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Corporate training company Wagons Learning will open its initial public offering (IPO) on May 2 with a price band of Rs 78-82 per share. The SME public issue will close on May 6.

The 46.8 lakh-share IPO, worth Rs 38.38 crore at the upper price band, consists of fresh issuance of 30.8 lakh shares worth Rs 25.26 crore, and an offer-for-sale of Rs 13.12 crore by promoters.

Promoters Uday Jagannath Shetty, and Raviraj Poojary will be selling 8 lakh shares each in offer-for-sale.

The company that functions on a B2B model providing corporate learning, digital learning, and skill development solutions will finalise the IPO share allotment by May 7. Its shares will be traded on the BSE SME effective May 9.

Half of the public issue size has been reserved for retail investors, while 11.99 percent and 38.01 percent shares are set aside for qualified institutional buyers and non-institutional investors, respectively.

Wagons Learning will utilise net fresh issue proceeds for repayment of debt, and general corporate purposes.

The merchant banker handling the public issue of Wagons Learning is Khandwala Securities.

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