Solar engineering, procurement and construction (EPC) company Deon Energy has filed draft papers with the market regulator Sebi to raise funds through an initial public offering (IPO).
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, according to the Draft Red Herring Prospectus (DRHP) filed on Friday.
Deon Energy 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.
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.
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.
As of the same date, its outstanding EPC order book stood at Rs 527.43 crore across 34 projects.
The company caters to industrial customers across sectors such as ceramics, chemicals, pharmaceuticals, textiles and paper. Its EPC projects include work for Makson Pharmaceuticals India, Omax Cotspin, Anjani Spintex and Sega Granito, among others.
Deon Energy's revenue from operations rose to Rs 456.28 crore in FY26 from Rs 298.54 crore in FY25. Profit after tax increased to Rs 46.06 crore from Rs 26.41 crore during the period.
The equity shares are proposed to be listed on the BSE and the National Stock Exchange of India .
Valmiki Leela Capital is the book-running lead manager to the issue.