Waa Solar Limited IPO (Waa Solar IPO) Detail

waa solar ipo

Waa Solar Limited IPO (Waa Solar IPO) Detail

ABOUT THE COMAPNY:

Waa Solar Limited engages in solar power generation activities in India.

Waa Solar Limited (Incorporated in 2009)is engaged in solar power generation by setting up Solar Power Projects.

Company was originally incorporated in the year 2009, at Mumbai and promoted by Mr. Hitesh Doshi and Mr. Viren Doshi. On May 8, 2010,Company was taken over by the corporate promoter M/s. Madhav Power Private Limited (“MPPL”) with the intention of entering into solar power projects in the state of Gujarat.

On May 21, 2010, Gujarat Urja Vikas Nigam Limited (GUVNL) awarded it the work of setting up of Solar Photovoltaic Grid Interactive Power Plant of 10MW capacity at village Nayka, Taluka-Sami, District Patan, to produce the Electric Energy and for sale of entire electrical energy, so produced, for commercial purpose from such project to GUVNL for a tenure of 25 years. GUVNL entered into Power Purchase Agreement (PPA) dated May 21, 2010 and agreed to purchase such power through distribution companies (Discom). On January 30, 2013, Airport Authority of India, Rajiv Gandhi Bhavan, New-Delhi, entered into PPA with the company for setting up solar power plant of 100 KWP at Raja Bhoj Airport, Bhopal on Built, Own and Operate (BOO) basis for a tenure of 25 years.

Customer segment:

The company mainly deals with government organizations like Airport Authority of India, Gujarat Urja Vikas Nigam Limited etc. spread across the country

Promoters And Management of Waa Solar limited:

Promoters of Waa Solar Limited Company are:

(1) Mr. Amit Khurana, is a Managing Director of the Company. He holds a degree in Business Administration and joined family business immediately after graduation. He has an experience Over 20 years in the EPC business and 8 years of Experience in Solar Business. He is also looking after day to day activity of Group Company and acts as Managing Director in Madhav Infra Projects Limited.

(2) Mr. Mangilal Singhi, is a Director cum Chief Financial Officer of the Company. He holds a degree in Commerce. He has an experience of Over 35 years in the field of Accounts, Finance, Banking, and Management.

(3)Mr. Vineet Rathi is a Professional Director of the Company. He holds a degree of Chartered Accountant and Commerce Graduate. He has an experience Over 16 years in the field of Financial Services. He owns a firm of Practicing Chartered Accountant in Vadodara.

Company Business:

1. Solar Projects

(a)The Company has 10.25 MW Power Plant installed at Surendranagar.

(b)The Company has 100 KW Power Plant installed at Raja Bhoj, Bhopal Airport.

2.Investment

(a)The Company has 66.69% of stakes in Madhav Solar(Karnataka) Private Limited having 10MW Capacity Power Plant.

(b)The Company has 99.99% of stakes in Madhav Private Limited (MSPL) having 4MW Capacity Power Plant.

(c)The Company has 51.1% stakes in Madhav Solar(Vadodra Rooftop) Private Limited(MSVRPL) having 4MW Capacity plant.

Company Financials:

Particulars For the year/period ended (in Rs. Lakhs)
31-Mar-17 31-Mar-16 31-Mar-15 31-Mar-14 31-Mar-13
Total Assets 20,018.99 19,806.98 21,882.07 18,113.28 15,908.92
Total Revenue 2,607.24 4,689.97 5,426.30 2,900.85 2,773.49
Profit After Tax 427.50 633.98 1,152.70 538.07 828.28

 

Promoters Stake Pre & Post Issue:

Shareholder Name Pre Issue Stake (%) Post Issue Stake (%)
Promoters
Madhav Power Private Limited 70.03 51.56
Promoter Group Entities             29.97               18.29
Total 100% 69.85%

 

Objectives of the Issue:

  1. Investment in Subsidiary Companies – INR21 crore
  2. General corporate purposes – INR6.7 crore
  3. Public issue expenses – INR0.48 crore

 

ISSUE DETAIL:

  1. Details Info
    Issue Opens on 31st May 2018
    Issue Closes on:. 4th June 2018
    Issue Price Rs.161
    Face Value Rs.10
    Minimum Lot 800
    Minimum Investment Rs.1,28,000
    Issue Constitutes 30.15%
    Issue Size Rs.32.20 cr
    Market Cap Rs.106.79 cr
    Listing at BSE SME
    Equity Shares Offered (Fresh) 17,50,000
    Equity Shares Offered (OFS) 2,50,000
    Total Equity Shares Offered (Freesh + OFS) 20,00,000
    Equity Shares Prior to the Issue 48,83,382
    Equity Shares after the Issue 66,33,382
  2. Company Contact Information:

  3. Waa Solar Limited
    Madhav House,
    Nr. Panchratna Building,
    Subhanpura, Vadodara, Gujarat -390023
    Phone: 0265 -2290722
    Fax:
    Email: info@waasolar.org
    Website: http://www.waasolar.org/

    Waa Solar IPO Registrar:

     Bigshare Services Pvt. Ltd
    Bigshare Services Pvt Ltd E-2 & 3,
    Ansa Industrial Estate, Saki-Vihar Road,
    Sakinaka, Andheri(E), Mumbai – 400 072Phone: 91-22-40430200
    Fax: 91-22-2847 5207
    Email: ipo@bigshareonline.com
    Website: http://www.bigshareonline.com

    Lead Manager to the Issue:

    GUINESS CORPORATE ADVISORS PRIVATE LIMITED
    18 Deshapriya Park Road,
    Kolkata – 700 026, West Bengal, India
    Tel: +91 – 33 – 3001 5555;
    Investor Email: gcapl.mbd@guinessgroup.net
    Website: www.guinessonline.net

     

 

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