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

Deon Energy, a solar engineering and construction company based in Ahmedabad, has submitted draft documents to the Securities and Exchange Board of India (Sebi) to initiate an initial public offering (IPO). The proposed IPO includes the issuance of up to 72 lakh equity shares and an offer for sale (OFS) of up to 20 lakh shares by the company's promoters.

This financial strategy aims to raise Rs 95.80 crore through the fresh issue, which will be utilized for setting up a 30 MW DC independent power production plant in Gujarat. The plant will be established across six sites in Junagadh, Surendranagar, and Kachchh districts. Additionally, Rs 75 crore allocated from the IPO proceeds will address working capital needs, while the remaining funds will be directed towards general corporate purposes.

The expansion will introduce Deon Energy into the solar power generation sector, complementing its existing expertise in engineering, procurement, construction, and commissioning of solar projects. The company's services encompass turnkey solutions for both ground-mounted and rooftop solar installations. Deon Energy's presence in the solar sector is bolstered by its extensive portfolio of solar projects, with 126 projects executed as of August 31, 2026, totaling an installed capacity of 321.53 MW DC.

Its order book, as of the same date, comprises Rs 527.43 crore across 34 projects. The company primarily serves industrial customers in various sectors, including ceramics, chemicals, pharmaceuticals, textiles, and paper. Notable clients in Deon Energy's portfolio include Makson Pharmaceuticals India, Omax Cotspin, Anjani Spintex, and Sega Granito.

The IPO shares are set to be listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange of India. Valmiki Leela Capital has been appointed as the book-running lead manager for the issue.