Deon Energy files draft papers with Sebi to raise funds via IPO
Deon Energy, an Ahmedabad-based solar EPC firm, is set to launch an IPO to gather capital. This offering will feature a fresh equity share issue coupled with a promoter's sale of shares. The funds raised aim to establish a 30 MW solar power plant in Gujarat while also boosting working capital and covering essential corporate expenses.
Deon Energy, a solar engineering, procurement, and construction company based in Ahmedabad, has filed draft papers with Sebi to raise funds through an IPO. The proposed IPO includes a fresh issue of up to 72 lakh equity shares and an offer for sale of up to 20 lakh shares by promoters. The company plans to use the proceeds from the IPO to set up a 30 MW DC independent power production plant in Gujarat's Junagadh, Surendranagar, and Kachchh districts, as well as allocate funds towards working capital requirements and general corporate purposes.
This expansion marks Deon Energy's entry into solar power generation, complementing its existing EPC business.
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