Fixed Price IPO | ₹[.] Cr | Listing at BSE SME |
Wagons Learning Ltd. has refiled a Draft Red Herring Prospectus (DRHP) with the exchange on December 31, 2025 to raise funds through Initial Public Offer (IPO).
The initial submission on August 2, 2024 was withdrawn by the company on May 5, 2025 prompting the company to refile the documents.
Wagons Learning Ltd. IPO is a Fixed Price Issue of 0.46 crore equity shares consisting of a fresh issue of upto 0.37 crore equity shares and an offer for sale (OFS) of upto 0.09 crore equity shares.
The equity shares are proposed to be listed on the BSE SME. Khandwala Securities Ltd. is the book running lead manager and Cameo Corporate Services Ltd. is the registrar of the issue. Key details like IPO dates, IPO price bands and lot size are yet to be announced.
Refer to Wagons Learning IPO DRHP for more details.
| IPO Date | [.] |
| Listing Date | [.] |
| Face Value | ₹10 per share |
| Lot Size | |
| Sale Type | Fresh capital cum OFS |
| Issue Type | Fixed Price IPO |
| Listing At | BSE SME |
| Total Issue Size | 46,00,000 shares (agg. up to ₹[.] Cr) |
| Fresh Issue | 37,40,000 shares (agg. up to ₹[.] Cr) |
| Offer for Sale | 8,60,000 shares of ₹10 (agg. up to ₹[.] Cr) |
| Share Holding Pre Issue | 1,25,52,000 shares |
| Share Holding Post Issue | 1,62,92,000 shares |
| Description | Date |
|---|---|
| Filed with SEBI/Exchange | Fri, Aug 2, 2024 |
| SEBI/Exchange approval received | Tue, Apr 22, 2025 |
| Offer document withdrawn | Mon, May 5, 2025 |
| Filed with SEBI/Exchange | Wed, Dec 31, 2025 |
| Investor Category | Shares Offered |
|---|---|
| Retail Shares Offered | 50% of the Net Issue |
| NII Shares Offered | 50% of the Net Issue |
Incorporated in 2013, Wagons Learning is an EdTech company that provides customized training, digital learning, and skill development solutions for businesses and government organizations. The Company works on a B2B and B2G model and helps organizations improve employee skills, performance, and productivity. It partners with clients across banking, NBFCs, insurance, automotive, IT, healthcare, pharmaceuticals, and large manufacturing and infrastructure sectors.
Wagons Learning offers classroom, virtual, and digital training programs, certification courses, and technology-driven learning platforms. Its proprietary systems, including Wagons LMS, Wagons LXP, SmartShiksha ERP, and an AI-based Skill Intelligence Platform, enable personalized learning, skill gap analysis, and data-driven workforce planning.
The Company also provides a regularly updated digital content library compatible with major learning platforms. Wagons Learning is an NSDC-empanelled organization under the Skill Sathi initiative and has trained over 5,00,000 professionals. It operates in India and has expanded internationally with a presence in the UAE and the United States, supporting both private and government clients.
Competitive Strengths:
| Period Ended | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 35.03 | 32.35 | 21.41 | 8.54 |
| Total Income | 12.18 | 46.46 | 33.51 | 16.17 |
| Profit After Tax | 1.91 | 6.92 | 5.61 | 0.71 |
| EBITDA | 3.36 | 10.83 | 8.13 | 1.21 |
| NET Worth | 22.48 | 20.58 | 13.66 | 4.80 |
| Reserves and Surplus | 9.96 | 8.06 | 1.14 | 4.79 |
| Total Borrowing | 8.51 | 8.21 | 4.22 | 1.66 |
| Amount in ₹ Crore | ||||
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Funding of Capital Expenditure for development of Skill Intelligence Portal (SIP)-AI Enabled Learning Management Systems and Digital Learning Library on Employability Skills, Life Skills, Soft Skills and BFSI Functional Skills – 500 Nos. (English + Hindi) | 9.70 |
| 2 | Meet out the Working Capital requirements of the Company | 5.50 |
| 3 | Prepayment or repayment of all or a portion of certain outstanding borrowings availed by our Company | 4.00 |
| 4 | General Corporate Purpose |
| KPI | Mar 31, 2025 |
|---|---|
| ROE | 40.40% |
| ROCE | 35.30% |
| Debt/Equity | 0.40 |
| RoNW | 40.40% |
| PAT Margin | 14.89% |
| EBITDA Margin | 23.44% |
| Pre IPO | Post IPO | |
|---|---|---|
| Promoter Holding | 73.24% |
Lead Manager Reports
Wagons Learning IPO is a SME IPO of 46,00,000 equity shares of the face value of ₹10 aggregating up to ₹[.] Crores. The issue is priced at To be declared. The minimum order quantity is .
The Wagons Learning IPO open and close dates are not available as of now.
Cameo Corporate Services Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE SME.
Zerodha customers can apply online in Wagons Learning IPO using UPI as a payment gateway. Zerodha customers can apply in Wagons Learning IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in Wagons Learning IPO through Zerodha
Visit Zerodha IPO Application Process Review for more detail.
The Wagons Learning IPO dates are not announced. Please check back again after some time.
Wagons Learning IPO lot size and the minimum order quantity is not available at this time. Please check again later.
You can apply in Wagons Learning IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don't offer banking services. Read more detail about applying IPO online through Zerodha, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.
The finalization of Basis of Allotment for Wagons Learning IPO will be done on [.], and the allotted shares will be credited to your demat account by . Check the Wagons Learning IPO allotment status.
The Wagons Learning IPO listing date is not yet announced. The tentative date of listing is .
