Cordelia Cruises parent Waterways Leisure's Rs 585 cr IPO crawls to 28% on Day 2, retail leads at 1.35x
Waterways Leisure Tourism, operator of India's only domestic ocean cruise line with 79% category share in FY25, sees tepid institutional response on Day 2 of its Rs 585 crore IPO. Retail portion oversubscribed 1.35x while overall book at 28%. Price band Rs 769-808; GMP a muted Rs 6. Anchor round earlier raised Rs 263.25 crore.
What happened
Cordelia Cruises parent Waterways Leisure Tourism's Rs 585-crore IPO is 28% subscribed on Day 2, with retail at 1.35x. Anchor round raised Rs 263.25 crore.
Key facts
- Rs 263.25 crore anchor
- Rs 585 crore IPO
- price band Rs 769-808
- Day 2 subscription 28%
- Retail 1.35x
- GMP Rs 6
- 79% market share FY25
- ATP Rs 10,980
- APD Rs 12,036
Why this matters
Waterways' lukewarm institutional reception at Rs 769-808 sets a soft valuation benchmark for adjacent leisure-tourism issuers and may pressure cruise-sector M&A multiples downward.