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Deon Energy has filed draft papers with markets regulator Securities and Exchange Board of India (SEBI), seeking its approval to garner Rs 150 crore through an initial public offering (IPO). The company's maiden public offering is entirely a fresh issue of shares with no offer for sale (OFS) component.

Funds raised through the IPO to the tune of Rs 100 crore will be utilised for funding the company's long-term working capital requirements, and a portion will be earmarked for general corporate purposes. Smart Horizon Capital Advisors is the sole book-running lead manager of the public offering. 

Incorporated in 2020, Deon Energy 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.