IPO GMP (Grey Market Premium)
| Date | GMP | Kostak | Subject to Sauda |
|---|---|---|---|
| — | Not available | — | — |
IPO Details
| IPO Name | Wagons Learning Ltd IPO |
|---|---|
| IPO Type | SME IPO, Book‑build |
| Issue Size | 46.80 Lakh shares (~₹38.38 Cr) |
| Fresh Issue | 30.80 L shares (~₹25.26 Cr) |
| Offer for Sale | 16.00 L shares (~₹13.12 Cr) |
| Price Band | ₹78–₹82 |
| Lot Size | 1,600 shares |
| Face Value | ₹10 per share |
| Listing On | BSE SME |
| Lead Manager | Khandwala Securities Ltd |
| Registrar | Cameo Corporate Services Ltd |
| Market Maker | Rikhav Securities Ltd |
Important Dates
| IPO Open | 2 May 2025 |
|---|---|
| IPO Close | 6 May 2025 |
| Allotment Date | 7 May 2025 |
| Refunds Initiated | 8 May 2025 |
| Shares Credit | 8 May 2025 |
| Listing Date | 9 May 2025 |
Minimum Investment
| Investor Type | Shares | Amount |
|---|---|---|
| Retail (1 lot) | 1,600 | ₹1,31,200 |
| Retail (recommended cut-off) | 1,600 | ₹1,31,200–₹1,31,200 |
| HNI (2 lots) | 3,200 | ₹2,62,400 |
Financials (₹ Crores)
| Period Ended | Mar‑22 | Mar‑23 | Mar‑24 | Dec‑24 (9M) |
|---|---|---|---|---|
| Assets | 6.47 | 8.54 | 21.41 | 33.02 |
| Revenue | 9.89 | 16.17 | 33.51 | 33.23 |
| PAT | 0.09 | 0.71 | 5.61 | 5.54 |
| Net Worth | 4.09 | 4.80 | 13.66 | 19.20 |
| Borrowings | 0.97 | 1.69 | 4.23 | 10.45 |
Key Metrics
| Metric | Value |
|---|---|
| Pre‑IPO EPS | ₹4.48 |
| Post‑IPO EPS | ₹4.74 |
| P/E Ratio | 18.29× Pre, 17.31× Post |
| RoNW | 60.80% |
| RoCE | 45.27% |
| Debt/Equity | 0.31× |
| Market Cap | ₹127.92 Cr |
| P/BV | 15.95× |
Use of Proceeds
| Purpose | Amount (₹ crores) |
|---|---|
| Working Capital | 75 |
| Debt Repayment | 45 |
| General Corporate | Remaining |
Strengths & Risks
| Strengths | Risks |
|---|---|
|
• Sudden revenue & profit jump • High RoNW (60.8%), high PAT margin (~16.8%) • NSDC-certified, B2B + B2C entry |
• Sharp rise from FY24 raises sustainability concerns • Aggressively priced with high P/E & P/B • Operates in highly competitive space |
Final Comment: Wagons Learning shows strong growth and margins, but aggressive pricing and sudden financial jump raise caution. Analysts suggest high risk; many recommend avoiding this IPO 1.