Wagons Learning Limited (BSE SME)
May 2, 2025 – May 6, 2025
| Price | ₹78 - ₹82 |
| Premium | ₹-2 |
|---|---|
| Lot size | 1600 |
| Allotment | May 7, 2025 |
| Listing | May 9, 2025 |
Office No. 302, Tower 2,
Montreal Business Center,
Pallod Farms, Baner,
Phone: +91-8149006055
Email: compliance@wagonslearning.com
Website: http://www.wagonslearning.com/
Last updated on 02-May-2025 17:05:02
| Category | Offered | Applied | Times |
|---|---|---|---|
| QIBs | 532800 | 0 | 0 |
| HNIs | 1689600 | 11200 | 0.01 |
| Retail | 2222400 | 99200 | 0.04 |
| Total | 4444800 | 110400 | 0.02 |
| Total Applications: 71 | |||
| HNI Interest Cost Per Share (7 Days) | |||||
|---|---|---|---|---|---|
| @7% ₹0 | @8% ₹0 | @9% ₹0 | @10% ₹0 | @11% ₹0 | @12% ₹0 |
| Category | Lot(s) | Qty | Amount | Reserved |
|---|---|---|---|---|
| Retail | 1 | 1600 | 131200 | 1389 |
| HNI | 2 | 3200 | 262400 | 1056 |
IPO Reservation
| Investor Category | Shares Offered | No. of Shares |
|---|---|---|
| Retail | 47.49% | 2222400 |
| NII (HNI) | 36.10% | 1689600 |
| QIB | 11.38% | 532800 |
| Market Maker | 5.03% | 235200 |
| Total | 100.00% | 4680000 |
Wagons Learning IPO Details
| Issue Size | 46,80,000 shares (aggregating up to ₹38.38 Cr) |
| Fresh Issue | 30,80,000 shares (aggregating up to ₹25.26 Cr) |
| Offer for Sale | 16,00,000 shares of ₹10 (aggregating up to ₹13.12 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Share Holding Pre Issue | 1,25,20,000 shares |
| Share Holding Post Issue | 1,56,00,000 shares |
| Market Maker Portion | 2,35,200 shares |
| Market Maker | Rikhav Securities |
Key Performance Indicator (KPI)
| KPI | Dec-24 | Mar-24 | Mar-23 |
|---|---|---|---|
| ROE | 33.74% | 60.80% | 15.95% |
| ROCE | 27.33% | 45.27% | 17.74% |
| RONW | 33.74% | 60.80% | 15.95% |
| EPS (basic) | 4.43 | 4.48 | 0.76 |
| P/E Pre IPO | 18.29 | ||
| P/E Post IPO | 17.31 |
Company Financials In Crores
| Period Ended | Dec-24 | Mar-24 | Mar-23 | Mar-22 |
|---|---|---|---|---|
| Assets | 33.0 | 21.4 | 8.5 | 6.5 |
| Revenue | 33.2 | 33.5 | 16.2 | 9.9 |
| Profit After Tax | 5.5 | 5.6 | 0.7 | 0.1 |
| Net Worth | 19.2 | 13.7 | 4.8 | 4.1 |
| Reserves and Surplus | 6.7 | 1.1 | 4.8 | 4.1 |
| Total Borrowing | 10.5 | 4.2 | 1.7 | 1.0 |
About Company
Wagons Learning Limited, incorporated in 2013, is a corporate training and digital learning solutions provider operating primarily on a B2B model. The company offers a wide range of services including corporate learning and development, digital learning solutions (such as LMS, LXP, content development, and digital libraries), skill development and CSR project implementation, as well as trainer outsourcing and payroll management. Specializing in sales training, customer service, soft skills, behavioral, functional, and knowledge-based programs, Wagons Learning caters to industries like automotive, banking and financial services, pharmaceuticals, and healthcare. Certified by the NSDC under the Skill Sathi program (valid until January 4, 2027), the company has successfully trained over 500,000 professionals through a combination of classroom, virtual, and digital modules. While serving clients across India, Wagons Learning has also expanded internationally with a branch office in Dubai, UAE, offering education technology solutions, digital libraries, government project execution, and content development. Additionally, the company is venturing into the B2C segment with the launch of industry-ready certification courses. As of June 30, 2024, Wagons Learning Limited employs 77 full-time staff.
Strength
Extensive Reach: PAN India presence across tier 1, 2, 3, and 4 cities, enabling wide geographic coverage.
Robust Training Network: Strong pool of in-house domain experts, experienced retainership trainers, and empanelled trainers.
Expert Content Development: In-house Subject Matter Experts (SMEs) and Instructional Designers (IDs) ensure high-quality, customized content creation.
Weakness
Lease Dependency: Operations could be disrupted if leased office spaces are terminated, not renewed, or attached by property owners.
Regulatory Non-Compliance: Past lapses under the Companies Act, 2013 may expose the company and its directors to penalties and legal action.
Statutory Filing Delays: Previous delays in GST and EPF filings could lead to regulatory scrutiny and financial penalties.
Wagons Learning Limited IPO – A High-Risk Investment?
*Operational Risks*
- Past cash flow losses raise growth concerns.
*Legal & Compliance Risks*
- History of non-compliance risks penalties (Companies Act, GST, EPF).
- No IP protection for courses/software.
- Exposure to forex risks.
*Financial Risks*
- Overdependence on BFSI sector — client loss = major revenue hit.
- Volatile profits across business segments.
- Phantom stock liabilities could shrink profits.
*Business Risks*
- Intense competition from organized and unorganized players.
- Brand reputation highly vulnerable.
- CSR-related revenues at risk if economy slows.
*IPO & Shareholder Risks*
- IPO proceeds go to selling shareholders — company gains nothing.
- High probability of post-listing price crash.
- Future dilution likely with new share issues.
*Overall Key Takeaways*
- *Weak legal protection* and history of *compliance lapses*.
- *Profit unpredictability* and *phantom stock liabilities*.
- *IPO purely exit-driven*, no fresh capital infusion.
Think *not twice, but thrice**before applying.