IPO Comeback! Waterways Leisure Tourism Shares Hit Upper Circuit A Day After Weak Listing | Key Things To Know

Shares of Waterways Leisure Tourism Limited rallied nearly 10% to hit the upper circuit on Thursday, just a day after making a weak stock market debut following its initial public offering (IPO). The company's shares had been listed at a 16% discount to the IPO price on Wednesday.

Shares of Waterways Leisure Tourism, the operator of Cordelia Cruises, surged nearly 9.99% to hit an upper circuit mark of Rs 734.05 per share on BSE with a market capitalisation of Rs 5,314.12 crore on Thursday, July 2.

Waterways Leisure Tourism Stock Market Debut

Waterways Leisure Tourism shares debuted at Rs 681 per share on the NSE on Wednesday, which was at a discount of 15.72% to the issue price. The stock was listed at Rs 690 per share on BSE, which was a 14.6% discount. The company's IPO price band was fixed at Rs 769-808 per share.

Waterways Leisure Tourism IPO Details

Waterways Leisure Tourism had launched a Rs 585-crore initial public offering with a price band of Rs 769 to Rs 808 per share. The issue was entirely a fresh issue of 0.72 crore equity shares. There was no offer-for-sale component, which means the proceeds went to the company rather than existing shareholders selling their stake.

The IPO opened for bidding from June 23 to June 25 and was subscribed to around 1.46 times overall. Retail investors showcased the strongest

The IPO was open for bidding from June 23 to June 25 and was subscribed 1.46 times overall. Retail investors showed the strongest interest, with their portion subscribed 4.19 times. The non-institutional investor category was subscribed 1.17 times, while the qualified institutional buyer portion remained below full subscription at 69%.

Before the IPO, the company had raised around Rws 263.25 crore from anchor investors. As per the company, the net proceeds were proposed mainly to deal with lease-related obligations of its step-down subsidiary, Baycruise Shipping and Leasing (IFSC) Private Limited.

Operation of Cordelia Cruise

Waterways Leisure Tourism operates Cordelia Cruises, one of India's most visible domestic ocean cruise brands. Its business sits at the intersection of travel, entertainment, hospitality and discretionary spending. For market watchers, that makes the listing notable beyond the usual IPO cycle, as it offers exposure to an emerging leisure category in India.
The company operates MV Empress, its flagship cruise vessel, which can accommodate more than 2,000 passengers. Cordelia Cruises offers voyages to domestic destinations such as Mumbai, Goa, Kochi, Chennai, Lakshadweep, Visakhapatnam and Puducherry. It also operates select international routes covering Sri Lanka, Thailand, Singapore and Malaysia.