Devson Catalyst IPO
smelistedAbout the company
Devson Catalyst was incorporated in 2004 and initially operated as a manufacturer of low-tension insulators and electrical products. With the passage of time, the company broadened its product portfolio and entered the specialty materials market by manufacturing products such as catalysts, adsorbents, molecular sieves, inert ceramic balls and tower packing products. Devson Catalyst is a full-fledged Indian manufacturer catering to industries such as oil refining, petrochemicals, fertilizers, steel and chemicals. Its catalyst range includes chloride guard catalysts, sulphur guard catalysts, claus catalysts, hydrotreating catalysts, and reforming catalysts, which are primarily used in refining and petrochemical applications. The adsorbent portfolio consists of activated alumina marketed under the DEV-101™ brand and molecular sieves that are used for purification and drying processes. The company also manufactures inert ceramic balls and ceramic tower packing products such as saddles, Raschig rings, Pall rings, and partition rings that are widely used in process industries. Devson Catalyst primarily operates on a business-to-business (B2B) model and supplies products to customers in refining, petrochemical, fertilizer, steel, and other industrial sectors. The product mix remains diversified, although catalysts form the largest business segment. In FY26, catalysts contributed 50.6% of total revenue, followed by ceramic balls at 38.6%, while adsorbents accounted for the remaining 10.8%. The company operates an integrated manufacturing facility in Gujarat equipped with an overall capacity utilization of 86.8% in FY26, indicating efficient utilization of installed capacities. Capacity utilisation stood at 81.0% for catalysts and adsorbents, while ceramic ball production operated at 90.9% utilisation in FY26. Export revenue increased from ₹18.2 crore in FY24 to ₹20.6 crore in FY26. During FY26, exports contributed 37.3% of total revenue, while domestic sales accounted for the remaining 62.7%. The company has established a presence across more than 15 countries. Kuwait emerged as the largest export destination in FY26, contributing ₹9.5 crore or around 17.2% of total revenue, followed by the UAE and Qatar. Repeat customers represented nearly 57% of the customer base in FY26 and contributed approximately 79% of revenue.
GMP trend (Grey Market Premium by date)
| Date | GMP (₹) | Est. Listing | Change |
|---|---|---|---|
| 13 Jul | ₹49 | ₹167 | +4 |
| 12 Jul | ₹45 | ₹163 | 0 |
| 11 Jul | ₹45 | ₹163 | 0 |
| 10 Jul | ₹45 | ₹163 | 0 |
| 09 Jul | ₹45 | ₹163 | -5 |
| 08 Jul | ₹50 | ₹168 | +14 |
| 07 Jul | ₹36 | ₹154 | -10 |
| 06 Jul | ₹46 | ₹164 | 0 |
Strengths
- Serves diversified industries including oil & gas, petrochemicals, fertilizers, steel and chemicals.
- Strong presence in domestic and international markets with exports to multiple countries.
- Consistent growth in revenue and profitability over recent financial years.
- Healthy operating margins and improving return ratios.
- Manufacturing facility strategically located in Gujarat, close to major industrial customers and ports.
- Experienced management team with long industry expertise.
- Fresh issue proceeds will support capacity expansion and working capital requirements.
- One of the few indigenous manufacturers of catalysts, adsorbents and ceramic balls in India.
Risks
- High dependence on a limited number of customers for a significant share of revenue.
- Supplier concentration may expose the business to procurement risks.
- Subject to rapid technological changes requiring continuous product innovation.
- Raw material price volatility could impact profit margins.
- Business depends on winning orders through competitive bidding.
- Exposure to regulatory and environmental compliance requirements.
- Export business is vulnerable to global economic conditions and currency fluctuations.
- Business performance is linked to capital expenditure cycles in industrial sectors.
Financial performance (₹ Cr)
Subscription breakup (final, times)
IPO Roadmap / Timeline
IPO Opens
Completed09 Jul 2026Bidding starts for all investor categories
IPO Closes
Completed13 Jul 2026Last day to place your bid
Basis of Allotment
Completed14 Jul 2026Share allotment finalised
Refund Initiation
Completed15 Jul 2026Refunds credited for non-allottees
Credit to Demat
Completed15 Jul 2026Allotted shares credited to demat account
Listing on Exchange
Completed16 Jul 2026Shares list on NSE / BSE
Post-close dates are indicative as per SEBI T+3 listing framework and may change per registrar updates.
Lot size & minimum investment
| Investor Type | Min Lots | Min Shares | Min Amount | Max Lots | Max Amount | Notes |
|---|---|---|---|---|---|---|
| Retail / Individual | 1 | 1200 | ₹141,600 | 1 | ₹141,600 | 1 lot only |
| HNI | 2 | 2400 | ₹283,200 | 2 | ₹283,200 | Min 2 lots |
Shares reserved per category & allotment probability
| Category | Reservation | Shares Offered | Amount (₹ Cr) | Shares Bid | Subscribed | Allotment % |
|---|---|---|---|---|---|---|
| QIB | 50% | 1,826,087 | 21 | 3,140,870 | 1.72x | 58.1% |
| NII | 15% | 547,826 | 6.3 | 17,272,954 | 31.53x | 3.2% |
| Retail | 35% | 1,278,261 | 14.7 | 14,048,088 | 10.99x | 9.1% |
Retail is a lottery-based allotment when oversubscribed; QIB/NII get pro-rata. Probability ≈ 1 / subscription times (100% if under-subscribed).
