Deon Energy Limited has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise Rs 1.5 billion through an initial public offering (IPO). The IPO comprises a fresh issue of equity shares by promoters Dharmesh Ashokbhai Makadiya, Chiragbhai Dineshbhai Kalariya, and Archanaben Kalariya. The promoters also include Bhargav Chaturbhai Kavar, Chaturbhai Harjibhai Kava, Khushbu Indravadan Patel, and Jalpa Bhargav Kavar. Furthermore, each share carries a face value of Rs 10.
Additionally, around Rs 1 billion of the total funds raised will be directed towards meeting the company’s long-term working capital needs. The balance will be used for general corporate purposes. The book running lead manager for the IPO is Smart Horizon Capital Advisors.
Deon Energy is a Gujarat-based renewable energy company. It has installed over 300 MW of solar systems, including commercial rooftops and ground-mounted solar power plants across Gujarat.
