Wagons Learning Withdraws IPO Amid “Prevailing Market Conditions”

Wagons Learning, a Pune-based corporate training, digital learning and skill development solutions provider, has withdrawn its IPO, which was opened for bidding from May 2 and was set to close on May 6.

The company, in consultation with its merchant banker, Khandwala Securities, issued a notification to the Bombay Stock Exchange (BSE) on May 5, 2025, stating, “It is hereby notified that the Company, in consultation with the merchant banker, has decided to withdraw the issue due to prevailing market conditions.”

As per BSE SME platform data, the IPO received a muted response from investors and was subscribed to only 8% as of 5 PM on day 2 of subscription. The retail investor's portion secured 16% subscription, while non-institutional investors (NIIs) subscribed to a mere 1% and nil from qualified institutional buyers (QIBs).

The company failed to meet SEBI's mandatory minimum subscription requirement, which mandates that at least 90% of the total issue size must be subscribed for the IPO to proceed. 

If the offering fails to meet this threshold, the company is obligated to return the full application amount to all investors.

As per the DRHP, Wagons Learning was planning to raise ₹38.38 crore from the fresh issue and an offer for sale (OFS) component of 1.6 million shares. 

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