Devson Catalyst IPO Day 1: Here's GMP, subscription status & other key details

SME IPO: Devson Catalyst IPO has opened for subscription today, July 9 and will remain available for bidding until July 13.

Founded in 2004, Devson Catalyst manufactures catalysts, adsorbents, ceramic balls, and other related products. Its offerings cater to a wide range of industries, including petroleum refining, petrochemicals, fertilisers, gas processing, environmental applications, and speciality chemicals.

The company has manufacturing units in Gujarat and supplies its products to customers across both domestic and global markets.

The bidding of Devson Catalyst IPO will begin at 10:00 am on Thursday, 9 July.

The shares of Devson Catalyst IPO are commanding a strong premium in the grey market, as per websites tracking the unlisted market. The GMP of Devson Catalyst IPO is ₹50, according to Investorgain.

The estimated listing price of Devson Catalyst IPO is likely to be ₹168, which is 42.37% higher than the IPO price of ₹118.

The company is looking to raise ₹42 crore through its IPO, with the price band set at ₹112-118 per share.

The public issue consists of a fresh issue of 0.33 crore equity shares worth ₹39.39 crore and an offer for sale (OFS) of 0.03 crore equity shares valued at ₹2.95 crore.

Half of the issue has been earmarked for Qualified Institutional Buyers (QIBs), while 15% is reserved for Non-Institutional Investors (NIIs) and the remaining 35% for retail investors. Additionally, the company has allocated 64,800 equity shares for employees and 1,80,000 equity shares for the market maker, bringing the net offer size to 33,43,200 equity shares.

The IPO lot size has been fixed at 1,200 shares, translating into a minimum investment of around ₹1.41 lakh for retail investors at the upper end of the price band. The shares are proposed to be listed on the BSE SME platform.

The basis of allotment is likely to be finalised on July 14, with the stock expected to debut on the BSE SME platform on July 16.

According to the company, the proceeds from the fresh issue will mainly be used to finance capital expenditure for establishing a new manufacturing facility, meet working capital requirements, and support general corporate purposes.

JJ IPO Advisors is acting as the book-running lead manager for the issue, MUFG Intime India has been appointed as the registrar, and MNM Stock Broking will serve as the market maker.

Disclaimer: This story is for educational purposes only. Please consult with an investment advisor before making any investment decisions.

Vaamanaa covers business and stock market news. Started in 2020, she has been producing news on digital platforms for over 4.5 years now. She writes on markets, commodities, IPOs, and industry. She has worked for news channels like Jagran New Media and Business Insider India. You can reach out to her at vaamanaa.sethi@htdigital.in.