Waterways Leisure Tourism, a leading Indian domestic ocean cruise operator, opened its initial public offering (IPO) on June 23 aiming to raise ₹585 crore. The IPO received a subdued response on its first day, with only 0.20 times subscription. Investors bid for 8.14 lakh shares against the 39.82 lakh shares available, signaling low demand for the issue, according to livemint.com.
The company operates under the Cordelia Cruises brand, offering voyages along the Indian coastline and select international routes. The IPO’s muted subscription contrasts with the company’s market valuation of ₹5,849.48 crore post-issue. The grey market premium (GMP) also indicated a flat listing, reflecting investor caution. The subscription figures suggest that the issue has not attracted strong investor interest despite the company’s leading position in the cruise sector.
This IPO comes amid a broader context where Indian tourism and leisure sectors are gradually recovering from pandemic impacts. Compared to other recent IPOs in the travel and hospitality space, Waterways Leisure Tourism’s tepid response highlights challenges in attracting retail and institutional investors. The subdued demand may reflect concerns about the cruise industry’s growth potential and profitability in the current market environment.
The IPO will remain open for subscription for the next few days, with the final subscription numbers and listing price to be announced after the close. Investors and market participants will closely watch the subscription trends and listing performance to assess the appetite for cruise tourism stocks in India, as reported by livemint.com.