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Not so conducive? Wagons Learning 'withdraws' IPO due to market conditions

Digital learning solutions provider Wagons Learning has withdrawn its initial public offering (IPO), citing prevailing market conditions. The public issue opened for public subscription on Friday, May 2, 2025. "Basis the communications received from the merchant banker and the company vide their letters dated May 05, 2025, it is hereby notified that the company in consultation with the merchant banker has decided to withdraw the issue due to prevailing market conditions," said a BSE SME filing. Khandwala Securities serves as the sole merchant banker of the issue. Cameo Securities is the registrar of the issue. Wagons Learning IPO had received a muted response from investors. The issue was subscribed only 8 per cent as of 5 PM on May 5, day 2 of subscription, according to data from the BSE SME platform. The portion reserved for retail investors was subscribed only 16 per cent. The quota booked for non-institutional investors (NIIs) was subscribed mere 1 per cent while the issue failed to secure any bids from qualified institutional buyers (QIBs). ALSO READ | Jio Platforms likely to become world's 6th-largest telco after IPO According to SEBI guidelines, a company must receive applications for at least 90 per cent of the issue size. If the issuer fails to receive the minimum subscription of 90 per cent, it has to refund the entire application amount to investors. The company was planning to raise ₹38.38 crore from the public issue through a fresh issue of 3.09 million equity shares and an offer for sale (OFS) of 1.6 million shares. Promoters Uday Jagannath Shetty and Raviraj Poojary were offloading 0.8 million equity shares. Shares of Wagons Learning were scheduled to be listed on the BSE SME platform on Friday, May 9. The company had set the price band in the range of ₹78 to ₹82. According to the RHP, the company had planned to raise ₹7.5 crore from the net fresh issue proceeds to meet the working capital requirements and 4.5 crore for the prepayment/repayment of all or a portion of certain outstanding borrowings availed by the company. ALSO READ | Ather Energy IPO GMP and listing forecast: What to expect on debut day? About Wagons Learning Incorporated in October 2013, Wagons Learning is a corporate training, digital learning, and skill development solutions provider. The company operates on a B2B model. It offers training and certifications, digital learning solutions, skill development solutions, trainer outsourcing and payroll management solutions to its clients. Wagons Learning specialises in corporate training and consulting across a broad range of domains such as sales training, customer service training, soft skills and behavioural training, functional training and knowledge-based, skill-based training solutions for the employees of corporations operating in industries like automotive, banking and financial services, pharma and healthcare services etc.