The primary market is showing signs of revival as improving geopolitical conditions in West Asia have boosted investor sentiment, prompting nine mainboard IPO launches this week and paving the way for more public issues in the pipeline. According to reports from Business Standard, this development comes after 23 companies have tapped the IPO route so far in 2026 to raise more than ₹27,000 crore despite heightened market volatility and macroeconomic uncertainty.
Waterways Leisure Tourism's ₹585-crore IPO opened for subscription on June 23, 2026 and closed on June 25 at a price band of ₹769-808 per share. The company successfully raised ₹263.25 crore from eight anchor investors on June 22, with Nova Global Opportunities Fund emerging as the largest investor by acquiring 6.31 lakh shares worth ₹51 crore, followed by Cullinan Opportunities Fund which purchased 6.21 lakh shares valued at ₹50.25 crore. The issue comprises entirely fresh equity with no offer-for-sale component, with proceeds intended for lease payments of its subsidiary Baycruise Shipping and Leasing and General Corporate Purposes. The offer is being made through the book-building process, wherein at least 75% of the net offer is allocated to qualified institutional buyers, and not less than 15% and 10% of the net offer is assigned to non-institutional bidders and retail individual bidders respectively. The shares are proposed to be listed on both BSE and NSE on July 1.
Waterways Leisure Tourism IPO achieved 1.67 times subscription as of latest data, with bids received for 68.36 lakh shares against 41.84 lakh shares on offer. The subscription details show Retail Individual Investors at 4.19 times, Non-Institutional Investors at 1.30 times, and Qualified Institutional Buyers at 1.01 times. The issue allows investors to bid for 18 shares in one lot and in multiples thereafter, with the company allocating 32,58,045 equity shares at ₹808 per share to anchor investors. The proceeds from the fresh issue to the extent of ₹480 crore will be for payment towards deposit/ advanced to lease rental and monthly lease payments its step-down subsidiary, Baycruise Shipping and Leasing (IFSC) Private Limited, while the balance proceeds will be utilized for General Corporate Purposes. At the upper end of the price band, the company is expected to be valued at ₹5,849.48 crore post listing.
The grey market premium (GMP) has declined to -₹35 as of latest data, indicating weak listing expectations despite earlier optimism. According to latest grey market data, the current GMP suggests an estimated listing price of ₹773, representing a discount of 4.33% compared to the upper price band of ₹808. This represents a significant decline from the GMP of ₹5 on June 24 and the earlier peak of ₹24 on June 20. The muted GMP performance reflects softened market sentiment since the IPO opened, with the issue having received only 50% bids by end of day 2 before showing stronger demand in the final days. Waterways Leisure Tourism IPO allotment is expected to be finalised on Monday, June 29, with shares scheduled to list on NSE and BSE on Wednesday, July 1. Once the basis of share allotment is fixed, the company will credit equity shares into eligible allotment holders' demat accounts and initiate refunds to unsuccessful bidders on June 30.
According to latest financial data, Waterways Leisure Tourism reported a consolidated net profit of ₹52.14 crore and sales of ₹579.75 crore for the twelve months ended March 31, 2026. The company operates under the Cordelia Cruises brand and is India's leading domestic ocean cruise operator, having served more than 7.3 lakh guests as of March 2026. As per Crisil report, the company accounted for nearly 79% of India's domestic ocean cruise market by value in FY25, making it India's largest cruise operator with Waterways Leisure Tourism currently commanding nearly 65% of India's cruise market by value. The company focuses on delivering an India-centric cruise experience through local cuisine, entertainment, and curated coastal itineraries, with plans to expand its fleet with two additional vessels by FY2028. Founded in November 2020, the company's flagship vessel MV Empress operates across major domestic destinations including Mumbai, Goa, Kochi, Chennai, and Lakshadweep, as well as international routes such as Sri Lanka, Thailand, Singapore and Malaysia.
