Deon Energy files for Rs 1.5 billion IPO to fund expansion

Deon Energy Limited has filed its draft red herring prospectus with the Securities and Exchange Board of India to raise Rs 1.5 billion through an initial public offering. The issue comprises a fresh sale of equity shares with a face value of Rs 10 each.

The company plans to use about Rs 1 billion from the proceeds for long-term working capital needs, while the rest will go toward general corporate purposes. Smart Horizon Capital Advisors is the book-running lead manager.

Based in Gujarat, Deon Energy has installed over 300 MW of solar systems, including commercial rooftop and ground-mounted projects across the state.