Waa Solar Ltd

waa solar

About the Company:

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.

Company is investing in Special Purpose Vehicle (“SPV”) associate and subsidiaries companies which are engaged in solar power generation activities. Company is also planning to commence the Engineering, Procurement and Construction (“EPC”) in solar project.


Some details about Company’s Past.

On May 21, 2010, Gujarat Urja Vikas Nigam Limited (“GUVNL”) had awarded Waa Solar Ltd 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 has entered into Power Purchase Agreement (“PPA”) dated May 21, 2010.

On January 30, 2013, Airport Authority of India, Rajiv Gandhi Bhavan, New-Delhi, had entered into PPA with Waa Solar Ltd 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.


Investments in SPV: (Subsidiaries)




Company has formed following SPV for the implementation of Solar Power Project in Karnataka, Punjab and Gujarat:

1. Madhav Solar (Karnataka) Private Limited (MSKPL) (10MW- Power Plant)

Company has floated MSKPL on September 3, 2013 and having stake of 66.69%. MSKPL has entered into PPA on February 25, 2014 with Chamundeshwari Electricity supply corporation Ltd and has awarded Waa Solar Ltd the work for setting up of Solar Photovoltaic Grid Interactive Power Plant of 10MW capacity at Sira Taluk, Tumur District.

2. Madhav Solar Private Limited (MSPL) – (4 MW)

Company have floated wholly owned subsidiary company MSPL on August 13, 2013 and having stake of 99.99%.

MSPL had entered into PPA on December 27, 2013 for a period of 25 years with Punjab State Power Corporation Limited and has awarded Waa Solar Ltd the work for setting up of Solar Photovoltaic Grid Interactive Power Plant of 4MW capacity at village Buha, Tehsil Budhlada, Dist. Mansa.

3. Madhav Solar (VADODAR ROOFTOP) Private Ltd (MSVRPL) – (4 MW)

Company has floated subsidiary company MSVRPL on March 13, 2014 and having stake of 51%. MSVRPL has entered into PPA on June 17, 2014 with Madhya Gujarat Vij company Limited and has awarded Waa Solar Ltd the work for setting up of Solar Photovoltaic Grid Interactive Power Plant of 4 to 6 MW capacity at Vadoadara.


Management Team:

  1. Mr. Amit Khurana (Designation: Managing Director)
  2. Mr. Mangilal Singhi (Designation: Non Executive – Non Independent Director)
  3. Mr. Vineet Rathi (Designation: Non-Executive and Professional Director)


Promoters Average Acquisition Cost:

Name of the Promoter No. of Shares held Average Acquisition Cost (in Rs.)
Madhav Power Private Limited 34,19,982 157.92


Promoters Stake Pre & Post Issue:

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


Objectives of the Issue:

  • Investment in Subsidiary Companies.
  • General Corporate Purpose.
  • Meeting Public Issue Expenses.


Fund Utilization:

Particulars Amount (Rs. in Crores)
Investment in Subsidiary Companies 21.00
General Corporate Expenses 6.7
Public Issue Expenses 0.47
Net Proceeds 28.17 cr


Peer group Comparison:

We believe that there are no listed Companies in India which are purely engaged in Solar Power Generation by setting up Solar PV power project.


Financials of the Company: (Consolidated)

(in Crores) FY 13 FY 14 FY 15 FY 16 FY 17 30th Nov 17
Revenue 27.73 33.30 66.57 64.84 52.39 33.34
Net Profit 8.28 5.38 11.35 6.02 4.88 2.33


IPO Details:

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


Subscription Details: (Will be Updated)

(Subscription-Category-Wise (no. of times) Till time : 00:00) Shares Offered Day-1 Day-2 Day-3 Day-4
HNI 9,48,000
Retail 9,48,000
Others  1,04,000
Employee  ——-
TOTAL 20,00,000


IPO Valuation Parameters: (Consolidated)

Earnings Per Share (EPS) Price To Earnings ratio (PE) Return on Net Worth (RoNW) Net Asset Value (NAV)
10.24 15.72 4.34% 233.24


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Company Contact Info:
Waa Solar Ltd
Madhav House Nr. Panchratna Building,
Subhanpura, Vadodara, Gujarat -390023.
Tel: 0265 -2290722,
E-Mail: info@waasolar.org
Website: www.waasolar.org


IPO Registrar Info:
1st Floor, Bharat Tin works Building,
Opp vasant Oasis, Makwana Road, Marol,
Andheri East, Mumbai-400059
Tel : +91 022-62638200
Fax : +91 022-62638299
E-Mail: ipo@bigshareonline.com
Website: www.bigshareonline.com


Lead Manager to the Issue:
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