No the stalk will not grow. The wax is there to seal it to protect it.

You will get shoots out of the side of the stalk and they can grow quite high if you let them. (I trim mine off.) You may get a shoot from the top at the side but this has nothing to do with the wax.

Wax on the tip is just for decorating, instead of green wax, red wax can be used in some heart shaped lucky bamboo stalks arrangement, in fact they will never encourage the growing. Clean water, fresh air, sunlight(not direct) are three elements to grow a healthy lucky bamboo plant.

Here is a link that might be useful: Find more caring tips for lucky bamboo