In an exciting development, Wagons Learning Ltd. has taken a significant step towards its Initial Public Offering (IPO) by refiling its Draft Red Herring Prospectus (DRHP) on December 31, 2025 with the the BSE SME Notably, this company had previously submitted its IPO documents on August 2, 2024.
A Snapshot of the Company
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.
IPO Details and Strategic Objectives:
As per DRHP filled on Dec 31, 2025, the company is planning to offer a fresh issue of 0.37 crore equity shares and an offer for sale (OFS) of 0.09 crore equity shares.
Allocation strategy includes 50% of the Net Issue for Non-Institutional Investors and 50% of the Net Issue for Retail Individual Biddersrespectively.
Wagons Learning IPO Purpose
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 |
Financial Performance Highlights:
Wagons Learning Ltd.’s total income grew by 38%, reached ₹46.46 crore in Mar 31, 2025, compared to ₹33.51 crore in Mar 31, 2024.
For the same period, profit after tax jumped 23% to ₹6.92 crore, compared to ₹5.61 crore.
For the latest period ended on Jun 30, 2025, its total income stood at ₹12.18 crore and PAT stood at ₹1.91 crore.
Key IPO Management Team
Leading the charge, the Book-Running Lead Manager (BRLM) for the IPO is Khandwala Securities Ltd., with Cameo Corporate Services Ltd. entrusted as the Issue Registrar.
