Devson Catalyst
Book Building issueSMEBSE SME₹42.34 Cr issue
+66.23%
Listing gain over issue price
Price band
₹112 – ₹118
Issue size
₹42.34 Cr
1 lot at cut-off
₹1,41,600
Lot size
1,200shares
Open
09 Jul 2026
Close
13 Jul 2026
Allotment
14 Jul 2026
Listing
16 Jul 2026
Listing performance
Issue price
₹118
Listed at
₹196.15
Listing-day close
—
Latest price
—
Listing gain
+66.23%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
₹49 +41.53%
17 Jul, 05:20 pm
02 Jul 2026 Range ₹0 – ₹51 over 15 days 16 Jul 2026
Day-wise premium · 15 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 16 Jul 2026 | ₹49 | — | ₹44,700 | — | ₹58,800 |
| 15 Jul 2026 | ₹49 | — | ₹44,700 | — | ₹58,800 |
| 14 Jul 2026 | ₹51 | — | ₹46,500 | — | ₹61,200 |
| 13 Jul 2026 | ₹49 | — | ₹44,700 | — | ₹58,800 |
| 12 Jul 2026 | ₹45 | — | ₹41,000 | — | ₹54,000 |
| 11 Jul 2026 | ₹45 | — | ₹41,000 | — | ₹54,000 |
| 10 Jul 2026 | ₹45 | — | ₹41,000 | — | ₹54,000 |
| 09 Jul 2026 | ₹45 | — | ₹41,000 | — | ₹54,000 |
| 08 Jul 2026 | ₹50 | — | ₹45,600 | — | ₹60,000 |
| 07 Jul 2026 | ₹36 | — | ₹32,800 | — | ₹43,200 |
| 06 Jul 2026 | ₹46 | — | ₹42,000 | — | ₹55,200 |
| 05 Jul 2026 | ₹40 | — | ₹36,500 | — | ₹48,000 |
| 04 Jul 2026 | ₹19 | — | ₹17,300 | — | ₹22,800 |
| 03 Jul 2026 | ₹8 | — | ₹7,300 | — | ₹9,600 |
| 02 Jul 2026 | ₹8 | — | ₹7,300 | — | ₹9,600 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 09 Jul 2026 – 13 Jul 2026
- Listing date
- 16 Jul 2026
- Face value
- ₹10 per share
- Price band
- ₹112 – ₹118
- Issue price
- ₹118 per share
- Lot size
- 1,200 shares
- Sale type
- Fresh capital cum OFS
- Issue type
- Book Building issue
- Listing at
- BSE SME
- Total issue size
- ₹42.34 Cr
- Fresh issue
- ₹37.26 Cr 31,58,000 shares
- Offer for sale
- ₹2.95 Cr 2,50,000 shares
- Market cap at offer price
- ₹160 Cr
- Promoter holding
- 100.00% → 73.59% pre-issue → post-issue
- ISIN
- INE2KRP01017
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- JJ IPO Advisors Pvt.Ltd.
- Registered office
- Plot No 213 To 218 and 233 To 237,, Phase II, Ambawadi, GIDC, Wadhwancity,, Gujarat
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 10,00,800 | — | — |
| Market maker | 1,80,000 | — | — |
Application size
Minimum 1,200 shares per lot, in multiples, at ₹118
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,41,600 |
| S-HNI (min) | 2 | 2,400 | ₹2,83,200 |
| S-HNI (max) | 7 | 8,400 | ₹9,91,200 |
| B-HNI (min) | 8 | 9,600 | ₹11,32,800 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
10,00,800
Anchor portion
₹11.81 Cr
at ₹118 per share
Valuation and performance
Valuation at offer price
₹118 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 12.22 | 9.21 |
| P/E (×) | 9.66 | 12.81 |
| Price to book (×) | 5.76 | — |
| Market cap | — | ₹160 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 37.38%
- ROCE
- 47.60%
- Debt / equity
- 0.07
- EBITDA margin
- 29.49%
- NAV per share
- ₹32.68
- Price to book
- 5.76
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Devson Catalyst
Devson Catalyst Limited (formerly Devson Insulators Private Limited and Devson Catalyst Private Limited) is a manufacturer of catalysts, adsorbents, and ceramic balls used in critical industrial processes across oil & gas refining, petrochemicals, chemicals, fertilizer, and steel sectors. Originally incorporated as Devson Insulators Private Limited on September 10, 2004, the company was renamed Devson Catalyst Private Limited in 2017 and converted to a public limited company in November 2025. The company operates from a manufacturing facility in Surendranagar, Gujarat, generating revenue from the sale of these specialty materials to institutional customers across India and 15+ export markets including Kuwait, Qatar, UAE, USA, and Turkey.
