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Wagons Learning, which provides corporate training, digital learning, and skill development solutions, has received muted response from investors for its initial public offering. The offer was subscribed just 2 percent on May 2, the first day of bidding.

Investors have subscribed for 92,800 equity shares against 46.80 lakh shares via 54 applications, the subscription data on the BSE showed.

Retail investors bid for 4 percent shares of their reserved portion, and the part set aside for non-institutional investors was subscribed 1 percent, however, qualified institutional buyers have not participated in the offer yet.

Wagons Learning that specialises in corporate training and consulting services launched public issue to raise Rs 38.38 crore via maiden public issue which comprises of fresh issuance of 30.8 lakh shares worth Rs 25.26 crore, and an offer-for-sale of 16 lakh shares worth Rs 13.12 crore by promoters.

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The price band for the offer, which closes on May 6, has been fixed at Rs 78-82 per share.

The Pune-based company intends to utilise fresh issue proceeds for working capital requirements, repayment of debt, and general corporate purposes.

Its equity shares will debut on the BSE SME effective May 9. Khandwala Securities is acting as the merchant banker for the issue.

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