Waterways Leisure Tourism share price lists at a 16% discount to the issue price; details here

Waterways Leisure Tourism IPO listing: Waterways Leisure Tourism share price made a muted debut in the Indian stock market on Wednesday, 1 July. Waterways Leisure Tourism share price listed at a 15.72% discount to the IPO price of ₹808.

The stock opened at ₹681 apiece on the NSE and ₹690 on the BSE. This means that the IPO allottees made a loss of 15.72% over the Waterways Leisure Tourism IPO listing.

Ahead of debut, the GMP of Waterways Leisure Tourism IPO was -51, as per the websites tracking the grey market. Based on the upper price band of ₹808 and the prevailing grey market discount, the estimated listing price is around ₹757 per share, indicating a potential listing at a 6.31% discount to the IPO price.

Waterways Leisure Tourism IPO details

The Waterways Leisure Tourism IPO, the operator behind Waterways Leisure Tourism, witnessed a subdued overall response, with the issue being subscribed 1.46 times by the close of bidding on Thursday. Demand was largely driven by retail investors.

The retail quota was subscribed 4.19 times, while the non-institutional investor (NII) portion saw subscriptions of 1.17 times. In contrast, the qualified institutional buyers (QIB) segment remained undersubscribed, garnering bids for only 69% of the shares reserved for institutional investors.

The ₹585-crore IPO consists entirely of a fresh issue of equity shares, with no offer-for-sale (OFS) component. Based on the upper price band, the company is expected to command a post-listing market capitalisation of approximately ₹5,849.48 crore.

According to the company, the net proceeds will primarily be used to meet lease-related obligations of its step-down subsidiary, Baycruise Shipping and Leasing (IFSC) Pvt. Ltd., while the balance will be allocated towards general corporate purposes.

Centrum Broking is acting as the sole book-running lead manager for the issue, while MUFG Intime India has been appointed as the registrar.

In FY26, Waterways Leisure Tourism posted revenue from operations of ₹579.7 crore and a net profit of ₹52.1 crore. Its financial position also improved markedly, with net worth increasing to ₹80.2 crore from ₹32.8 crore a year earlier, underscoring stronger fundamentals ahead of its proposed stock market listing

Waterways Leisure Tourism is the largest domestic ocean cruise operator in India and owns the well-known Cordelia Cruises brand.

The company operates its flagship vessel, MV Empress, which can accommodate more than 2,000 passengers. It offers cruises to major domestic destinations such as Mumbai, Goa, Kochi, Chennai, Lakshadweep, Visakhapatnam and Puducherry, while also running select international voyages to Sri Lanka, Thailand, Singapore and Malaysia.

Disclaimer: This story is for educational purposes only. Please consult with an investment advisor before making any investment decisions.