Devson Catalyst lists at ₹196, 66% jump on BSE SME
Business
Devson Catalyst just made a splashy entry on the BSE SME platform. Its shares opened at ₹196, which is a 66% jump from the IPO price of ₹118.
The buzz was real: its IPO raised ₹42.34 crore and saw massive demand, getting oversubscribed by more than 220 times in just three days.
Funds for Wadhwan plant, working capital
Most of the funds will go toward building a new manufacturing unit in Wadhwan City, Gujarat, plus covering working capital needs.
Devson's been around since 2004, making catalysts and ceramic balls for big names like IOCL, BPCL, and Reliance.
The strong gray market premium before listing showed investors were pretty excited about this Gujarat-based company.