Aarvee Engineering and Deon Energy File IPO Documents, Aim to Raise Rs 352.5 Crore
Aarvee Engineering Consultants and Deon Energy have filed their draft red herring prospectus (DRHP) with SEBI, aiming to raise a combined Rs 352.50 crore. Aarvee Engineering, a design and supervision services company, targets Rs 202.50 crore through fresh equity issue and an offer for sale. Deon Energy, a renewable energy solutions provider, seeks to raise Rs 150.00 crore. Aarvee plans to use funds for debt repayment and investments in subsidiaries, while Deon will allocate Rs 100.00 crore for working capital and corporate purposes.
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Two companies, Aarvee Engineering Consultants and Deon Energy, have taken significant steps towards going public by filing their draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI). The combined fundraising target for both companies stands at Rs 352.50 crore.
Aarvee Engineering's IPO Details
Aarvee Engineering Consultants, a company specializing in design and supervision services across project lifecycles, is looking to raise Rs 202.50 crore through a fresh equity issue. In addition to this, the company's promoter, Venkatachala Chakrapani Redla, will offer up to 67.50 lakh shares for sale.
The proceeds from the IPO are earmarked for several purposes:
- Rs 76.00 crore for debt repayment
- Rs 21.90 crore investment in Indian subsidiary SRA OSS Pvt Ltd
- Rs 34.80 crore investment in Australian subsidiary
- Rs 20.80 crore investment in UK subsidiary
Aarvee Engineering boasts a track record of completing over 2,750 projects across 20 countries, highlighting its global presence and expertise in the engineering consultancy sector.
Deon Energy's IPO Plans
Deon Energy, a relatively new player in the renewable energy sector, aims to raise Rs 150.00 crore through its IPO. The company, which was incorporated in 2020, plans to allocate Rs 100.00 crore of the proceeds for working capital and general corporate purposes.
Deon Energy's business focus is on renewable energy solutions and solar EPC (Engineering, Procurement, and Construction) projects, primarily catering to commercial and industrial clients.
IPO Management
For Aarvee Engineering's public offering, Centrum Capital Limited and Ambit Private Limited have been appointed as the book running lead managers. The lead managers for Deon Energy's IPO have not been disclosed in the provided information.
Market Impact
The filing of these IPOs signals continued interest in the public markets from both established and emerging companies. Aarvee Engineering's global project portfolio and Deon Energy's focus on the growing renewable energy sector may attract investor attention in their respective domains.
As these companies progress through the IPO process, potential investors and market watchers will likely keep a close eye on further developments, including pricing details and subscription rates, which will be revealed in due course.
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