Company Analysis
from DRHPDevson Catalyst Limited manufactures catalysts, adsorbents, and ceramic balls for the oil & gas refining, petrochemical, steel, and fertilizer industries.
Devson Catalyst Limited (formerly Devson Insulators Private Limited and Devson Catalyst Private Limited) is a manufacturer of catalysts, adsorbents, and ceramic balls used in critical industrial processes across oil & gas refining, petrochemicals, chemicals, fertilizer, and steel sectors. Originally incorporated as Devson Insulators Private Limited on September 10, 2004, the company was renamed Devson Catalyst Private Limited in 2017 and converted to a public limited company in November 2025. The company operates from a manufacturing facility in Surendranagar, Gujarat, generating revenue from the sale of these specialty materials to institutional customers across India and 15+ export markets including Kuwait, Qatar, UAE, USA, and Turkey.
oil & gas refiningpetrochemicalschemicalsfertilizersteelnatural gas processingenvironmental and emission control
Objects of the Issue
- Capital Expenditure for plant and machineries ₹1,220.73 lakhs p.32
- Funding capital expenditure requirements towards setting up of a new manufacturing unit ₹2,400 lakhs p.50
- Funding working capital requirements ₹1,200 lakhs p.46
- General corporate purposes p.50
- Funding the Capital Expenditure requirements towards setting up of a new manufacturing unit ₹1,739.84 lakhs p.97
- Funding the working capital requirements of our Company ₹1,200.00 lakhs p.97
- General corporate purposes ₹568.53 lakhs p.97
- Capital expenditure and funding of general corporate purposes ₹3,938.84 Lakhs (Fresh Issue component) p.317
- Major capacity expansion p.335
Issue Structure
- Total Issue
- 35,88,000 Equity Shares aggregating to ₹4,233.84 Lakhs
- Fresh Issue
- 33,38,000 Equity Shares at ₹118 per share aggregating to ₹3,938.84 Lakhs
- Offer for Sale
- 2,50,000 Equity Shares at ₹118 per share aggregating to ₹295.00 Lakhs
- Price Band
- ₹112 (Floor Price) to ₹118 (Cap Price) per Equity Share
- Lot Size
- 1,200 Equity Shares (Bid Lot) and in multiples of 1,200 thereafter
- Face Value
- ₹10 per Equity Share
Business Model
The company manufactures and sells catalysts, adsorbents, and ceramic balls to process industries including oil & gas refining, petrochemicals, fertilizers, and steel. Revenue is derived from sales to industrial customers, with a significant portion concentrated among a limited number of key customers in these end-use industries.
Business Segments
Ceramic balls used as reactor or bed support in industrial process applications
Adsorbents used for purification, separation and process applications
Catalysts used for process efficiency in industrial applications
Manufacture and sale of catalysts, adsorbents, and ceramic balls for use in chemical processing and industrial applications
Substances that speed up chemical reactions without being consumed; used for chloride removal, sulphur removal, claus conversion, hydrotreating, and reforming in oil & gas and petrochemical industries.
Removes unwanted substances from air, gas or liquids by making them stick to its surface; includes activated alumina (DEV-101™) with 2,545 MT per annum capacity and molecular sieves.
Inert support media used in fixed-bed reactors across refineries, petrochemical plants, and chemical processing units; includes ceramic balls (DEV-25™M, DEV-50™M, DEV-99™) and tower packing materials (saddles, Raschig rings, Pall rings, partition rings) with 3,660 MT per annum capacity.
Catalysts enable chemical reactions to occur faster and more efficiently without being consumed during the process. Key offerings include Chloride Guard Catalyst, Sulphur Guard Catalyst, Claus Catalyst, Hydrotreating Catalysts, and Reforming Catalysts used in refining, petrochemicals, steel, and fertilizer industries.
Adsorbents are used for removal of impurities such as moisture, dust and other undesirable components from gases and liquids. Key offerings include Activated Alumina and Molecular Sieves, serving industries including steel, fertilizer, chemicals, and drying and purification applications.
