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Devson Catalyst IPO

Devson Catalyst IPO is an SME issue that opened for subscription on — and is now listed.

Price Band
TBA
GMP
—
Subscription
—
Listing
20 Jan 2026

Overview

Devson Catalyst IPO is an SME issue that opened for subscription on — and is now listed.

IPO Details

Devson Catalyst IPO is a Small and Medium Enterprise (SME) initial public offering scheduled to be listed on BSE SME. The issue has a price band of TBA per equity share with a lot size of TBA shares, translating to a minimum retail investment of TBA.

The issue size is yet to be confirmed, and subscription dates are yet to be announced. Allotment is expected on 16 Jan 2026 and the equity shares are scheduled to list on 20 Jan 2026.

Type
SME
Status
listed
Price band
TBA
Face value
₹10 (typical)
Lot size
—
Min investment (Retail)
TBA
Issue size
—
Fresh issue
—
OFS
—
Exchange
BSE SME
ISIN
TBA
Sector
Chemicals

Market Lot

Market lot details will be available once the price band and lot size are finalised in the Red Herring Prospectus.

IPO Reservation

Per SEBI guidelines, Devson Catalyst IPO reserves shares across investor categories as follows. Final allotment percentages may vary slightly based on the final issue document.

Category% ReservedNotes
QIBUp to 50%Mutual funds, FIIs, banks
NII / HNIUp to 15%Bids ≥ ₹2 lakh
RetailAt least 35%Bids up to ₹2 lakh

Important Dates

  1. Issue Open
    — · Subscription opens
  2. Issue Close
    — · Subscription closes
  3. Allotment
    16 Jan 2026 · Basis of allotment finalised
  4. Refunds Initiated
    — · Funds released for non-allottees
  5. Listing Date
    20 Jan 2026 · Shares debut on the exchange

Grey Market Premium

Grey Market Premium for Devson Catalyst is yet to be tracked. We update GMP from multiple grey market sources during the subscription window. Bookmark this page and check IPO GMP Today for live updates.

Subscription Status

Devson Catalyst IPO subscription tracking will go live once the subscription window opens. Category-wise data (Retail / NII / QIB / Employee) will be available on IPO Subscription Status.

Allotment Status

Devson Catalyst IPO allotment will be finalised by the registrar (TBA) on 16 Jan 2026. Check your allotment status using your PAN, application number, or DP ID via our allotment status checker or directly on the registrar's website.

If allotment fails, the blocked funds via ASBA / UPI mandate are released back within 24-48 hours. Applying through multiple demat accounts in family members' names improves chances on oversubscribed IPOs.

About Devson Catalyst

Devson Catalyst Limited is a specialty-chemicals manufacturer producing catalysts, adsorbents, and ceramic balls used in critical industrial-process operations across oil-and-gas refining, petrochemicals, steel, and fertiliser industries. The manufacturing facility is located in Gujarat with installed production capacity of 6,205 MT per annum. Indian specialty-catalyst and adsorbent manufacturing has been a structurally niche but defensible category through 2020-26. Demand drivers include refinery expansion and modernisation (process catalysts are consumable inputs requiring periodic replacement), petrochemical capacity expansion under PLI scheme, steel-sector capacity additions, and fertiliser-plant modernisation programmes. Customer relationships are typically long-tenure — once a refinery or petrochemical plant validates a specific catalyst formulation, switching costs are high (process re-qualification, regulatory revalidation), creating sticky recurring-replacement revenue. FY25 financials show meaningful growth: revenue ₹53.54 crore (up from ₹43.75 crore in FY24, ~22% YoY) and PAT ₹7.67 crore (up from ₹4.08 crore in FY24, ~88% YoY). PAT margin at 14.3% is healthy for a specialty-chemicals SME — materially better than commodity-chemical peers and consistent with catalyst-and-adsorbent niche economics.

Promoter & Holding Pattern

The promoter and promoter group hold the majority stake in Devson Catalyst prior to the IPO. Post-listing, this percentage will reduce as new equity shares are issued to the public. Detailed pre-IPO and post-IPO promoter holding data will be updated once the Red Herring Prospectus is finalised with SEBI.

Objects of the Issue

The Devson Catalyst IPO proceeds will be utilised across multiple strategic objectives. Typical objects include capital expenditure for expansion, repayment of debt, general corporate purposes, working capital, and OFS by selling shareholders. Detailed breakdown with amounts will be updated here from the Red Herring Prospectus.

Financial Performance

Three-year financial performance for Devson Catalyst (amounts in ₹ Cr):

PeriodRevenueExpensePATTotal AssetsNet Worth
FY2553.54—7.67——
FY2443.75—4.08——

Valuation Snapshot

RoE
—
RoCE
—
EBITDA Margin
—
PAT Margin
14.33%
Debt/Equity
—
EPS
—
P/E Ratio
—
RoNW
—
NAV
—

Peer Comparison

Listed peers in the Chemicals sector with key valuation metrics:

CompanyEPS (₹)P/E RatioRoNW (%)NAV (₹)Income (₹ Cr)
Aether Industries—————
Vinati Organics—————

Anchor Investors

Anchor investor bidding for Devson Catalyst typically opens one working day before the issue opens to the public. Anchor investors — mutual funds, FIIs, sovereign wealth funds, and insurance companies — collectively subscribe to a portion of the QIB segment. Their participation signals institutional confidence. Anchor list and total amount will be updated once SEBI publishes the anchor filing.

Lead Managers (Merchant Bankers)

Book-Running Lead Managers (BRLMs) for Devson Catalyst will be listed once confirmed in the Red Herring Prospectus. Lead managers oversee pricing, marketing, and underwriting — typically Kotak, ICICI Securities, Axis Capital, HDFC, SBI Caps, JP Morgan, or Citigroup.

