Ahmedabad-based Deon Energy Ltd has filed its Draft Red Herring Prospectus (DRHP) with capital markets regulator, Securities and Exchange Board of India (SEBI) for its Initial Public Offering (IPO).
The offer, with a face value of Rs 10, is a fresh issue aggregating up to Rs 150 crore.
The offer also includes a subscription reservation by eligible employees, and a discount is being offered to eligible employees bidding in the employee reservation portion.
The proceeds from its fresh issuance worth Rs 100 crore will be utilised for funding its long-term working capital requirements, and general corporate purposes.
The Offer is being made through the book-building process, wherein not more than 75% of the net offer is allocated to qualified institutional buyers, and not more than 15% and 10% of the net offer is assigned to non-institutional bidders and retail individual bidders respectively.
Incorporated in 2020, the company is focused on delivering end-to-end renewable energy solutions, including engineering, procurement and construction (EPC) of solar energy projects on a turnkey basis, with an emphasis on serving clients in the commercial and industrial sectors. The company executes independent solar EPC projects for its clients.
And via the company’s model it facilitates seamless project deployment from conceptualization and assisting in land acquisition to commissioning, and assisting with obtaining the necessary approvals, including for evacuation lines from the solar power plant to the electricity grid on behalf of its clients. The company provides its clients with customized solutions, which includes analysing the clients’ existing power consumption in comparison with the actual solar power generation that can be commissioned (in MWDC and MWAC),
including options for selection of suitable technologies available for commissioning of solar EPC Project.
The company executes independent solar EPC projects for its clients, wherein, its major business model involves the ground-mounted and rooftop solar EPC projects. And by 31 March, 2025, the company has successfully executed 78 solar power projects with a total installed capacity of 140.29 MWDC (Megawatt Direct Current) and 118.80 MWAC (Megawatt Alternating Current). According to a CARE Report, as of FY25, India’s total solar installed capacity stood at 105.65 GW, accounting 22% of the installed power generation capacity and 49.7% of total renewable energy capacity.
The company also provides operations and maintenance (O&M) services to majority of the solar power plants for which it has provided solar EPC services.
During Fiscal 2025, the company provided O&M services for 44 solar power plants with a total installed capacity of 127.79 MW DC and 107.98 MW AC. The company carries out complete O&M services for almost all its EPC Solar projects, however, few of the clients outsource O&M services to other agencies.
The company manages its O&M services (technical and non-technical manpower) as per our clients’ O&M
requirements. Its O&M services include daily cleaning of equipment, repairs, maintenance and replacement of solar panels, invertors, cables and other equipment and security of the power plant, the O&M activities may also vary on the basis of the agreements entered by the company with its clients.
The company also takes the initiative of monitoring power plant generation on daily basis and the noting is prepared and submitted to the clients. As on August 31, 2025, the company has entered into 51 O&M agreements with its clients. Some of the company’s clients for its O&M are Omax Cotspin Private Limited, Fiotex Cotspin Private Limited and Shaldip Coating LLP, amongst others.
The company’s monitoring and maintenance capabilities extend to robust remote system monitoring, facilitated by GSM data loggers and Supervisory Control and Data Acquisition (SCADA) system implementation, ensuring oversight of system parameters.
And through its remote system monitoring process, the company ensures swift fault detection and resolution, which is paramount to maintaining uninterrupted functionality of its clients’ solar power systems.
The company is also involved in sale of other solar components.
The company’s revenue from operations was Rs 298.8 crore during FY 25 vis-à-vis Rs 41.8 crore during FY23.
Its net profit was Rs 26.1 crore during FY25 vis-à-vis Rs 20 lakh during FY23.
Smart Horizon Capital Advisors is the book-running lead managers and Bigshare Services Private Limited is the registrar of the offer. The equity shares are proposed to be listed on BSE and NSE.
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