Devson Catalyst IPO

Devson Catalyst Limiteddevsongroup.com

ListedSMEMaterialsBSE SME

Price band: ₹112 – ₹118
Issue size: ₹42.34 Cr
Lot size: 1200 sh
Bidding: 9 – 13 Jul
Grey market: —

Market data to 30 Oct 2026. Company figures are as filed, sourced 16 Oct 2026. Every figure’s origin is listed under Sources.

The question this issue poses

In one sentence

Devson Catalyst makes catalysts, adsorbents and ceramic support media at a single plant in Wadhwan City, Surendranagar, Gujarat, with installed capacity of 6,205 MT a year and 56 employees, selling to refineries, petrochemical plants, steel mills and fertiliser producers. Revenue was Rs 43.47 Cr in FY24, Rs 53.19 Cr in FY25 and Rs 55.78 Cr in FY26 — growth of 22.36% and then 4.87% — while EBITDA went from Rs 6.69 Cr to Rs 10.93 Cr to Rs 16.76 Cr and profit after tax from Rs 4.08 Cr to Rs 7.67 Cr to Rs 12.52 Cr. The Rs 42.34 Cr issue (Rs 39.39 Cr fresh plus a Rs 2.95 Cr offer for sale) was priced at Rs 112-118 and the book stood at 220.35 times overall on 13 July 2026, the closing day. It listed on BSE SME on 16 July 2026 at Rs 196.15 against the Rs 118 band top and last traded at Rs 333.85 on 23 October 2026.

IPOVista score

How this issue scores, and why

Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.

81Exceptional

IPOVista score

Broadly well-balanced

63% of the scoring model was backed by disclosed data for Devson Catalyst, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.

How this score is built

PillarScoreWeight

Below the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.

Read this before the number

SME platform listing
SME issues trade in larger lot sizes with thinner volumes than mainboard listings, which makes exiting a position harder.

The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.

The company

What the business actually does

Founded 2004 · Wadhwan City, Surendranagar, Gujarat · 56 employees

Devson Catalyst manufactures catalysts, adsorbents and ceramic balls at a single plant in Wadhwan City, Surendranagar, Gujarat, with installed capacity of 6,205 MT a year. Catalysts speed chemical reactions without being consumed; adsorbents strip moisture, dust and other impurities out of gases and liquids; ceramic balls sit inside reactors and towers as support media, spreading gas and liquid flow evenly and shielding catalyst beds from pressure and flow swings. Buyers are oil and gas refineries, petrochemical plants, steel mills and fertiliser producers — institutional customers only, never individual consumers. The company served 155 customers in FY26, 88 of them repeat buyers, and has exported to more than 15 countries including the United States, South Africa, Kuwait, Qatar, Turkey, the UAE and Vietnam. It was incorporated in 2004 making electrical insulators and switched to catalysts later.

Revenue is the sale of manufactured catalyst, adsorbent and ceramic-ball tonnage, sold B2B against customer purchase orders rather than long-term contracts. Revenue from operations rose from Rs 4,346.99 lakhs in FY24 to Rs 5,577.59 lakhs in FY26, with EBITDA margin widening from 15.29% to 29.49% over the same span. The dominant cost is raw material: cost of materials consumed was Rs 2,951.94 lakhs in FY26, covering aluminium trihydrate, zinc oxide, titanium dioxide, zeolites and clays bought from domestic suppliers with no long-term supply agreements. Production is energy-intensive, drawing electricity from PGVCL and natural gas from Gujarat Gas. The structural constraint is concentration at both ends: the top five customers were 60.12% of FY26 revenue and the top five suppliers 60.15% of purchases.

The company on paper

Legal name: Devson Catalyst Limited
IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first: 10 Sep 2004
CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA: U20119GJ2004PLC044722
Sector: Materials · Industrial catalysts, adsorbents and ceramic support media for refineries and petrochemicals
Employees: 56
Registered office: Wadhwan City, Surendranagar, Gujarat
Promoters: Pratapbhai Devjibhai Shiyaniya, Prahladbhai Devjibhai Shiyaniya, Patel Savan Prahladbhai, Patel Krishna Savanbhai
Promoter holding, pre-issue: 83.2%
Promoter holding, post-issue: 62.5%
Website: devsongroup.com

The numbers

Financial performance

Revenue has compounded at 13.3% a year across the 3 reported financial years.

