Recently listed Waterways Leisure Tourism shares rise nearly 6% after announcement of stock split move
Waterways Leisure Tourism's share price rose nearly 6% on July 7 following the announcement of a board meeting on July 10 to discuss a stock split of its ₹10 shares, aiming to enhance liquidity while keeping shareholder value unchanged.
Waterways Leisure Tourism share price jumped nearly 6% on Tuesday, 7 July after the company announced that its board will meet on 10 July, to consider a proposal for the sub-division (stock split) of its equity shares.
In an exchange filing on Monday, the operator of Cordelia Cruises said its board will consider splitting the face value of its equity shares, which currently stands at ₹10 per share.
If approved, the stock split would come within days of the company's market debut. Waterways Leisure Tourism has completed only four full trading sessions since listing, and the proposed board meeting will take place on its eighth trading day.
A stock split is typically undertaken to improve a stock's liquidity by reducing its market price while proportionately increasing the number of outstanding shares. The overall value of shareholders' investments remains unchanged after the adjustment.
Since its listing, the stock has witnessed sharp volatility. It ended its debut session at a 17% discount to its IPO price, rallied to hit the 10% upper circuit in two consecutive sessions, and later declined 5.5% on Wednesday before rebounding on renewed buying interest.
Waterways Leisure Tourism share price today opened at ₹767.95 apiece on the BSE, the stock touched an intraday high of ₹804.50 per share, and an intraday low of ₹766 per share.
Waterways Leisure Tourism IPO details
The ₹585 crore Waterways Leisure Tourism IPO was subscribed 1.53 times during its three-day bidding period, driven primarily by strong retail participation. The retail investor portion was subscribed 4.4 times, while the Non-Institutional Investor (NII) category was booked 1.23 times. The Qualified Institutional Buyers (QIBs) quota received a relatively muted response, with 72% subscription. Ahead of the public issue, the company had also raised ₹263.5 crore from anchor investors.
Waterways Leisure Tourism currently operates MV Empress, a cruise vessel with 796 cabins. To expand its fleet, the company has signed time charter agreements for two additional cruise ships — Norwegian Sky, with a capacity of 2,004 guests, and Norwegian Sun, with a capacity of 1,936 guests. The Norwegian Sky is expected to be inducted this year, while Norwegian Sun is scheduled to join the fleet in FY2028, significantly strengthening the company's expansion plans.
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