Devson Catalyst IPO
Devson Catalyst LtdSME
This IPO has listed.
- Open date
- 9 Jul 2026
- Close date
- 13 Jul 2026
- Min. Investment
- ₹2,83,200
- Lot Size
- -
- Fresh Issue
- ₹39.39 Cr
- Price Range
- -
- Face Value
- -
- IPO Document
- -
Subscription rate
- Qualified Institutional Buyers168.56x
- Non-Institutional Investors192.74x
- Retail-Individual Investors244.03x
- Total205.06x
Schedule
- Completed: IPO open date9 Jul 2026
- Completed: IPO close date13 Jul 2026
- Completed: Allotment date14 Jul 2026
- Completed: Funds unblock or debit15 Jul 2026
- Completed: Tentative listing date16 Jul 2026
About
Promoter shareholding in Devson Catalyst Ltd, before and after the issue.
| Promoter | Pre-issue shares | Pre-issue % | Post-issue shares | Post-issue % |
|---|---|---|---|---|
| Prahladbhai Devjibhai Shiyaniy | 16,44,100 | 16.04% | 15,79,731 | 11.84% |
| Patel Savan Prahladbhai | 29,76,600 | 29.04% | 29,35,963 | 22.01% |
| Pratapbhai Devjibhai Shiyaniya | 36,49,000 | 35.60% | 35,66,263 | 26.74% |
| Patel Krishna Savanbhai | 2,58,300 | 2.52% | 2,48,059 | 1.86% |
| Shiyania Gitaben P | 10,66,000 | 10.40% | 10,23,737 | 7.68% |
| Gayatriben Patel | 2,46,000 | 2.40% | 2,36,247 | 1.77% |
| Patel Harsh Pratapbhai | 4,10,000 | 4.00% | 4,10,000 | 3.07% |
Devson Catalyst IPO Strengths & Risks
- Indigenous manufacturer of Catalysts, Adsorbents and Ceramic balls in India.
- Track record of profitability and consistent financial performance in an industry with significant entry barriers.
- Strategically located Manufacturing Facilities with capabilities to handle multiple products lines.
- Well-positioned in an industry with several entry barriers.
- Strong customer base & relationship with global footprint.
- Experienced management team and qualified personnel with significant industry experience.
- Risks Relating to the Business: The company's revenues is concentrated among a limited number of customers, and the loss of one or more such customers, deterioration in their financial condition, or a reduction in their demand for its products could adversely affect the company business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: The company's dependence on a limited number of suppliers for procurement of key raw materials, and the absence of long-term supply contracts, may adversely affect its operations and financial performance.
- Risks Relating to the Business: The company's business is significantly reliant on its ability to obtain orders through competitive bidding processes. Any inability to successfully secure new contracts, or the early termination of existing contracts, could has a material adverse effect on its business operations, financial position, and results of operations.
- Risks Relating to the Business: There has been instances of delays in filings of certain forms which were required to be filed as per the reporting requirements as well as discrepancies in the forms submitted to the Registrar of Companies (ROC) in accordance with the Companies Act, 2013.
- Risks Relating to the Business: There has been certain instances of delays in payment of certain statutory dues by its. Any further delays in payment of statutory dues may attract financial penalties from the respective government authorities and in turn may has a material adverse impact on the company financial condition and cash flows.
- Risks Relating to the Business: Volatility in the prices and availability of key raw materials and operating inputs, and constraints on the company ability to recover cost increases, could materially and adversely affect its business operations, financial performance and profitability.
- Risks Relating to the Business: The company's revenues is derived largely from a limited set of end-use industries, and any downturn, cyclicality or change in demand patterns in these industries could materially and adversely affect its business, financial condition, results of operations and cash flows.
- Risks Relating to the Business: The company's export business, is dependent on overseas distributors, and any disruption in its engagement with such distributors could adversely affect the company revenues and results of operations.
- Risks Relating to the Business: The company's requires certain approvals, licences and permits for its operations, and any failures to obtain, maintain or renew them in a timely manner, or to comply with applicable conditions, may adversely affect the company business.
- Risks Relating to the Business: The company's revenues is significantly dependent on certain geographical regions and export markets, and adverse developments in these markets could materially and adversely affect its business, financial condition and results of operations.
- Risks Relating to the Business: If the company is unable to efficiently utilize or scale up its manufacturing capacity, it may adversely affect the company business, financial condition and results of operations.
- Risks Relating to the Business: The company may be subject to product performance warranties, indemnities and liquidated damages, and any significant claims, disputes or contractual penalties could materially and adversely affect its business.
