Cordelia Cruises parent's ₹585cr IPO limps to 35% on Day 2; retail 1.66x as QIBs sit out
Waterways Leisure Tourism, which operates Cordelia Cruises, is seeing tepid demand for its ₹585 crore IPO at a ₹769-808 price band. Day-2 subscription stands at just 35%, with retail 1.66x, NII 16%, and QIBs absent. GMP has thinned to ₹3.5 as analysts flag a steep ~101x P/E. Issue closes June 25; listing July 1.
What happened
Cordelia Cruises operator Waterways Leisure Tourism's ₹585 crore IPO sees muted day-2 demand at 35% subscription, with retail at 1.66x and QIBs yet to bid. GMP
Key facts
- price band ₹769-₹808
- ₹585 crore issue size
- 72.40 lakh fresh shares
- lot size 18
- min investment ₹14,544
- 35% subscribed day 2
- retail 1.66x
- NII 16%
- GMP ₹3.5
- P/E ~101x
Why this matters
Cordelia's struggling IPO reprices the Indian cruise/leisure segment lower, opening a window to revisit hospitality M&A targets that were benchmarking against rich public comps.