Deon Energy Files for IPO to Expand Solar Power

Deon Energy, an Ahmedabad-based solar EPC company, filed draft papers with the Securities and Exchange Board of India on Friday to launch an initial public offering. The proposed IPO consists of a fresh issue of up to 72 lakh equity shares and an offer for sale of up to 20 lakh shares by promoters.

The company plans to use 95.80 crore rupees from the fresh issue to establish a 30 MW DC independent power production plant across six sites in the Junagadh, Surendranagar, and Kachchh districts of Gujarat. This project marks the company's entry into solar power generation. Deon Energy will also allocate 75 crore rupees for working capital and the remaining funds for general corporate purposes.

Financial reports for FY26 show the company's revenue grew to 456.28 crore rupees, with profit after tax increasing to 46.06 crore rupees. The shares are expected to list on the BSE and the National Stock Exchange of India, with Valmiki Leela Capital serving as the book-running lead manager.