internal quality checks to ensure consistent product quality and operational reliability.
Devson Catalyst IPO issue size is 42.34 and the expected allotment date is 14 Jul 2026.