- Risks Relating to the Business: The company's manufacturing facility and the premises proposed for expansion are located on leasehold land, and any disruption or non-renewal of such leasehold rights may adversely affect its business operations.
- Risks Relating to the Business: The company has certain outstanding litigation against its Company, Directors and Promoters an adverse outcome of which may adversely affect the company business, reputation and results of operations.
- Risks Relating to the Business: The company has not yet placed orders in relation to the capital expenditure to be incurred for the proposed purchase of equipment / machineries. In the event of any delay in placing the orders, or in the event the vendors are not able to provide the equipment / machineries in a timely manner, or at all, the same may result in time and cost overruns.
- Risks Relating to the Business: Unsecured loans availed by the Company, which are repayable on demand, may expose its to liquidity and cash flow risks.
- Risks Relating to the Business: The company's manufacturing operations is concentrated in a single facility located in Surendranagar district, Gujarat, and any disruption in this region could materially and adversely affect its business, financial condition, results of operations and cash flows.
- Risks Relating to the Business: Sustaining the company historical growth and profitability may be challenging, and its financial performance may fluctuate. Any inability to manage growth effectively could materially and adversely affect the company business and financial performance.
- Risks Relating to the Business: The company operates in competitive domestic and export markets, and competition from larger, better-resourced or technologically advanced players (including imports) may adversely affect its market share, pricing, margins and growth prospects.
- Risks Relating to the Business: The company's dependence on imported raw materials for certain requirements may expose its to supply disruptions, cost escalation and regulatory changes, which could adversely affect the company operations and financial performance.
- Risks Relating to the Business: Any quality-related issue in the company's products could harm its reputation, impact customer confidence and adversely affect the company's financial performance.
- Risks Relating to the Business: The company's operations is dependent on the continuous and efficient performance of its plant and machinery, and any breakdown, malfunction or under performance could adversely affect its production, quality and profitability.
- Risks Relating to the Business: The company's operations benefit from timely access to in-house testing and calibration capabilities, and any limitations in such access may give rise to qualification and acceptance risks, which could adversely affect its business and results of operations.
- Risks Relating to the Business: The company's import and export operations is subject to trade compliance requirements, and any non-compliance, regulatory changes, export restrictions or sanctions-related issues could disrupt its operations and adversely affect the company financial performance.
- Risks Relating to the Business: The Equity Shares may experience delays in listing or may not be listed on the BSE SME Platform, which could adversely affect investors.
- Risks Relating to the Business: Certain Changes in Appointment and Tenure of the company's Statutory Auditors.
- Risks Relating to the Business: The company's business is linked to the operating performance and investment cycles of key process industries, and any slowdown or adverse developments in these end-use sectors may materially and adversely affect its business, financial condition and results of operations.
- Risks Relating to the Business: Effective inventory management and appropriate storage and handling are critical to the company's operations, and any failures to manage inventories or prevent damage or deterioration could adversely affect its business, financial condition and results of operations.
- Risks Relating to the Business: If the company is unable to strengthen and scale its sales, marketing and technical service capabilities or execute the company's growth strategy, its business prospects, financial condition and results of operations may be adversely affected.
- Risks Relating to the Business: The company's product portfolio is concentrated in catalysts, adsorbents and ceramic balls, and any decline in demand for any of these product categories could materially and adversely affect its business, financial condition, results of operations and cash flows.
- Risks Relating to the Business: The company's competitiveness depends on its ability to develop and commercialise new formulations and customised products; any failures or delay in doing so could impair the company's market position and adversely affect its business, financial condition, results of operations and cash flows.
- Risks Relating to the Business: Changes in customer process technologies, specifications and performance expectations may result in product obsolescence and could adversely affect the company's competitiveness and growth.
- Risks Relating to the Business: The company is dependent on its Promoters, Directors and key managerial and senior management personnel for strategic direction and operational execution, and any loss of such personnel or inability to ensure continuity may adversely affect the company's business, financial condition, results of operations and cash flows.
- Risks Relating to the Business: The Company may faces adverse financial impact due to non-provision for potential decline in the value of investments.
- Risks Relating to the Business: The company may be unable to attract and retain employees with the requisite skills, expertise and experience, which would adversely affect its operations, business growth and financial results.
- Risks Relating to the Business: The company is exposed to counterparty credit risk, and any delays, disputes, or defaults in the collection of domestic or export receivables, including issues relating to trade finance arrangements and cross-border enforcement, may increase its working capital requirements and adversely affect the company's business, results of operations, financial condition, cash flows, and profitability.
- Risks Relating to the Business: The company's business is working capital intensive. If its is unable to borrow to meet the company's working capital requirements, it may materially and adversely affect its business and results of operations.
