The initial public offering (IPO) of Waterways Leisure Tourism, one of India’s leading domestic ocean cruise operators, opened for subscription on June 23 and received a muted response from investors on the first day of bidding.
By the end of Day 1, the issue was subscribed 0.20 times, with bids received for 8.14 lakh shares against the 39.82 lakh shares on offer, according to exchange data.
The retail portion was subscribed 1.02 times, while the non-institutional investor (NII) segment was subscribed 0.04 times. The qualified institutional buyers (QIB) portion is yet to open for bidding.
Waterways Leisure Tourism IPO details
The ₹585-crore Waterways Leisure Tourism IPO is entirely a fresh issue of equity shares with a face value of ₹10 each. The public offering does not include any offer-for-sale (OFS) component, meaning the entire proceeds from the issue will accrue to the company.
At the upper end of the price band of ₹808, Waterways Leisure Tourism is expected to command a post-issue market valuation of approximately ₹5,849.48 crore.
The company plans to utilise ₹480 crore from the net proceeds towards payment of deposits, advance lease rentals, and monthly lease payments to its step-down subsidiary.
The IPO has reserved up to 75% of the issue for qualified institutional buyers (QIBs), not less than 15% for non-institutional investors (NIIs), and not less than 10% for retail investors.
Waterways Leisure Tourism IPO allotment and listing details
Tentatively, the basis of allotment for the Waterways Leisure Tourism IPO is expected to be finalised on June 29. The company is likely to initiate refunds on June 30, while shares are expected to be credited to the demat accounts of successful applicants on the same day.
The shares of Waterways Leisure Tourism are scheduled to be listed on both the BSE and NSE on July 1.
Meanwhile, the grey market premium (GMP) of Waterways Leisure Tourism as of today was ₹12, which indicates a potential listing of ₹820, a 1.50% higher than the issue price of ₹808.
About Waterways Leisure Tourism
The company operates India’s leading cruise line under the Cordelia Cruises brand, offering domestic voyages along the Indian coastline as well as select international itineraries. As of December 31, 2024, its flagship vessel, MV Empress, had welcomed more than 5.49 lakh guests and sailed over 2.25 lakh nautical miles.
Cordelia Cruises currently offers 796 cabins across multiple categories, with fares determined through a dynamic pricing model. Cabin rates range from ₹25,230 to ₹1,15,536 per night, depending on the itinerary and cabin category.
During the redevelopment of the Mumbai International Cruise Terminal, the company established and managed a temporary cruise terminal at Green Gate, Mumbai Port.
Disclaimer: We advise investors to check with certified experts before making any investment decisions.
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