Wagons Learning IPO vs Kenrik Industries IPO: SME IPO Comparison & Subscription Status (May 2025)

Wagons Learning Ltd vs Kenrik Industries Ltd SME IPOs (2025): Overview & Analysis

Two notable SME IPOs in 2025 are Wagons Learning Ltd and Kenrik Industries Ltd, both launching on the BSE SME platform. This article provides a detailed comparison of their businesses, IPO parameters, subscription trends, and a side-by-side analysis of strengths, weaknesses, and investor outlook.

Wagons Learning Ltd – Company Overview

Incorporated in 2013, Wagons Learning is a Bangalore-based B2B corporate training and digital learning company. It offers end-to-end services such as customized training programs, professional certifications, digital content (LMS/LxP), skill development initiatives, trainer outsourcing, and payroll management01. The firm specializes in domains like sales, customer service, soft skills, as well as functional and industry-specific training (automotive, BFSI, pharma, healthcare, etc.)23. Wagons is certified by NSDC and has trained over 550,000 professionals to date4. It has begun international expansion (operations in the UAE) and plans further global growth, including a new B2C vocational certification program for young adults.56

Kenrik Industries Ltd – Company Overview

Kenrik Industries, founded in 2017 and based in Gujarat, is a B2B gold jewellery manufacturer. The company designs and distributes a wide range of traditional Indian gold ornaments – both plain and studded with precious or semi-precious stones (diamond, ruby, cubic zirconia, etc.)7. Its portfolio includes rings, earrings, armlets, pendants, chains, necklaces, bangles, watches, luxury items and wedding jewellery, all tailored to customer specifications8. Kenrik focuses on quality control and inventory management, ensuring that all products are BIS-hallmarked9. The company caters to high-end, mid-market and value segments through a B2B model10. In FY2025, Kenrik’s revenue grew ~36% year-on-year to ₹70.77 Cr, and PAT more than doubled to ₹1.08 Cr, signaling strong recent growth11.

Wagons Learning Ltd IPO Details

• Issue Size & Structure: Public cum Offer-for-Sale IPO to raise ~₹38.38 crore. The offer includes a fresh issue of ~30.8 lakh shares and an OFS of ~16 lakh shares (800,000 shares each by two promoters)12. About half the issue is reserved for retail investors, with ~12% for QIBs and ~38% for NIIs1314.
• Price and Lot: Price band ₹78–82 per share, with a lot size of 1,600 shares. At the lower band, the minimum retail investment is ~₹1.25 lakh15 (₹78×1,600). The minimum investment for HNIs (two lots) is ~₹2.62 lakh16.
• Dates and Listing: IPO opened on May 2, 2025 and closes on May 6, 2025 (3 trading days)17. Basis of allotment is expected by May 7, refunds initiated May 8, and shares will be credited/listed on May 9, 2025 on the BSE SME platform1819.

Subscription Status (Wagons): As of Day 1 (May 2, 2025), Wagons Learning saw extremely weak subscription – just 0.02× overall. Retail investors subscribed only ~0.04× of their quota and NIIs only 0.01×20. No bids came from QIBs or others. In other words, the issue was virtually un-subscribed (2% of the target) on opening day. This muted demand is underscored by a negative grey-market premium: Wagons shares traded below the ₹82 upper band on May 221.

Kenrik Industries Ltd IPO Details

• Issue Size & Structure: SME IPO to raise ₹8.75 crore through a pure fresh issue of 34.98 lakh shares (face value ₹10). There is no offer-for-sale component22. About 47.51% of the offer is reserved for retail investors and 47.34% for NIIs, with the balance for market makers2324.
• Price and Lot: Fixed price issue at ₹25 per share, lot size 6,000 shares (min. retail investment ₹1.50 lakh)25. HNIs need a minimum of two lots (₹3.00 lakh)26.
• Dates and Listing: IPO opened on April 29, 2025 and closed on May 6, 202527. Allotment basis is expected by May 7, refunds initiated May 8, and shares will list on May 9, 2025 on BSE SME2829.

Subscription Status (Kenrik): Kenrik’s IPO saw a gradual rise in subscription. By midday of Day 2 (Apr 30), the issue was only ~44% subscribed overall30. The retail category was about 81% subscribed by day 2, whereas NIIs had bid only ~3%. By the final day (May 2), total subscription reached ~0.78× of the issue31 (Retail: 1.48×, NII: 0.15×)32. The grey market premium was flat (shares trading at the ₹25 issue price)33.

Day-wise Subscription Trends

The chart below illustrates Kenrik Industries’ day-wise subscription (total bids as a multiple of the issue) over its three-day window. Wagons Learning’s IPO opened later, and so far only Day 1 (2-May) data is available (0.02×). Notably, Kenrik’s total subscription rose from 0.24× on Day 1 to 0.78× by closing34.

Day 1 (29-Apr): 0.24× total

Day 2 (30-Apr): 0.51× total

Day 3 (02-May): 0.78× total

Wagons Learning saw only 0.02× subscription on its Day 1 (2-May)35, leaving the subsequent days to be determined. By contrast, Kenrik’s retail portion was heavily bid (nearly 1.5× by close), while NIIs showed little interest (final 0.15×)36.

Comparative Analysis: Key Strengths, Weaknesses & Investor Outlook

• Issue Size & Demand: Wagons’ IPO is much larger (~₹38.4 Cr) than Kenrik’s (₹8.75 Cr)37. Yet Wagons saw almost no subscription on Day 138, whereas Kenrik reached ~78% by day 339. This suggests stronger initial retail interest in Kenrik (likely due to its flat GMP and lower price) compared to Wagons (negative GMP)4041.
• Business & Growth Potential: Wagons operates in corporate training/edtech – a steady B2B space with institutional clients. It reported FY2024 revenues of ~₹33.38 Cr with moderate profits42. Kenrik is a niche jewellery maker with 36% revenue growth and sharp profit jump in FY2543. Wagons’ business is scalable but competitive; Kenrik’s depends on gold cycles and fashion trends.
• Strengths: Wagons’ strengths include an established client base, diversified training offerings, NSDC certification, and an expanding global footprint4445. Kenrik’s strengths are rapid recent growth, a wide product range of hallmark-certified jewellery, and focus on quality, which appeals to retailers4647.
• Weaknesses: Wagons faces high minimum investment (₹1.24L) and only modest profitability so far; the large OFS means promoters are cashing out4849. Kenrik, being a small SME, has limited liquidity and is vulnerable to gold price volatility; it has a tiny workforce and heavy promoter ownership50. Both IPOs carry typical SME risks (lower market visibility, listing liquidity concerns).
• Investor Outlook: Retail investors attracted to SME IPOs may prefer Kenrik for its steady demand, flat GMP51, and higher retail quota. Wagons’ negative GMP, steep lot size, and its late entry in a competitive edtech market counsel caution5253. Long-term outlook will depend on post-IPO execution: Wagons plans to use funds for working capital and debt reduction54, while Kenrik will boost production and operations with its IPO proceeds55.

IPO Timeline

Wagons Learning Ltd IPO Timeline

2 May 2025
Open

6 May 2025
Close

9 May 2025
Listing

Kenrik Industries Ltd IPO Timeline

29 Apr 2025
Open

6 May 2025
Close

9 May 2025
Listing

Note: Above timelines highlight the key dates for each IPO – opening, closing, and BSE SME listing. Both shares are expected to list on May 9, 2025.