Devson Catalyst IPO
ListedSME
220.35×
Subscribed
Price band
₹118 – ₹118
Issue size
₹42.34 Cr
Open – close
09 Jul 2026
to 13 Jul 2026
Listing
16 Jul 2026
Listing gain
+66.23%
What the filing actually says
Our read of the offer document and the exchange data — not the issuer's summary of itself
Strong5 of 7 dimensions read
The disclosed numbers are strong — 5 of 5 signals read positive
Strength94/100
- Undemanding valuation9.7× earnings at the upper band, with no peer set published to compare against
- High return on equityROE of 46.0%
- Conservative balance sheetDebt/equity of 0.07×
- Fresh capital for the business100.0% of the issue is fresh capital raised by the company itself
- Institutions bid heavilyQIB portion subscribed 168.56×
Every line above is arithmetic on a figure shown elsewhere on this page - no model, no opinion. It describes the quality of the offering as disclosed. It is not a prediction of the listing price, and it is not advice to apply.
Dates
The issuer's tentative timetable — a date passing is not confirmation the step completed
- Opens09 Jul 2026
- Closes13 Jul 2026
- Listing16 Jul 2026
Demand and your odds
How the book filled, and what that means for an application
Subscription by category
Qualified institutionalQIB168.56x
Non-institutionalNII / HNI261.22x
Big NIIabove ₹10L286.50x
Small NII₹2L – ₹10L211.19x
Retail individualRII244.08x
Employee1.06x
1,39,357 applications received — how many people bid, as opposed to how much money did. Exchange figures as of 13 Jul 2026.
Chance of allotment
Retail244.08× subscribed
~1 in 244.1
Retail is 244.08× subscribed. Allotment is a lottery on a single lot, so roughly 1 in 244.1 applications gets one lot. Bidding for extra lots does not improve these odds.
HNI / NII261.22× subscribed
~1 in 261.2
HNI is 261.22× subscribed. This category is allotted proportionately, so a bid receives roughly 1/261.2 of the shares applied for, subject to the minimum-lot draw.
Derived from SEBI's allotment mechanics and the subscription figures beside it. Retail allotment is a lottery on a single lot, so applying for more lots does not improve your chance of getting something.
The offering
Terms, structure and who is selling
Terms
Price band₹118 – ₹118
Total issue size₹42.34 Cr
Fresh issue₹39.39 Cr
Listing atSME platform
Company & valuation
P/E at upper band9.66×
EPS₹9.27pre-issue
EPS₹12.22post-issue
NAV per share₹32.68
Return on equity45.97%
Debt / equity0.07×
EBITDA margin29.49%
ROCE47.60%
RoNW37.38%
EBITDA Margin29.49%
NAV32.68
Price to Book Value5.76
ISININE2KRP01017
0.0% of this issue is an offer for sale. The rest is fresh capital that goes into the company itself.
Who gets what
How the issue is split between investor categories, and what each may bid.
| Category | Shares | % of issue |
|---|---|---|
| QIB Shares Offered | 16,63,200 | 46.35% |
| Anchor Investor Shares Offered | 10,00,800 | 27.89% |
| QIB (Ex. Anchor) Shares Offered | 6,62,400 | 18.46% |
| NII (HNI) Shares Offered | 5,04,000 | 14.05% |
| bNII > ₹10L | 3,34,800 | 9.33% |
| sNII < ₹10L | 1,69,200 | 4.72% |
| Retail Shares Offered | 11,76,000 | 32.78% |
| Employee Shares Offered | 64,800 | 1.81% |
| Market Maker Shares Offered | 1,80,000 | 5.02% |
Total issue 35,88,000 shares. Indented rows sit inside the category above them and are not added to it.
What each category may bid
Individual investors (IND) (Min)₹2,83,2002 lots · 2,400 sh
Individual investors (IND) (Max)₹2,83,2002 lots · 2,400 sh
S-HNI (Min)₹4,24,8003 lots · 3,600 sh
S-HNI (Max)₹9,91,2007 lots · 8,400 sh
B-HNI (Min)₹11,32,8008 lots · 9,600 sh
Employee (Min)₹2,83,2002 lots · 2,400 sh
Employee (Max)₹4,24,8003 lots · 3,600 sh
Lot size alone does not answer "how much do I need" — an S-HNI minimum is several lots, not one.
Anchor book
Shares allotted10,00,800
Anchor portion₹11.81 Cr
Bid date08 Jul 2026
Lock-in ends (50%)13 Aug 2026
Lock-in ends (rest)12 Oct 2026
Anchors are institutional money placed a day before bidding opens, against a lock-in. Those two dates are when that stock can first be sold — a supply event worth knowing if you still hold.
What the money is for
Stated use of the net proceeds
- 01Funding the Capital Expenditure requirements towards setting up of a new manufacturing unit₹17.4 Cr
- 02Funding the working capital requirements of our Company₹12 Cr
- 03General corporate purposes₹5.69 Cr
Risks worth reading
Ranked by our severity assessment, not by the order the prospectus prints them
Litigation · ₹0.32 Cr disclosed across 1 matters
1 case of Indirect Tax (GST) involving Rs. 36,46,238 (32.46 lakhs) on account of wrong ITC claim. The Company has filed an appeal against the order on May 09, 2024. The matter is still pending.
Positives the filing discloses (3)
Primarily fresh capital
100% of the offer is fresh issue, so most proceeds fund the company.
Low leverage
Debt-to-equity of 0.07x.
Healthy return on equity
ROE of 46.0%.
What happened to comparable issues
The last 8 issues to list with a recorded opening price, most comparable first
Median listing gain
-2.2%
Listed up
1 of 8
Best
+0.4%
Papadmalji Agro Foods Limited
Worst
-17.5%
Himalayan Solar
Ravita Engineering Services Limitedsame segment
6.7× sub+0.0%
Vaibhav Vyapaar Limitedsame segment
3.1× sub-2.0%
R.K. Fashion Accessories Limitedsame segment
2.6× sub-2.4%
Eventions Limitedsame segment
2.3× sub-5.9%
Green Asia Impexsame segment
1.0× sub+0.0%
Papadmalji Agro Foods Limitedsame segment
2.5× sub+0.4%
Dudani Retailsame segment
1.4× sub-13.8%
Himalayan Solarsame segment
1.2× sub-17.5%
Past issues are context, not a forecast — this issue is a different company at a different price. We show it because "how have issues like this one actually opened" is a question with a real answer, and grey-market premium is not that answer.
Offer documents
The primary sources everything above is drawn from
Common questions
How many times is the Devson Catalyst IPO subscribed?
Devson Catalyst is subscribed 220.35× overall (QIB 168.56×, NII 261.22×, retail 244.08×). Subscription keeps changing until the issue closes; the final basis of allotment is published by the registrar.
What are the chances of allotment in the Devson Catalyst IPO?
The retail portion is subscribed 244.08×, so allotment is by lottery and the odds of receiving at least one lot are roughly 1 in 244. Applying for more lots does not improve the chance of getting something — every retail applicant competes for the same single minimum lot.
Disclaimer. Figures are compiled from the issuer's offer document and exchange-published bidding data. Subscription changes until the issue closes, and the final basis of allotment is published by the registrar. Grey-market premium is unofficial and is not a forecast. Nothing here is investment advice or a recommendation — read the offer document and consult a SEBI-registered adviser before applying.