Wagons Learning IPO, May 2 -- The initial public offering (IPO) of Wagons Learning kicked off for subscription on Friday, May 2, to raise Rs.38.38 crore via the book-building process. The issue was off to a slow start amid a lacklustre grey market trend.

Wagons Learnings IPO was subscribed 0.02 times as of 2 pm on the first day of the bidding process. The retail portion was booked 0.03 times while the non-institutional investor portion was subscribed 0.01 times. The qualified institutional buyers portion has not yet received any bids.

The three-day public offer that will close for subscription on Tuesday, May 6, is a combination of a fresh share sale and offer for sale. The company is looking to issue 30.80 lakh fresh shares, worth Rs.2...