IPO Registrar

The registrar for Devson Catalyst IPO will be confirmed in the Red Herring Prospectus. The registrar handles allotment, refunds, and dematerialisation of shares.

Editorial Review

Devson Catalyst listed on BSE SME on 20 January 2026 after allotment on 16 January 2026. As of publication, listing-day price performance, subscription final, exact issue size, price band, lead manager and registrar were not consistently surfaced in publicly fetched sources at the detail depth needed for full evaluation. The business positioning is structurally attractive. Specialty-catalyst and adsorbent manufacturing for oil-and-gas refining, petrochemicals, steel, and fertiliser industries is a niche but defensible category — customer relationships are typically long-tenure with high switching costs (process re-qualification + regulatory revalidation cycles), creating sticky recurring-replacement revenue. The Gujarat manufacturing footprint (6,205 MT installed capacity) provides scale within the specialty-chem ecosystem. FY25 financials are healthy: revenue ₹53.54 crore (+22% YoY) with PAT ₹7.67 crore (+88% YoY). The 14.3% PAT margin is healthy for a specialty-chemicals SME — materially better than commodity-chemical peers and consistent with catalyst-niche economics. What's working: strong FY24→FY25 growth (+22% revenue, +88% PAT); 14.3% PAT margin reflects specialty-chem niche economics; customer-stickiness from catalyst-revalidation cycles; multiple end-market exposure (oil-gas + petchem + steel + fertiliser) hedges single-sector cycle risk. What's concerning: substantial public-data gap on issue size, price band, lead manager, registrar, anchor, listing-day price; BSE SME structural liquidity constraints; competitive intensity from larger specialty-chem peers; commodity-input pricing exposure for catalyst raw materials. Neutral evaluation given the public-data gap. For specialty-chemicals SME-category investors, the fundamentals (growth trajectory + 14.3% PAT margin) are credible but the limited listing-day data and pricing-disclosure information at publication limits specific framing. Wait for additional source disclosure on post-listing performance and first listed-quarter results.

How to Apply for Devson Catalyst IPO

  1. Open broker app — Zerodha, Upstox, Angel One, Groww, 5paisa, ICICI Direct, or any other SEBI-registered broker. Navigate to the IPO section.
  2. Select Devson Catalyst IPO during the bidding window (— – —).
  3. Enter bid details — minimum TBA shares per lot. Retail investors are recommended to bid at cut-off price (upper band).
  4. Submit UPI ID linked to a SEBI-approved bank.
  5. Approve UPI mandate from your UPI app within the deadline. Bid amount is blocked, not debited.
  6. Await allotment on 16 Jan 2026.
  7. Listing day — shares list on BSE SME on 20 Jan 2026.

Risk Factors

1. Substantial public-data gap on issue size, price band, lead manager, listing-day price. 2. BSE SME structural liquidity constraints. 3. Catalyst-input raw-material commodity pricing pressure. 4. Customer-concentration in specific refinery/petchem/steel/fertiliser customers — single major customer loss materially impacts revenue. 5. Regulatory cycle risk — process-catalyst qualification cycles can be disrupted by customer plant-modification or regulatory changes.

Devson Catalyst IPO — FAQs

What is Devson Catalyst IPO?▾
Devson Catalyst IPO is a Small and Medium Enterprise (SME) initial public offering listing on BSE SME. The issue opens on — and closes on — with a price band of TBA per share.
What is the Devson Catalyst IPO price band?▾
The price band for Devson Catalyst IPO is TBA per equity share of face value ₹10 (typical). Retail investors are recommended to bid at the upper band (cut-off price).
What is the Devson Catalyst IPO lot size?▾
The minimum lot size for Devson Catalyst IPO is TBA shares per application. Minimum retail investment at the upper price band works out to approximately TBA.
When is the Devson Catalyst IPO opening date?▾
Devson Catalyst IPO opens for subscription on — and closes on —.
When is the Devson Catalyst IPO allotment date?▾
Basis of allotment is expected on 16 Jan 2026. Check your status on the registrar's website using your PAN.
When is the Devson Catalyst IPO listing date?▾
Devson Catalyst shares are expected to list on BSE SME on 20 Jan 2026.
What is the GMP of Devson Catalyst IPO?▾
GMP for Devson Catalyst is not currently tracked.
Who is the registrar of Devson Catalyst IPO?▾
The registrar is handling allotment, refunds, and dematerialisation for Devson Catalyst IPO.
How can I apply for Devson Catalyst IPO?▾
Apply via any SEBI-registered broker (Zerodha, Upstox, Angel One, Groww, 5paisa, ICICI Direct) during the open window. Use UPI mandate or ASBA for fund blocking. Bid at cut-off for retail category.
What is the minimum investment?▾
Minimum retail investment is approximately TBA (1 lot × TBA shares at upper band).
Should I apply for Devson Catalyst IPO?▾
Whether to apply depends on your goals, risk appetite, and the company's fundamentals. Review the RHP, compare valuation with peers, and consult a SEBI-registered advisor.
What happens if my allotment fails?▾
Bid amount blocked via UPI/ASBA is released back within 24-48 hours. Apply through multiple family demat accounts to improve odds on oversubscribed issues.

Information shown is for educational purposes and does not constitute investment advice. GMP values are unofficial estimates from informal grey market sources. Please read the offer document (Red Herring Prospectus) carefully before investing.

Data sourced from NSE, BSE, the issue's registrar, and public filings. BasicFintech is not affiliated with the issuing company, its underwriters, or the exchanges.

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