Waterways Leisure Tourism IPO Day 1 saw a quiet start from investors on Tuesday, June 23, 2026 as the initial public offering opened for bidding
Waterways Leisure Tourism Limited’s initial public offering saw low subscription demand on the first day of public bidding on Tuesday, June 23, 2026. Data from the initial bidding hours showed that the issue was booked only 0.04 times overall. Retail individual investors led marginally by booking 0.21 times their allotted quota. Meanwhile, non-institutional investors submitted only 0.01 times their quota, and qualified institutional buyers had not yet placed significant bids.
In the gray market, the premium for the company’s shares reflected a very cautious stance among traders. The unlisted shares were trading with a modest gray market premium of around ₹12 per share. This represents a slight premium of approximately 1.49% over the upper end of the official price band, indicating initial expectations of a flat market debut.
The main board plans to raise a total of ₹585.00 crore from the public issue. It is being structured entirely as a new share issue, with no offer for sale component from existing shareholders. The face value of the equity shares is ₹10 per share, and the price band for the public issue is fixed between ₹769 and ₹808 per share.
Retail investors wishing to participate in the offering must apply for a minimum lot size of 18 equity shares. This requires a baseline investment amount of ₹14,544 at the upper cap of the price band. The share allocation structure states that up to 75% of the total issue is reserved for qualified institutional buyers, while 15% is allocated to non-institutional investors and 10% to retail investors.
The three-day subscription window for the public issue will remain open until Thursday, June 25, 2026. After bidding closes, the base share allotment is expected to be finalized on Monday, June 29, 2026. The initiation of refunds to unsuccessful bidders and crediting of shares to the demat accounts of allottees is scheduled for Tuesday, June 30, 2026. The stock is scheduled to be listed on both the BSE and NSE on Wednesday, July 1, 2026.
Waterways Leisure Tourism intends to use the net proceeds from this new issue to fund its essential operational commitments. The primary portion of the funds will go towards deposits, advance lease rentals, and monthly lease payments for its step-down subsidiary, Baycruise Shipping & Leasing (IFSC) Private Limited. The remaining capital will be used for general corporate purposes.
The firm, which launched in 2020, operates as a well-known domestic ocean cruise operator in India under its flagship brand, “Cordelia Cruises.” The company offers premium vacation experiences combining luxury accommodations, hospitality, entertainment, and dining. It operates the cruise ship MV Empress, which has 796 cabins and can accommodate over 2,000 passengers, covering key Indian coastal destinations and select international ports. As of March 31, 2026, the operator had served over 730,000 guests across over 321,000 nautical miles.
Financially, the operator has seen fluctuating performance metrics over the past three fiscal years. For fiscal year 2026, revenue from operations was ₹579.70 crore, slightly lower than ₹590.60 crore in fiscal year 2025, but higher than ₹444.00 crore in fiscal year 2024. Profit after tax in fiscal year 2026 was ₹52.14 crore, lower than ₹168.19 crore in fiscal year 2025, although it is better than the net loss of ₹122.73 crore recorded in fiscal year 2024.
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