Ahmedabad's Deon Energy files draft papers with Sebi for Rs 150 crore IPO

Ahmedabad-based Deon Energy Ltd has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) to raise up to Rs 150 crore through an initial public offering (IPO).

The IPO, with a face value of Rs 10 per equity share, comprises a fresh issue worth Rs 150 crore. The company has also proposed a subscription reservation for eligible employees, who will be offered shares at a discount. Proceeds of Rs 100 crore from the fresh issue will be used to meet long-term working capital requirements, while the balance will go towards general corporate purposes.

The offer is being made via the book-building route. 75 per cent of the net offer will be reserved for qualified institutional buyers, while non-institutional investors and retail individual investors will be allocated not more than 15 per cent and 10 per cent of the net offer, respectively.

Incorporated in 2020, Deon Energy focuses on end-to-end renewable energy solutions, with expertise in engineering, procurement and construction (EPC) of solar power projects for commercial and industrial clients. The company provides turnkey project execution, from land acquisition and approvals to commissioning and grid connectivity.

As of March 31, 2025, Deon Energy had executed 78 solar projects, adding a total installed capacity of 140.29 MWDC and 118.80 MWAC. According to CARE Ratings, India's solar installed capacity stood at 105.65 GW in FY25, accounting for 22 per cent of total power generation capacity.

Deon Energy also undertakes operations and maintenance (O&M) services for solar plants. In FY25, it provided O&M for 44 plants with a capacity of 127.79 MWDC and 107.98 MWAC. As of August 31, 2025, it had entered into 51 O&M agreements.

The company reported revenues of Rs 298.8 crore in FY25 against Rs 41.8 crore in FY23. Net profit rose to Rs 26.1 crore in FY25 from Rs 20 lakh in FY23.

Smart Horizon Capital Advisors is the book-running lead manager, while Bigshare Services Pvt Ltd is registrar to the issue. The shares are proposed to be listed on the BSE and NSE.