IPO Details

Bidding Dates

02 May '25 - 06 May '25

Minimum Investment

₹1,31,200 / 1 Lot (1600 Shares)

Price Range

₹78 - ₹82

Maximum Investment

₹1,31,200 / 1 Lot (1600 Shares)

Retail Discount

To be announced

Issue Size

₹38.38 Cr

Investor category and sub category

Retail Individual Investors (RII)  |   Non-institutional Investors (NII)  |   Qualified Institutional Buyers (QIB)  |  

Wagons Learning IPO Important Dates

Important dates with respect to IPO allotment and listing

IPO Opening Date

May 02, 25

IPO Closing Date

May 06, 25

Basis of Allotment

May 07, 25

Initiation of Refunds

May 08, 25

IPO Listing Date

May 09, 25

IPO Subscription Details

DateQIBNIIRetailTotal

Day 1May 1, 2025

 0.00 0.01 0.04 0.02

About Wagons Learning IPO

Wagons Learning IPO is a book-built issue worth ₹38.38 crore. It comprises a fresh issue of 30.80 lakh shares aggregating to ₹25.26 crore and an offer for sale of 16.00 lakh shares worth ₹13.12 crore. The IPO opened for subscription on May 2, 2025, and will close on May 6, 2025. Allotment is expected to be finalised on May 7, 2025, with tentative listing on the BSE SME platform scheduled for May 9, 2025.

The IPO price band is fixed at ₹78 - ₹82 per share. Retail investors must apply for a minimum of 1 lot comprising 1600 shares, requiring an investment of ₹1,31,200 at the cutoff price. HNI investors are required to apply for at least 2 lots (3200 shares), amounting to ₹2,62,400.

Khandwala Securities Limited is the book-running lead manager for this issue, while Cameo Corporate Services Limited is the registrar. The market maker is Rikhav Securities Limited.

For detailed financials, company background, and risk factors, investors are advised to refer to the Wagons Learning IPO RHP.

Industry Outlook

  1. The Indian corporate training market is in its growth stage and is expected to continue expanding over the next 10-15 years, driven by a robust IT and service industry, a large and young workforce, and India's fast GDP growth.
  2. Major sectors contributing to the growth of the corporate training market include IT/ITES, Telecom, BFSI, FMCG/Retail, Automobile, Manufacturing, and Healthcare. The IT/ITES sector, in particular, is a significant driver due to the increasing demand for skilled professionals in technology and services.
  3. The adoption of digital learning solutions, including Learning Management Systems (LMS) and Learning Experience Platforms (LXP), is transforming the corporate training landscape. These technologies enable scalable, flexible, and personalized learning experiences.
  4. The corporate training market in India is expected to grow at a compound annual growth rate (CAGR) of 16.3% between 2023 and 2027. This growth is supported by the increasing adoption of digital learning solutions and the continuous need for skill development across various industries. 

Wagons Learning IPO Objectives 

The company proposes to utilise the net proceeds from the IPO for the following objectives:

  1. Funds will be used to meet the working capital needs of the company, ensuring smooth operations and supporting business growth.
  2. A portion of the proceeds will be allocated towards the prepayment or repayment of certain outstanding borrowings, reducing the company's debt burden and improving financial stability.
  3. Remaining funds will go towards general corporate purposes, including operational expenses, strategic initiatives, and unforeseen contingencies.
  4. Listing of equity shares is expected to enhance brand visibility, improve credibility with customers, and create a public market for the shares in India.

About Wagons Learning Limited 

Wagons Learning Limited was originally incorporated as Wagons Learning Private Limited on October 31, 2013, under the Companies Act, 2013. The company was subsequently converted into a public limited company on June 15, 2024, and renamed Wagons Learning Limited.

The company is engaged in providing corporate training, digital learning, and skill development solutions. It operates on a B2B model, offering services such as training and certifications, digital learning solutions, skill development solutions, trainer outsourcing, and payroll management. Wagons Learning specializes in corporate training and consulting across a broad range of domains, including sales training, customer service training, soft skills and behavioral training, functional training, and knowledge-based skill training solutions.

