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: Baanganga Gold & Diamond (I) Ltd has submitted draft documents to the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO) worth up to ₹720 crore. The IPO consists of a fresh share issue up to ₹540 crore and an offer for sale (OFS) up to ₹180 crore, as per the draft red herring prospectus filed on Friday. The funds will be utilized for various purposes.
Baanganga intends to allocate ₹405 crore from the fresh share issue to address working capital needs for the fiscal years 2027, 2028, and 2029. The remaining amount from the fresh issue will be utilized for general corporate purposes. In the OFS, the promoters, Navratanmal Jeetmal Ganna and Jinesh Navratanmal Ganna, are permitted to sell up to ₹120 crore and ₹60 crore of shares, respectively. These sales are intended for the benefit of the selling shareholders.
The company specializes in designing, manufacturing, and selling gold and diamond jewelry, primarily supplying organized retail chains, wholesalers, and distributors. Notable clients include Joyalukkas India, Malabar Gold and Diamonds, Kalyan Jewellers, Bhima Enterprises, and PN Gadgil Jewellers. By July 31, 2026, Baanganga had developed over five lakh designs and served 579 clients across 18 states and four Union Territories. The company also had exports to seven countries and more than 25 international clients.
As of July 31, 2026, the company possesses three manufacturing facilities located in Mumbai. According to a CareEdge report cited in the prospectus, the wholesale gold jewelry market in India was valued at ₹2.18 lakh crore in 2025 and is projected to reach ₹4.02 lakh crore by 2030. Baanganga's estimated share of the domestic wholesale gold jewelry manufacturing market is 1.9% for the fiscal year 2026.
The IPO is being managed by DAM Capital Advisors, while KFin Technologies serves as the registrar. A price band and subscription dates have yet to be announced by the company.
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