Deon Energy Sets Its IPO Plans In Motion, Submits Draft Fundraising Papers To SEBI
Mumbai: Ahmedabad-based solar engineering, procurement and construction (EPC) firm Deon Energy has filed draft papers with SEBI for an initial public offering that would fund its move into solar power generation. 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, according to the draft red herring prospectus. The…
Mumbai: Solar engineering, procurement and construction firm Deon Energy has submitted draft fundraising papers to SEBI for an IPO aimed at financing its transition into solar power generation. The proposed IPO would involve issuing up to 72 lakh equity shares and allowing promoters to sell up to 20 lakh shares, though the price range and issuance dates have not been disclosed yet.
Deon Energy plans to utilize the funds raised, approximately ₹95.80 crore from the fresh issuance, to develop a 30 MW DC independent power production plant located in Gujarat's Junagadh, Surendranagar and Kachchh districts. Another ₹75 crore will address working capital requirements, while the remaining funds will be allocated to general corporate purposes.
The IPO will primarily benefit the selling promoters, not the company itself. Currently, Deon Energy primarily focuses on providing turnkey services for ground-mounted and rooftop solar installations, including engineering, procurement, construction, commissioning, and operations. With this IPO, the company aims to establish a presence in solar power generation, complementing its existing project development business.
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