Wagons Learning serves a variety of sectors including automotive, banking and financial services, pharma, and healthcare. The company provides comprehensive training solutions to professionals across these industries, ensuring they are equipped with the necessary skills and knowledge to excel in their roles. Additionally, Wagons Learning offers advanced digital learning solutions, including Learning Management Systems (LMS) and Learning Experience Platforms (LXP), which are compatible with all major platforms and tailored to meet the specific needs of corporates, universities, schools, and colleges.

The company's operations are supported by a network of branch offices across India and a newly established branch in Dubai, UAE. Through this IPO, Wagons Learning aims to fund its working capital requirements, repay certain outstanding borrowings, and invest in general corporate purposes to support its operational growth and strategic initiatives. The listing of equity shares is expected to enhance brand visibility, improve credibility with customers, and create a public market for the shares in India.

How To Check the Allotment Status of the Wagons Learning IPO?

Steps to check IPO allotment status on Angel One’s app:

  1. Log in to the Angel One app.
  2. Go to the IPO Section and then to IPO Orders.
  3. Select the individual IPO that you had applied for and check the allotment status.
  4. Angel One will notify you of your IPO allotment status via push notification and email.

How To Apply for Wagons Learning IPO Online?

  1. Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
  2. Locate the IPO Section: Navigate to the 'IPO' section on the platform.
  3. Select IPO: Find and select the Wagons Learning IPO from the list of open IPOs.
  4. Enter the Lot Size: Specify the number of lots you want to bid for.
  5. Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
  6. Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.

Contact Details of Wagons Learning IPO 

Registered office: Office No. 302, Tower 2, Montreal Business Center, Pallod Farms, Baner, Pune - 411045, Maharashtra, India.

Phone: +91-8149006055

E-mail: compliance@wagonslearning.com

Wagons Learning IPO Reservation

Investor Category

Shares Offered

QIB Shares Offered

Not more than 11.99% of the Net Issue

Retail Shares Offered

Not less than 50% of the Net Issue

NII (HNI) Shares Offered

Not less than 38.01% of the Net Issue

Wagons Learning IPO Lot Size

Application

Lots

Shares

Amount

Retail (Min)

1

1600

₹1,31,200

Retail (Max)

1

1600

₹1,31,200

HNI (Min)

2

3200

₹2,62,400

Wagons Learning IPO Promoter Holding

The promoters of the company are Uday Jagannath Shetty and Raviraj Poojary.

Share Holding Pre-Issue

73.24%

Share Holding Post Issue

48.52%

Key Performance Indicators for Wagons Learning IPO

As of March 31, 2024, the market capitalisation of Wagons Learning is ₹127.92 crore. Here are the KPIs of Wagons Learning:

KPI

Value

EBITDA Margin (%)

24.34

PAT Margin (%)

16.81

Return on Equity (ROE) (%)

60.80

Return on Capital Employed (%)

45.27

Price Metrics

Metric

Pre-IPO

Post-IPO

EPS (₹)

4.48

4.74

P/E (x)

18.29

17.31

Note: The Pre IPO EPS is calculated based on pre-issue shareholding as of the date of RHP and the latest FY earnings as of March 31, 2025, that is available in RHP.

The post-issue EPS is calculated based on the post-issue shareholding and annualised FY earnings of December 31, 2024, that are available in RHP.

Wagons Learning IPO Prospectus

Wagons Learning IPO Registrar and Lead Managers

Wagons Learning IPO Lead Managers

  • Khandwala Securities Limited

Registrar for Wagons Learning IPO

Cameo Corporate Services Limited

Wagons Learning IPO Registrar

Financial Performance of Wagons Learning Limited

Particulars Year ending on March 31, 2024 Year ending on March 31, 2023 Year ending on March 31, 2022
EBITDA (₹ in lakhs) 812.65 120.6 25.64
EBITDA Margin (%) 24.34 7.48 2.61
Profit After Tax (₹ in lakhs) 561.21 70.92 9.37
PAT Margin (%) 16.81 5.35 0.97
Return on Equity (ROE) (%) 3.35 60.80 15.95 3.35
Return on Capital Employed (%) 45.27 17.74 4.69
Net Debt/EBITDA Ratio 0.52 0.42 0

Know before investing

Strengths

8

  1. The company has a team of experienced and knowledgeable trainers, which ensures quality training delivery and attracts clients.

