Cordelia Cruises parent's ₹585cr IPO opens cold: 0.20x Day 1, GMP flags flat July 1 listing

Waterways Leisure Tourism, which runs MV Empress under the Cordelia Cruises brand, drew just 0.20x subscription on Day 1 of its ₹585-crore IPO. Retail booked 1.02x but NII lagged at 0.04x. At the ₹808 upper band, post-issue valuation pegs at ₹5,849 crore; a ₹12 GMP points to a flat debut on July 1.

— Source publishedTue, 23 Jun, 2026, 21:15 IST·First seen Tue, 23 Jun, 2026, 21:22 IST·Source Mint · Markets

What happened

Cordelia Cruises (Waterways Leisure Tourism) · Cordelia Cruises operator Waterways Leisure Tourism's ₹585-crore IPO saw tepid Day 1 demand at 0.20x overall,

Key facts

  • ₹585 crore IPO
  • 0.20x Day 1 subscription
  • retail 1.02x
  • NII 0.04x
  • price band ₹808
  • post-issue valuation ₹5,849 crore
  • GMP ₹12
  • listing July 1
  • MV Empress 5.49 lakh guests
  • 796 cabins
  • fares ₹25,230-₹1,15,536/night

Why this matters

A cold cruise-sector IPO at this valuation sets a soft comp for leisure-tourism M&A and may open doors to partner with or acquire Waterways assets if the listing underperforms.