Ceramic balls act as support media in industrial reactors and towers, helping in catalyst bed support, uniform distribution of gas or liquid flow and protection of catalysts from pressure or flow variations. Products include Ceramic & Alumina Balls and Ceramic Tower Packing used in refining, petrochemicals, steel, fertilizer, and chemical industries.
Enable chemical reactions to occur faster and more efficiently without being consumed during the process
Used for removal of impurities such as moisture, dust and other undesirable components from gases and liquids
Act as support media in industrial reactors and towers, helping in catalyst bed support, uniform distribution of gas or liquid flow and protection of catalysts from pressure or flow variations
Manufacturing and sale of inert ceramic balls
Manufacturing and sale of adsorbent products
Manufacturing and sale of catalyst products
Manufactures winding aluminum wire or strip and copper wire or strip
Manufactures Low Tension (LT), High Tension (HT), and Medium Voltage Cables (MVCC)
Manufactures Low Tension (LT), High Tension (HT), and Medium Voltage Cables (MVCC)
SWOT Analysis
Strengths
- • Experienced management team with deep industry expertise(p.51)
- • Significant growth in profitability and revenues over recent fiscal years(p.59)
- • Strong cash generation from operations(p.60)
- • Established customer relationships across multiple industries(p.51)
- • Indigenous manufacturer with integrated product portfolio across catalysts, adsorbents, and ceramic balls(p.142)
- • Established market presence with global export reach across multiple regions(p.142)
- • ISO 9001:2015 certified with established quality systems(p.142)
- • Positions among leading global manufacturers of ceramic balls based on scale and integrated product portfolio(p.142)
- • Proprietary, application-specific product formulations such as activated alumina DEV-101™ and ceramic balls DEV-25™M, DEV-50™M, DEV-99™(p.142)
- • In-house manufacturing, quality checks, and continuous product development capabilities(p.142)
- • Dedicated installed capacity for activated alumina production meeting stringent specifications(p.142)
- • Comprehensive product portfolio across catalysts, adsorbents, and ceramic balls(p.149)
- • Strong financial performance with consistent profitability and high margins(p.151)
- • Indigenous MSME manufacturer with Make in India alignment(p.149)
- • Strong customer base with significant repeat business(p.152)
- • Strategically located manufacturing facility with modern infrastructure(p.151)
- • High entry barriers protecting market position(p.151)
- • Experienced promoter and management team with 25+ years in the industry(p.148)
- • Strong export presence across 15+ countries(p.149)
- • ISO certified manufacturer with established operations(p.262)
- • Strong profitability and operational efficiency(p.263)
- • Consistent revenue growth across product categories(p.266)
- • Strong return on equity and capital efficiency(p.263)
- • Diversified product portfolio serving multiple industries(p.262)
- • Presence in both domestic and international markets(p.266)
- • Significant installed capacity with limited room for scaling without infrastructure enhancement(p.335)
- • Multi-channel sales approach with promoter industry experience(p.392)
- • Three operational manufacturing units with recent capacity expansion(p.391)
Weaknesses
- • Customer concentration risk - top 10 customers represent 76.03% of revenue(p.22)
- • Supplier concentration risk - top 10 suppliers represent 75.82% of raw material costs(p.23)
- • Dependence on limited number of suppliers without long-term contracts(p.24)
- • History of delays in statutory filings and compliance lapses(p.25)
- • Past delays in payment of statutory dues(p.26)
- • Single manufacturing facility concentration in Surendranagar, Gujarat(p.33)
- • Leasehold land dependency with expiry dates(p.31)
- • No formal business succession policy in place(p.39)
- • Heavy dependence on key management personnel(p.51)
- • Significant working capital requirements limiting financial flexibility(p.46)
- • Rising trade receivables and collection challenges(p.45)
- • Restrictive debt covenants limiting operational flexibility(p.47)
- • High employee attrition rate affecting operations(p.45)
- • Contingent GST liability pending resolution(p.64)
- • Promoter-controlled company with potential minority shareholder conflicts(p.51)
- • Modest scale relative to multinational competitors with global R&D capabilities and proprietary technologies(p.139)
