The initial public offering (IPO)of Waterways Leisure Tourism has been subscribed to 46 per cent or 0.46 times on its second day of bidding on Wednesday.
The Rs 585 crore initial share sale of Cordelia Cruises operator was opened for public subscription on Tuesday, and the IPO will conclude on June 25. The price band for the shares were fixed at Rs 769-808 per share, and investors have to buy a lot of 18 shares, requiring an amount of Rs 14,544, to place a bid.
Waterways Leisure Tourism Day 2 Subscription Status
According to NSE’s data, the IPO was subscribed 0.46 times or 46 per cent till 3:27 PM. Meanwhile, retail investors showed massive interest in the share sale–subscribing 2.15 times of 215 per cent against shares allotted to them. The IPO witnessed subdued demand among non-institutional investors and qualified institutional buyers, getting 0.25 times and nil subscription, respectively.
Waterways Leisure Tourism GMP
The grey market premium of Cordelia Cruises Operators stood at Rs 3.5 over the IPO price, according to grey market tracking platform Investorgain.com. With this, the shares of the company are expected to list at Rs 811.5 (cap price + today’s GMP)–up nearly 0.43 per cent. Earlier, on Tuesday, the GMP was around Rs 12.
IPO Details
Listing Date: The IPO will list on NSE and BSE with a tentative listing date fixed as July 1, 2026.
Fresh Issue: The company stated that up to Rs 480 crore of proceeds from the fresh issue will be used for deposits/advances for lease rent and monthly lease payments of its step-down subsidiary, Baycruise Shipping & Leasing (IFSC) Private Limited (Baycruise IFSC), while the remainder will be used for general corporate purposes.
According to a report in PTI, the company’s revenue from operations in FY26 was Rs 580 crore, compared to Rs 444 crore in FY24. It reported a net profit of Rs 52 crore in FY26, compared to a loss of Rs 123 crore in FY24. The company offers international trips to Hambantota, Trincomalee, and Jaffna (Sri Lanka), Phuket (Thailand), Singapore, Kuala Lumpur, and Langkawi (Malaysia).
The trips are designed to showcase India’s coastal regions and cultural heritage. According to a Crisil report, the company’s market share by value was approximately 79 per cent in FY2025. Its cruise ships mostly sail to domestic destinations such as Mumbai, Goa, Kochi, Chennai, Lakshadweep, Visakhapatnam, and Puducherry.