The offer received bids for 69.84 lakh shares as against 41.84 lakh shares on offer.
The initial public offer of Waterways Leisure Tourism received bids for 69,84,666 shares as against 41,84,004 shares on offer. The issue was subscribed 1.67 times.
The retail individual investors category was subscribed 4.19 times, the non-institutional investors (NII) category was subscribed 1.30 times and the qualified institutional buyers (QIBs) portion was subscribed 1.01 times.
The issue opened for bidding on 23 June 2026 and it closed on 25 June 2026. The price band of the IPO is fixed between Rs 769 and 808 per share.
The IPO consisted entirely of a fresh issue of shares worth Rs 585 crore, with no offer-for-sale (OFS) component. At the upper end of the price band, the company was expected to be valued at Rs 5,849.48 crore post listing.
The company proposed to use Rs 480 crore from the net proceeds to make lease payments to its step-down subsidiary, Baycruise Shipping and Leasing (IFSC). A portion of the proceeds was also earmarked for general corporate purposes.
Waterways Leisure Tourism, operating under the Cordelia Cruises brand, is India’s leading domestic ocean cruise operator. The company offers cruise services across major Indian coastal destinations and select international routes through its flagship vessel, MV Empress. As of March 2026, more than 7.3 lakh guests have sailed with Cordelia Cruises, making it one of the largest players in India’s cruise tourism sector. The company focuses on delivering an India-centric cruise experience through local cuisine, entertainment, and curated coastal itineraries. It accounted for around 79% of India’s cruise market by value in FY25 and plans to expand its fleet with two additional vessels by FY2028.
Ahead of the IPO, Waterways Leisure Tourism on Monday, 22 June 2026, raised Rs 263.25 crore from anchor investors. The board allotted 32.58 lakh shares at Rs 808 each to 11 anchor investors.
The firm reported a consolidated net profit of Rs 52.14 crore and sales of Rs 579.75 crore for the twelve months ended on 31 March 2026.
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