- • Dependence on international suppliers for critical raw materials and metals (alumina, metal oxides, ceramic materials)(p.140)
- • Limited brand recognition and market penetration outside established customer networks compared to global incumbents(p.141)
- • Vulnerability to raw material cost volatility and supply disruptions in metals and alumina(p.138)
- • Customer preference for proven global suppliers with established track records creates switching resistance for new products(p.140)
- • High concentration in top ten customers (76.03% of revenue)(p.150)
- • Volatility in export sales revenue(p.152)
- • Capacity utilization declining for catalyst/adsorbent segment(p.165)
- • Dependence on imports for certain raw materials(p.165)
- • Limited independent director experience on board(p.189)
- • Dependence on limited customer base(p.264)
- • Reliance on limited supplier base for raw materials(p.264)
- • No dividend history despite profitability(p.211)
- • Contingent liability from GST notice(p.243)
- • Significant concentration of promoter shareholding(p.205)
- • Declining capacity utilization in Unit-I(p.391)
- • High customer concentration risk(p.392)
- • Newly commenced Unit-III with low initial capacity utilization(p.391)
Opportunities
- • Expansion through new manufacturing capacity(p.46)
- • Market growth in catalysts, adsorbents and ceramic balls(p.48)
- • Potential for diversification into adjacent product lines(p.47)
- • Enhanced access to capital markets through listing(p.46)
- • Strong domestic demand driven by expanding refinery capacity modernization and fuel quality upgradation toward BS-VI standards(p.129)
- • Growth in petrochemical capacity and integrated refinery-petrochemical complexes requiring catalytic systems for feedstock purity and conversion efficiency(p.130)
- • Expansion of natural gas processing infrastructure and LNG regasification capacity requiring purification catalysts and adsorbents(p.130)
- • Green hydrogen economy development with target to produce 5 MMT of green hydrogen annually by 2030 requiring advanced purification catalysts and adsorbents(p.130)
- • Government push for import substitution and domestic catalyst production under Atmanirbhar Bharat and PLI schemes favoring Indian manufacturers(p.134)
- • Rising fertilizer production capacity and ammonia-urea plant revitalization creating steady demand for catalysts across reforming and purification stages(p.131)
- • Automotive emission control expansion with BS-VI mandate and projected vehicle production growth to 5 crore units by FY 2030(p.131)
- • Expected industry CAGR of 6–7% during FY 2025–2031 supported by industrial catalyst market expansion across refining, chemical, and environmental applications(p.128)
- • Specialty chemical and pharmaceutical sector growth with projected 14.4% CAGR through FY 2030 requiring advanced catalytic systems for complex synthesis(p.132)
- • Strategic exposure to India's long-term petrochemical growth(p.150)
- • Development and expansion of new catalysts and products(p.153)
- • Expansion of customer base and geographic reach(p.153)
- • Capacity expansion project underway(p.151)
- • Government support for Make in India and import substitution(p.153)
- • Capacity expansion and infrastructure development(p.255)
- • Growth in export markets and geographic diversification(p.267)
- • Increasing demand from industrial processing sectors(p.262)
- • Product mix optimization through higher-margin products(p.266)
- • Leverage improved working capital management(p.263)
- • Capacity expansion to support growing scale of operations and enhance performance(p.335)
- • Expansion of cable manufacturing product range(p.391)
- • Significant capacity expansion at Unit-II(p.391)
Threats
- • Dependence on competitive bidding processes with no assurance of continued contract awards(p.24)
- • Volatility in raw material prices and supply disruptions(p.27)
- • Cyclical demand from key end-use industries(p.37)
- • Geographic concentration of revenues in limited domestic and export markets(p.29)
- • Intense competition from larger, multinational and better-resourced players(p.34)
- • Import and export operations subject to trade compliance and regulatory risks(p.36)
- • Dependence on imported raw materials subject to trade policy changes(p.34)
- • Quality-related issues could harm reputation and customer confidence(p.34)
- • Foreign exchange volatility impacting export realizations and import costs(p.47)
- • Macroeconomic slowdown in India affecting demand(p.55)
- • Global financial instability impacting Indian markets(p.55)
- • Potential adverse changes in tax and regulatory frameworks(p.57)