  2. Offers a wide range of training programs catering to all levels, including senior, middle, junior management, and executives.

  3. Possesses in-house domain experts, experienced retainership trainers, and empanelled trainers, providing a competitive edge.

  4. Provides advanced digital learning solutions, including Learning Management Systems (LMS) and Learning Experience Platforms (LXP), enhancing training effectiveness.

  5. Digital learning allows the company to expand its reach beyond geographical boundaries, tapping into international markets.

  6. Integration of emerging technologies like AI, VR, and AR can enhance learning experiences and attract new customers.

  7. The growing trend towards lifelong learning presents opportunities for providing continuous education and upskilling services.

  8. Collaborating with educational institutions, corporations, or other organizations can provide opportunities for growth and innovation.

Risks

8

  1. The company's registered and branch offices are leased, posing a risk if leases are not renewed or terminated prematurely.

  2. Potential penalties for non-compliance with statutory provisions could impact the company's financial position.

  3. Historical delays in filing statutory returns under GST and EPF may lead to penalties and interest charges.

  4. Major revenue is sourced from BFSI sector clients, making the company vulnerable to sector-specific downturns.

  5. Risks related to software, data, and network infrastructure security could lead to data breaches and financial losses.

  6. Lack of intellectual property rights for online courses and training material may expose the company to litigation and revenue loss.

  7. Historical negative cash flows could impact the company's growth and business operations.

  8. Intense competition from both organized and unorganized players may affect the company's market share and profitability.

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Wagons Learning Limited Peer Details Comparison

Company Gross Margin (%) EBITDA Margin (%) PAT Margin (%) ROE (%)
Wagons Learning Ltd 24.34 24.34 16.81 60.80
NIIT Learning Systems Ltd 75.52 12.78 25.51 17.54
Vinsys IT Services India Ltd 67.21 29.42 21.39 13.30

Wagons Learning IPO FAQs

What is the Wagons Learning IPO?

Wagons Learning IPO is a fixed price issue IPO. It will be open from May 2, 2025, to May 6, 2025. 

When will the Wagons Learning IPO be allotted?

The Basis of Allotment will happen on Wednesday, May 7, 2025.  

When will the Wagons Learning IPO open for subscription?

The IPO subscription window will open on May 2, 2025. 

What minimum lot size can retail investors subscribe to?

The minimum lot size retail investors can subscribe to is 1 lot, and the lot size is 1600 shares. 

When will Wagons Learning Limited list on exchanges?

The listing date for Wagons Learning Limited is Thursday, May 9, 2025. 

What is the issue size of the Wagons Learning IPO?

The issue size of the Wagons Learning IPO is ₹38.38 crore, comprising a fresh issue of 30.80 lakh shares and an offer for sale of 16.00 lakh shares. 

What are the open and close dates of the Wagons Learning IPO?

The open and close dates for Wagons Learning IPO are from May 2, 2025, to May 6, 2025. 

What would be the listing gains on the Wagons Learning IPO?

Listing gains cannot be ascertained before the listing of the IPO on the stock exchange.  

How to increase your chances of getting a Wagons Learning IPO allotment?

  1. Multiple Submissions: Use different Demat accounts to make multiple applications.
  2. Higher Price Band Bidding: Opt for bidding at the cut-off price or higher price band.
  3. Timely Subscription: Ensure you subscribe to the IPO within the specified time frame.

How do I approve the UPI mandate request for the Wagons Learning IPO?

You must complete the payment process by logging in to your UPI handle and approving the payment mandate. 

Can I submit more than one application for the public issue of Wagons Learning Limited using one PAN?

You can submit only one application using your PAN card. 

How to read Wagons Learning Limited's financial statements?

To read Wagons Learning ‘s financial statements, download the IPO’s  RHP document.