Wagons Learning IPO Day 2: Weak Demand, GMP Falls Below Price Band – Should You Subscribe?
By EduInvesting.in | May 5, 2025
The IPO market has witnessed a flurry of activity in recent months, especially in the SME space. While some offerings have garnered strong investor interest, others have struggled to find takers. One such case is the Wagons Learning IPO, which is currently open for subscription but has received a tepid response as it enters the second day of bidding. As of Monday, May 5, 2025 (11:04 AM), the issue was subscribed only 50%, raising concerns about its listing prospects.
Let’s break down the numbers, look at the grey market trends, and analyze what investors should consider before taking a call on this IPO.
🔍 Subscription Status: Cold Reception So Far
As per the latest data from the BSE SME platform, the Wagons Learning IPO has seen only 50% overall subscription by Day 2. Here’s how it breaks down:
Source table
Category
Subscription (as of Day 2, 11:04 AM)
Retail Individual Investors (RIIs)
10%
Non-Institutional Investors (NIIs)
1%
Qualified Institutional Buyers (QIBs)
0% – No bids received
Total Subscription
50%
The numbers are clearly underwhelming, especially in the retail category, which typically sees more traction in SME IPOs. The absence of interest from institutional buyers is also a red flag and reflects a lack of confidence in the company’s fundamentals or growth story.
📉 Grey Market Premium (GMP): Trading at a Discount
Adding to investor concerns is the Grey Market Premium (GMP), which reflects demand in the unofficial market. On Monday, unlisted shares of Wagons Learning were reportedly trading at ₹81, which is below the IPO’s upper price band of ₹82.
A GMP trading below the issue price generally indicates weak listing expectations. While GMP is not always a reliable indicator, it does provide a sneak peek into market sentiment, and in this case, the sentiment is lukewarm at best.