- • Natural disasters and supply chain disruptions(p.59)
- • Power supply interruptions affecting manufacturing operations(p.49)
- • Competition and potential market saturation(p.48)
- • Intellectual property infringement risks(p.48)
- • Intense market competition from multinational corporations with superior R&D capabilities, proprietary technologies, and economies of scale(p.139)
- • Volatility in raw material prices for critical inputs including platinum, palladium, nickel, cobalt, and alumina impacting manufacturing costs(p.138)
- • Geopolitical risks including Middle East conflict disrupting oil supply and energy markets affecting industrial catalyst demand(p.117)
- • Stringent environmental regulations and compliance costs requiring continuous facility upgrades and adoption of cleaner production technologies(p.138)
- • Technological obsolescence risk as rapid shifts toward renewable feedstocks, bio-based fuels, and hydrogen economy introduce new performance expectations(p.138)
- • Price pressure from market competition squeezing profit margins particularly in commoditized segments such as molecular sieves and ceramic balls(p.138)
- • Catalyst deactivation and performance degradation issues due to fouling, poisoning, or sintering requiring unplanned shutdowns and maintenance(p.138)
- • Regulatory and approval barriers creating entry challenges with order-to-order prequalifications and repeated compliance checks limiting market access(p.141)
- • Exposure to petroleum industry cyclicality and volatility(p.151)
- • Competition from multinational companies in advanced segments(p.168)
- • Raw material price volatility and import dependency(p.165)
- • Environmental and regulatory compliance requirements(p.167)
- • Energy-intensive operations dependent on power and gas supply(p.166)
- • Cyclicality and demand volatility in end-user industries(p.264)
- • Raw material price volatility and supply chain disruptions(p.264)
- • Foreign exchange exposure and volatility(p.254)
- • Competition and pricing pressure(p.264)
- • Economic and geopolitical uncertainties(p.264)
- • Regulatory and compliance risks including GST disputes(p.243)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Prahladbhai Devjibhai Shiyaniya | Promoter Selling Shareholder | — | — |
| Patel Savan Prahladbhai | Promoter Selling Shareholder | — | — |
| Pratapbhai Devjibhai Siyania | Promoter Selling Shareholder | — | — |
| Patel Krishna Savanbhai | Promoter Selling Shareholder | — | — |
| Gayatriben Patel | Promoter Group Selling Shareholder | — | — |
| Shiyania Gitaben P | Promoter Group Selling Shareholder | — | — |
| Prahladbhai Devjibhai Shiyaniya | Promoter | 16.04% | 11.84% |
| Pratapbhai Devjibhai Siyania | Promoter | 35.60% | 26.74% |
| Patel Savan Prahladbhai | Promoter | 29.04% | 22.01% |
| Patel Krishna Savanbhai | Promoter | 2.52% | 1.86% |
| Shiyania Gitaben P | Promoter Group | 10.40% | 7.68% |
| Gayatriben Patel | Promoter Group | 2.40% | 1.77% |
| Prahladbhai Devjibhai Shiyaniya | Promoter | 16.04% | 11.84% |
| Patel Savan Prahladbhai | Promoter | 29.04% | 22.01% |
| Pratapbhai Devjibhai Siyania | Promoter | 35.60% | 26.74% |
| Patel Krishna Savanbhai | Promoter | 2.52% | 1.86% |
| Prahladbhai Devjibhai Shiyaniya | Promoter | 16.04% | — |
| Patel Savan Prahladbhai | Promoter | 29.04% | — |
| Pratapbhai Devjibhai Siyania | Promoter | 35.60% | — |
| Patel Krishna Savanbhai | Promoter | 2.52% | — |
| Prahladbhai Devjibhai Shiyaniya | Promoter Selling Shareholder | 16,44,100 shares | — |
| Patel Savan Prahladbhai | Promoter Selling Shareholder | 29,76,600 shares | — |
| Pratapbhai Devjibhai Siyania | Promoter Selling Shareholder | 36,49,000 shares | — |
| Patel Krishna Savanbhai | Promoter Selling Shareholder | 2,58,300 shares | — |
| Gayatriben Patel | Promoter Group Selling Shareholder | 2,46,000 shares | — |
| Shiyania Gitaben P | Promoter Group Selling Shareholder | 10,66,000 shares | — |
| Prahladbhai Devjibhai Shiyaniya | Promoter | — | — |
| Pratapbhai Devjibhai Siyania | Promoter | — | — |
| Patel Savan Prahladbhai | Promoter | — | — |
| Patel Krishna Savanbhai | Promoter | — | — |
| Gayatriben Prahladbhai Shiyania | Promoter Group | — | — |
| Gitaben Pratapbhai Shiyania | Promoter Group | — | — |
Leadership
Prahladbhai Devjibhai Shiyaniya · Chairman and Whole-Time Director
Patel Savan Prahladbhai · Managing Director
Kanani Upen Himmatbhai · Chief Financial Officer
Zalak Ankitkumar Shah · Company Secretary and Compliance Officer
Auto-extracted from the company's DRHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official DRHP before relying on it.