Business description – Waa Solar, promoted by Madhav Power Private Limited (MPPL), is engaged in solar power generation in the states of Gujarat, Karnataka and Punjab. 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.
Promoters of Waa Solar – Madhav Power Private Limited
| Waa Solar IPO details | |
| Subscription Dates | 31 May – 4 June 2018 |
| IPO Price band | INR161 per share |
| Fresh issue | 1,750,000 shares (INR28.18 crore) |
| Offer for sale | 250,000 shares (INR4.02 crore) |
| Total IPO size | 2,000,000 shares (INR32.2 crore) |
| Minimum bid (lot size) | 800 shares |
| Face Value | INR10 per share |
| Retail Allocation | 50% |
| Listing On | BSE SME platform |
Use of funds
- Investment in Subsidiary Companies – INR21 crore
- General corporate purposes – INR6.7 crore
- Public issue expenses – INR0.48 crore
| Waa Solar’s financial performance (in INR crore) | ||||||
| FY2013 | FY2014 | FY2015 | FY2016 | FY2017 | 10M FY2018 | |
| Total revenue | 27.7 | 29.0 | 54.3 | 46.9 | 26.1 | 16.2 |
| Total expenses | 19.5 | 23.6 | 42.6 | 40.6 | 21.8 | 14.2 |
| Profit after tax | 8.3 | 5.4 | 11.5 | 6.3 | 4.3 | 1.6 |
Waa Solar’s Contact Details
Waa Solar Limited
Madhav House
Nr. Panchratna Building, Subhanpura
Vadodara, Gujarat – 390023
Phone: +91 0265 2290722
Email: [email protected]
Website: www.waasolar.org
Waa Solar IPO Subscription Details
| Day | Subscription (no. of times) |
| Day 1 | 1.02 |
| Day 2 | 1.13 |
| Day 3 | 1.52 |
Waa Solar Valuation (Latest FY)
Earnings Per Share (EPS): INR10.24
Price/Earnings (P/E) ratio: 15.72
Return on Net Worth (RONW): 4.39%
Net Asset Value (NAV): INR12.95 per share
Registrar of Waa Solar IPO
Bigshare Services Private LimitedÂ
E2, Ansa Industrial Estate, Sakivihar Road,
Sakinaka, Andheri (E)
Mumbai – 400 072
Phone:Â +91 22Â 4043 0200Â
Fax:Â +91 22Â 2847Â 5201
Email:Â [email protected]
Website:Â www.bigshareonline.com
Waa Solar IPO Allotment Status
Waa Solar IPO allotment status is now available on Bigshare Services’ website. Click on this link to get allotment status.
Listing performance of Waa Solar
IPO Opening Date: 31 May 2018
IPO Closing Date: 4 June 2018
Listing Date: 12 June 2018
Listing Price on BSE SME: INR158 per share (down 1.86% from IPO price)
Closing Price on BSE SME: INR153.15 per share (down 4.87% from IPO price)
Good company and price. They are not inflating their profits like others…
Yes, but is that all you need? Sales and profits are up and down and that should be a red flag!!
Read the prospectus and they are all the same. Cheaters!
Looking only at the profits is the error most investors make. Look at the cashflow which has been negative. It means this company has been taking more loans to fund its operations.
Also, I noticed that this company changed its method of depreciation which has improved visible profits but in real terms, it has been a loss making business.