Solar engineering, procurement and construction (EPC) company Deon Energy has filed draft papers with market regulator SEBI to raise funds through an initial public offering. According to the Draft Red Herring Prospectus (DRHP) filed on Friday, the Ahmedabad-based 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 utilize ₹95.80 crore from the fresh issue proceeds to establish a 30 MW DC independent power production plant across six identified sites in Gujarat's Junagadh, Surendranagar and Kachchh districts. The remaining proceeds will be allocated towards working capital requirements and general corporate purposes, with ₹75 crore specifically earmarked for working capital.
The proposed expansion will mark Deon Energy's entry into solar power generation, alongside its existing EPC business. As reported by The Economic Times, the company provides turnkey services for ground-mounted and rooftop solar projects, covering engineering, procurement, construction and commissioning, along with operations and maintenance services. Since commencing operations as a partnership firm in 2020, the company has executed 126 solar power projects with an aggregate installed capacity of 321.53 MW DC as of August 31, 2026. Its outstanding EPC order book stood at ₹527.43 crore across 34 projects as of the same date, catering to industrial customers across sectors including ceramics, chemicals, pharmaceuticals, textiles and paper, with EPC projects including work for Makson Pharmaceuticals India, Omax Cotspin, Anjani Spintex and Sega Granito among others.
According to the company's financial results, Deon Energy's revenue from operations rose significantly to ₹456.28 crore in FY26 from ₹298.54 crore in FY25. The company's profit after tax also increased substantially to ₹46.06 crore from ₹26.41 crore during the same period. The company caters to industrial customers across sectors including ceramics, chemicals, pharmaceuticals, textiles and paper, with EPC projects including work for Makson Pharmaceuticals India, Omax Cotspin, Anjani Spintex and Sega Granito among others.
The equity shares are proposed to be listed on both the BSE and the National Stock Exchange of India. Valmiki Leela Capital serves as the book-running lead manager to the issue. The IPO represents a significant milestone for Deon Energy as it seeks to expand its presence in the solar power generation sector while maintaining its strong position in the EPC business.
