Deon Energy files draft papers with SEBI to raise funds via IPO

Deon Energy, a solar engineering, procurement, and construction company based in Ahmedabad, has filed draft papers with the Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO). The company plans to issue up to 72 lakh equity shares and allow promoters to sell up to 20 lakh shares through an offer for sale (OFS).

The proposed IPO aims to raise ₹95.80 crore from the fresh issue proceeds, which will be used for setting up a 30 MW DC independent power production plant in Gujarat, working capital requirements, and general corporate purposes. The expansion will mark Deon Energy's entry into solar power generation, alongside its existing EPC business, which has executed 126 solar power projects with an aggregate installed capacity of 321.53 MW DC since 2020.

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