- Risks Relating to the Business: The company is subject to restrictive covenants under its financing agreements that could limit the company's flexibility in managing its business or to use cash or other assets. Any defaults could lead to acceleration of the company's repayment obligations, cross defaults under other financing agreements, termination of one or more of its financing agreements or force the company to sell its assets, which may adversely affect the company's cash flows, business, results of operations and financial condition.
- Risks Relating to the Business: The company may be exposed to foreign exchange risk arising from its import and export transactions, and currency fluctuations could materially affect the company's realisations, costs, margins and financial results.
- Risks Relating to the Business: The company's brand and reputation is important to its business, and any inability to protect the company's trade name and trademarks, or any unauthorised use by third parties, could adversely affect its business, reputation and financial condition.
- Risks Relating to the Business: The company's business depends on proprietary formulations, process know-how and application expertise, and any failures to protect such confidential information, or allegations of intellectual property infringement, could adversely affect the company's business, financial condition and results of operations.
- Risks Relating to the Business: The company's insurance coverage may not be adequate to protect its against all potential losses to which the company may be subject and this may has a material effect on its business and financial condition.
- Risks Relating to the Business: The company's business operations may be disrupted by an interruption in power supply which may impact its business operations.
- Risks Relating to the Business: Any variation in the utilization of the Net Proceeds as disclosed in this Red Herring Prospectus shall be subject to certain compliance requirements, including prior approval of the shareholders of the Company.
- Risks Relating to the Business: Misconduct, negligence or operational errors by the company's employees could expose its to losses, liabilities and reputational harm, which may adversely affect the company's business, results of operations and financial condition.
- Risks Relating to the Business: None of the company's directors currently serves as a director of any other listed company in India, which may present certain governance and compliance related challenges, and in the event of any material non-compliance where its Directors are held liable, the company may be required to appoint replacement directors.
- Risks Relating to the Business: Any failures of, or material weakness in, the company's internal controls, systems or processes could adversely affect its business, financial condition and results of operations.
- Risks Relating to the Business: The Objects of the Offer has not been appraised by any bank or financial institution, and any variation in utilisation of the Net Proceeds would be subject to applicable compliance requirements, including shareholders' approval.
- Risks Relating to the Business: The deployment of funds raised through this Offer shall not be subject to any Monitoring Agency and shall be purely dependent on the discretion of the management of the Company.
- Risks Relating to the Business: The company's promoters hold Equity Shares in its Company and may have interests that differ from those of the Company or other shareholders.
- Risks Relating to the Business: The company's promoter and the Promoter Group will jointly continue to retain majority shareholding in the Company after the offer, which will allow them to determine the outcome of the matters requiring the approval of shareholders.
- Risks Relating to the Business: The company's promoters has provided personal guarantees for certain of its debt facilities, and invocation or withdrawal of such guarantees could adversely affect the company's business and financial condition.
- Risks Relating to the Business: The company's success depends significantly on its Promoters, Key Managerial Personnel and Senior Managerial Personnel and the loss of such personnel could materially and adversely affect the company's business, results of operations, financial condition, cash flows and future prospects.
- Risks Relating to the Business: The Company will not receive any proceeds from the Offer for Sale. The Selling Shareholders will receive the Net Proceeds from the Offer for Sale.
- Risks Relating to the Business: The company has relied on third party reports and not independently verified certain data in this Red Herring Prospectus, and any errors or discrepancies in the same may result in investor perception risks, regulatory observations, or other liabilities for the Company.
- Risks Relating to the Business: The company has certain contingent liabilities, and its financial condition and profitability may be adversely affected if any of these contingent liabilities materialize.
- Risks Relating to the Business: The company has entered into and may enter into related party transactions in the future also, which may has an adverse effect on its business, prospects, results of operations and financial condition.
- Risks Relating to the Business: The average cost of acquisition of Equity Shares by the company's promoters could be lower than the Offer Price.
- Risks Relating to the Business: The company has not declared or paid dividends in the last three Financial Years, and there can be no assurance that its will be able to pay dividends in the future.
- Risks Relating to the Business: The company's equity Shares has never been publicly traded and may experience price and volume fluctuations following the completion of the Offer, an active trading market for the Equity Shares may not develop, the price of its Equity Shares may be volatile and the investors may be unable to resell their Equity Shares at or above the Offer Price or at all.
- Risks Relating to the Business: A third party could be prevented from acquiring control of the Company because of anti-takeover provisions under Indian law.
- Risks Relating to the Business: The requirements of being a listed company may strain the company's resources and distract management.
