The Waterways Leisure Tourism IPO will open for subscription on Tuesday, 23 June and will close on Thursday, 25 June. The public issue is entirely a fresh issue of shares worth ₹585 crore, with the company fixing the Waterways Leisure Tourism IPO price band at ₹769-808 per share.
Ahead of the issue opening, the company raised ₹263.25 crore from anchor investors, reflecting strong institutional interest in the offering. According to a circular issued by the BSE, Waterways Leisure Tourism allotted 32.58 lakh equity shares to eight anchor investors at ₹808 per share, the upper end of the price band.
Prominent participants in the Waterways Leisure Tourism IPO anchor book include Baroda BNP Paribas Mutual Fund, Cullinan Opportunities Fund, Zeal Global Opportunities Fund, M7 Global Fund, Nova Global Opportunities Fund, Stellar Growth Fund, ASAS Global Fund, and Maybank Securities.
The company operates Cordelia Cruises, India’s leading domestic ocean cruise brand, offering luxury cruise experiences across domestic routes and select international destinations. Through its flagship cruise business, Waterways Leisure Tourism has established a strong presence in the country’s fast-growing cruise tourism segment.
The Waterways Leisure Tourism IPO lot size is 18 equity shares, with subsequent multiples of 18 equity shares.
Waterways Leisure Tourism IPO has reserved not more than 75% of the shares in the public issue for qualified institutional buyers (QIBs), not less than 15% for non-institutional Investors (NIIs), and not less than 10% for retail investors.
Tentatively, Waterways Leisure Tourism IPO basis of allotment of shares will be finalised on Monday, 29 June, and the company will initiate refunds on Tuesday, 30 June, while the shares will be credited to the demat account of allottees on the same day following the refund. Waterways Leisure Tourism’s share price is likely to be listed on the BSE and NSE on Wednesday, 1 July.
Waterways Leisure Tourism IPO GMP today
Waterways Leisure Tourism IPO GMP today is +12. Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of the Waterways Leisure Tourism share was ₹820 apiece, which is 1.49% higher than the IPO price of ₹808.
Based on the grey market trends from the past six sessions, the existing GMP ( ₹12) indicates a downward trend. The minimum GMP recorded is ₹10.00, whereas the maximum GMP reached is ₹24, as per expert opinions.
‘Grey market premium‘ indicates investors’ readiness to pay more than the issue price.
Waterways Leisure Tourism IPO review
Swastika Investmart has assigned a ‘Neutral’ rating to the Waterways Leisure Tourism IPO, citing the company’s strong position in India’s rapidly expanding cruise tourism industry through its Cordelia Cruises brand.
The brokerage noted that the company has consistently maintained healthy occupancy levels and strong passenger demand, reflecting the growing popularity of cruise vacations among Indian travellers. It also highlighted that Waterways Leisure Tourism has become profitable, benefiting from favourable industry trends and growing consumer interest in experiential travel.
However, Swastika cautioned that the business remains exposed to key operational risks, including fluctuations in fuel costs and occupancy levels, as well as potential disruptions to cruise operations. The brokerage also noted that EBITDA margins have moderated in recent periods.
From a valuation perspective, Swastika Investmart believes the IPO is aggressively priced at around 101 times earnings, leaving a limited margin of safety for investors. While the long-term growth prospects remain attractive, supported by strong industry tailwinds, the brokerage feels the current valuation may restrict near-term upside.
As a result, Swastika Investmart considers the issue suitable for long-term investors looking to participate in India’s emerging cruise tourism opportunity, but sees limited appeal for those seeking listing gains.
Waterways Leisure Tourism IPO Subscription Status
Subscription for the public issue will open at 10:00 IST on Tuesday’s deals.
Waterways Leisure Tourism IPO details
The Waterways Leisure Tourism IPO is entirely a fresh issue of equity shares aggregating up to ₹585 crore, with no offer-for-sale (OFS) component. At the upper end of the price band, the company is expected to command a post-issue market capitalisation of approximately ₹5,849.48 crore.
The organisation intends to use the funds for lease payments related to its step-down subsidiary, Baycruise Shipping and Leasing (IFSC) Pvt Ltd, as well as for general corporate needs.
Centrum Broking is acting as the sole book-running lead manager to the issue, while MUFG Intime India has been appointed as the registrar.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
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