Revenue and profit

Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.

Revenue
Profit after tax

Margin trend

Profit and operating margin as a percentage of revenue

Net margin
EBITDA margin

Net worth and borrowings

At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.

Net worth
Total borrowings

The price

Valuation

What the issue asks for the business, set against what the business earns.

No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.

The terms

How the issue is structured

93% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.

Fresh issueNew shares — proceeds go to the company: ₹39.39 Cr
Offer for saleExisting shares — proceeds go to the selling shareholders: ₹2.95 Cr
Total issue size: ₹42.34 Cr
Shares offered in the OFS: —
Pre-issue shares outstanding: —
Employee discount: —
Market maker portionSME issues require a market maker to provide two-way quotes: 1,80,000

What the issue does to ownership

Share of paid-up equity before and after the offer. The promoters give up 20.8% of the company.

Promoters
Everyone else

Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.

Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.

Demand

What the market is bidding

Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.

Subscription by category

Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.

Hover or focus a category to see who bids in it.

Total subscription220.35×

A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.

Grey market premium

Unofficial over-the-counter sentiment

No grey-market quotes have been recorded for this issue.

Outcome

How it actually listed

Issue price: ₹118.00
Listed at: ₹196.15
Listing gain: up 66.2%
Since listing: up 79.2%
Against the issue price: up 197.9%

Work it out

What this means for one application

Three calculations, each stating the assumption it rests on.

What one application costs

Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.

Lots

Shares applied for: 2,400
At cut-off price: ₹118.00
Amount blocked: ₹2,83,200

One lot is 1200 shares at ₹1,41,600. This issue requires a minimum of 2 lots, so the smallest application is ₹2,83,200. That is how the SME board is built rather than a quirk of this issue: the minimum application is set above the ₹2,00,000 that caps a retail bid on the mainboard — two lots rather than one. The smallest bid here still sits in the individual investors’ category, the one the subscription figures call retail, and when that category is oversubscribed the minimum application is allotted by draw of lots — so the odds beside this apply directly.

Odds of getting an allotment

When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.

~0.4%

chance of one lot, per application

Retail subscription: 244.08×
Applicants per share available: 244.1× the retail quota

This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.

What it actually did

This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.

₹196.15

listed at, 66.2% against the issue price

Issue price: ₹118.00
Premium said: —
If allotted 1200 shares: ₹93,780

Listing-day figures are as reported by the exchanges.

Our read

The case for and against

Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.

What works

Profit after tax rose in both transitions the record covers: Rs 4.08 Cr in FY24, Rs 7.67 Cr in FY25 (up 87.99%) and Rs 12.52 Cr in FY26 (up 63.23%), a rise of 206.86% across the two years. EBITDA moved the same way, from Rs 6.69 Cr to Rs 10.93 Cr to Rs 16.76 Cr, up 150.52% over the same span against revenue up 28.32% (Rs 43.47 Cr to Rs 55.78 Cr).
Profit after tax was 9.39% of revenue in FY24 (Rs 4.08 Cr on Rs 43.47 Cr), 14.42% in FY25 (Rs 7.67 Cr on Rs 53.19 Cr) and 22.45% in FY26 (Rs 12.52 Cr on Rs 55.78 Cr).
Total borrowings fell across the periods on record — Rs 4.35 Cr in FY24, Rs 2.78 Cr in FY25, Rs 2.50 Cr in FY26 — while net worth rose from Rs 13.31 Cr to Rs 20.98 Cr to Rs 33.50 Cr, so borrowings sat at 0.33, 0.13 and 0.07 times net worth in the three years.
The business description states the company served 155 customers in FY26, 88 of them repeat buyers (56.77% of the 155), and that it has exported to more than 15 countries including the United States, South Africa, Kuwait, Qatar, Turkey, the UAE and Vietnam.

