Wagons Learning IPO sees tepid start with only a 2% subscription on day 1

Wagons Learning, which specialises in corporate activity and consulting services, launched a public issue to raise Rs 38.38 crore through the maiden public issue.

Low Retail and Institutional Interest in ₹38.38 Crore Public Issue

Wagons Learning, a Pune-based corporate training and digital learning solutions provider, witnessed a lukewarm response from investors on the first day of its Initial Public Offering (IPO). According to data from the BSE, the offer was subscribed just 2% as of May 2.

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Only 92,800 equity shares were bid for, out of the 46.80 lakh shares available in the public issue, through a total of 54 applications.

Retail and Institutional Participation Remains Weak

Investor interest across categories was muted:

• Retail investors subscribed to just 4% of their reserved portion.
• Non-institutional investors (NIIs) subscribed to only 1%.
• Qualified Institutional Buyers (QIBs) are yet to participate.

IPO Structure and Objectives

The IPO aims to raise ₹38.38 crore, comprising:

• A fresh issue of 30.8 lakh shares worth ₹25.26 crore
• An offer-for-sale (OFS) of 16 lakh shares worth ₹13.12 crore by the promoters

The price band has been set at ₹78–82 per share, and the IPO will remain open for bidding until May 6.

The company plans to use the fresh proceeds for:

• Working capital needs
• Debt repayment
• General corporate purposes

Listing Details and Lead Manager

Wagons Learning’s shares are set to debut on the BSE SME platform on May 9. The IPO is being managed by Khandwala Securities, acting as the merchant banker.

Despite operating in the promising edtech and corporate training space, the weak opening suggests cautious investor sentiment, possibly due to market conditions or valuation concerns.