Kian-M Export files IPO papers with Sebi to raise ₹500 cr via fresh issue

Deon Energy, an Ahmedabad-based solar engineering, procurement and construction company, has submitted draft documents to SEBI to raise capital through an initial public offering (IPO). The proposed IPO includes an issuance of up to 72 lakh equity shares and an offer for sale of up to 20 lakh shares by promoters, as per the Draft Red Herring Prospectus filed on Friday.

The company intends to utilize ₹95.80 crore from the fresh issue proceeds to construct a 30 MW DC independent power generation plant across six sites in Gujarat's Junagadh, Surendranagar and Kachchh districts. An additional ₹75 crore will be allocated for working capital, with the rest intended for general corporate purposes. This expansion will mark Deon Energy's entry into solar power generation, complementing its existing EPC business.

The company currently provides turnkey services for both ground-mounted and rooftop solar projects, including engineering, procurement, construction and commissioning, as well as operations and maintenance services. Since its inception as a partnership firm in 2020, Deon Energy has completed 126 solar power projects with a combined installed capacity of 321.53 MW DC as of August 31, 2026.

Its outstanding EPC order book stands at ₹527.43 crore across 34 projects as of the same date. The company serves industrial customers in sectors such as ceramics, chemicals, pharmaceuticals, textiles and paper, with notable EPC projects for Makson Pharmaceuticals India, Omax Cotspin, Anjani Spintex and Sega Granito. Deon Energy's revenue from operations was ₹456.28 crore in FY26, up from ₹298.54 crore in FY25, while profit after tax increased to ₹46.06 crore from ₹26.41 crore during the same period.

The shares are slated for listing on both the BSE and the National Stock Exchange of India, with Valmiki Leela Capital as the book-running lead manager for the issue.