Deon Energy has filed draft papers with the market regulator Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO). The company's proposed IPO comprises a fresh issue of up to 72 lakh equity shares and an offer for sale (OFS) of up to 20 lakh shares by promoters.
The company plans to use Rs 95.80 crore from the fresh issue proceeds to set up a 30 MW DC independent power production plant across six identified sites in Gujarat's Junagadh, Surendranagar and Kachchh districts. It will also allocate Rs 75 crore towards working capital requirements, with the remaining proceeds earmarked for general corporate purposes. The proposed expansion will mark the company's entry into solar power generation, alongside its existing EPC business.
Valmiki Leela Capital is the book-running lead manager to the issue. Shares of the company are proposed to be listed on the BSE and the NSE.
Deon Energy provides turnkey services for ground-mounted and rooftop solar projects, covering engineering, procurement, construction and commissioning. It also offers operations and maintenance services.
