Waa Solar Limited is engaged in solar power generation by setting up Solar Power Project. It is Gujarat based company. This company investing in Special Purpose Vehicle (“SPV”) associate and subsidiaries companies which are engaged in solar power generation activities. Before analysing the company’s financial statement, it is our foremost duty to present the issue details including issue value, face price, issue size, issue type etc for the forthcoming issue. Hence, investors should watch the market trend with Waa Solar Limited IPO Review analysis for a profit maximization trend.
About Waa Solar Limited IPO Review :
- IPO Opens on –May 31, 2018
- IPO Closes on – June 4, 2018
- Face Value – Rs. 10 Per Equity Share.
- Issue Price – Rs. 161 Per Equity Share.
- Issue Type – Fixed Price Issue IPO.
- Market Lot – 800 Shares.
- Minimum Order Quantity – 800 Shares.
- Issue Size – 1,750,000 Equity Shares of Rs 10 aggregating up to Rs 28.18 Cr.
- Listing Exchange – BSE SME Exchange.
- Draft Prospectus – Download.
Objectives of the issue :
- The Offer for Sale: This company will not receive any proceeds from the Offer for Sale.
- Fresh Issues are:
1. Investment in Subsidiary Companies.
2. General Corporate Purpose.
3. Meeting Public Issue Expenses.
About The Company –
- Waa Solar Limited is incorporated in 2009.
- They have been awarded as GUVNL. GUVNL stands for “Gujarat Urja Vikas Nigam Limited”, which is the work of setting up of Solar Photovoltaic Grid Interactive Power Plant of 10MW capacity. The plant will be located at village Nayka, Taluka-Sami, District Patan. This will produce the electric energy.
- This electric energy for the sale of entire electrical energy, so produced, for commercial purpose from such project to GUVNL for a tenure of 25 years.
- Waa Solar Limited has completed 10.25MW (DC) capacity of ground mounted Solar Photovoltaic power project in the area of (approx 59.80 acres) at village Tikar (Parmar), Taluka- Muli, District Surendranagar, Gujarat.
- GUVNL has entered into Power Purchase Agreement (“PPA”) and agreed to purchase such power through distribution companies (“Discom”).
- Airport Authority of India has entered into PPA with the company for setting up a 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 the company :
- Madhav Power Private Limited is the Promoter of this company.
Directors of The Company :
Company Financials :
Waa Solar Limited IPO Review:
The DRHP or draft red herring prospectus is a document or preliminary prospectus as part of public offering security. According to the company’s financial statement, their profit grows in an abrupt way. Besides this, the growth level’ sustainabiliity is a major factor. Fy 2016-17 the company had generated a very low amount of profit in comparison to previous FY. As per the DRHP, on the last financial year, Waa has earnings per share of 8.75. The DRHP also shows P/E ratio based on the basic and diluted EPS of FY 2016-17 stands at 18.40. In the last FY, the return on net worth (RoNW) stands at 3.75. Waa has a NAV/share of 233.16 as per the last financial year. Based on the analytical view on Waa solar limited IPO review is NEUTRAL at present. If we consider the sudden growth in profits as a turn around story, long-term investors can try at their own risk.
Categories: IPO Review