Waterways Leisure Tourism IPO Sees Active Demand On Second Day Of Subscription
Investors track subscription numbers, GMP trends and key details.
Waterways Leisure Tourism Ltd, the operator of the Cordelia Cruises brand, witnessed a modest response on the second day of its Rs 585-crore initial public offering (IPO), with the issue subscribed 28 per cent by 10:38 am on Wednesday. The public offering, which opened for subscription on June 23, will close on June 25 and is being offered in a price band of Rs 769 to Rs 808 per share.
According to exchange data, the retail investor portion was the strongest segment, receiving 1.35 times subscription, while the non-institutional investor (NII) category was subscribed 0.11 times. The qualified institutional buyer (QIB) segment had not received bids at the time of reporting. On the first day, the IPO was subscribed 19 per cent overall, with retail investors subscribing 99 per cent of their allocated quota and NIIs subscribing 4 per cent.
Ahead of the issue opening, the company raised Rs 263.25 crore from anchor investors through the allotment of 32.58 lakh equity shares at Rs 808 apiece. The anchor book attracted participation from several institutional investors, including 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.
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In the grey market, the IPO was trading at a premium of Rs 6 per share as of Wednesday morning. Based on the upper end of the price band, the estimated listing price stood at Rs 814 per share, indicating a potential gain of around 0.74 per cent. Market participants, however, caution that grey market premiums are unofficial indicators and may not accurately predict actual listing performance.
The IPO consists entirely of a fresh issue of shares with no offer-for-sale component. The company plans to utilise the proceeds primarily for lease payments related to its step-down subsidiary, Baycruise Shipping and Leasing (IFSC) Pvt Ltd, while the remaining funds will be used for general corporate purposes. Centrum Broking is acting as the sole book-running lead manager to the issue, while MUFG Intime India is serving as the registrar.
Incorporated in 2020 and operational since September 2021, Waterways Leisure Tourism operates under the Cordelia Cruises brand and is India's only domestic ocean cruise operator. The company runs multi-day cruise itineraries aboard MV Empress, a vessel with a capacity of 2,005 guests and 796 cabins. According to company data, it held an estimated 79 per cent market share by value in India's ocean cruise segment in FY25, serving leisure travellers, corporate groups, destination weddings and educational tours while continuing to expand its presence in the country's growing cruise tourism market.
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