What to weigh against it

Concentration is reported at both ends of the business: the top five customers were 60.12% of FY26 revenue and the top five suppliers 60.15% of purchases. The business description also states that sales are made against customer purchase orders rather than long-term contracts, and that raw materials are bought from domestic suppliers with no long-term supply agreements.
Revenue growth slowed across the two transitions the record carries, from 22.36% (Rs 43.47 Cr to Rs 53.19 Cr) to 4.87% (Rs 53.19 Cr to Rs 55.78 Cr), while FY26 EBITDA rose 53.34% (Rs 10.93 Cr to Rs 16.76 Cr) and FY26 profit after tax rose 63.23% (Rs 7.67 Cr to Rs 12.52 Cr). The record gives no expense breakdown for any of the three years — expensesCr is null throughout — and the only cost line it carries is cost of materials consumed of Rs 2,951.94 lakhs in FY26 against revenue from operations of Rs 5,577.59 lakhs, or 52.93%.
Output comes from one site: a single plant at Wadhwan City with installed capacity of 6,205 MT a year and 56 employees. The business description states that production is energy-intensive, drawing electricity from PGVCL and natural gas from Gujarat Gas.
Cash flow from operations is null for FY24, FY25 and FY26, as are total assets, so the FY26 profit after tax of Rs 12.52 Cr cannot be set against cash generated or against a balance-sheet total anywhere in this record.

Easy to miss in the prospectus

The record carries no valuation block, no post-issue share count and no peer set, so the Rs 333.85 last traded price of 23 October 2026 cannot be put on any earnings multiple here. The only price anchors on record are the Rs 112-118 band, the Rs 196.15 listing price, the Rs 205.95 day-one close and FY26 profit after tax of Rs 12.52 Cr.
The offer objects list is empty, so the record does not state what the Rs 39.39 Cr fresh component funds. It does record promoter holding at 83.2% before the issue and 62.45% after, a fall of 20.75 percentage points.
Only one subscription row is on record — day 3, 13 July 2026, at 168.56 times QIB, 261.22 times NII, 244.08 times retail and 220.35 times overall. There is no day-wise build-up, no anchor book (anchor is null) and no allocation split (allocation is null).

Straight from the filing

Read it yourself

Every figure on this page comes out of these. Go and check them.

Devson Catalyst — Prospectus dated 2026-07-1414 Jul 2026Filed after pricing, with every placeholder filled in.Opens on devsongroup.com

Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.

The paperwork

Who is running the issue

Lead managers: JJ IPO Advisors Private Limited
RegistrarAllotment status is checked on the registrar's own site: MUFG Intime India Private Limited

How these figures were checked

Reconciled to Devson Catalyst's own prospectus and to exchange disclosures, then cross-checked against 4 other independently published compilations of the same filing. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.

Devson Catalyst Limited — Prospectus dated July 14, 2026 (company website, 415pp) · read 16 Oct 2026
BSE equity bhavcopy, 16 July 2026 (listing day) — ISIN, series MT, open/high/low/close, NewBrdLotQty · read 16 Oct 2026
BSE equity bhavcopy, 15 October 2026 — confirms ISIN/scrip/market lot still current · read 16 Oct 2026

The prospectus is the authoritative document. Check anything that matters against it before you act.

At a glance

Board: SME platform
Opens: 9 Jul 2026
Closes: 13 Jul 2026
Allotment: 14 Jul 2026
Lists: 16 Jul 2026
Revenue (FY26): ₹55.78 Cr
Profit (FY26): ₹12.52 Cr

Timeline

Every step in this issue's calendar has passed.

Tap a step for what it means. Dates are as disclosed in the prospectus and can move.

On this page

IPOVista publishes research and data compiled from public filings and exchange disclosures. Nothing here is investment advice, a recommendation, or an offer to buy or sell any security. Figures can contain errors and sources can be stale — verify against the prospectus before you act, and speak to a SEBI-registered adviser. Investing in securities carries risk, including loss of capital.