Shares of Waterways Leisure Tourism, the operator of Cordelia Cruises, rallied sharply on Thursday, locking in the 10 percent upper circuit and touching a fresh record high of ₹734.05 on the BSE, just a day after the stock made a disappointing debut on the stock exchanges.

The strong rebound came despite the company’s lacklustre listing on July 1. The stock had debuted at ₹681 per share on the NSE, a discount of 15.72 percent to its IPO issue price of ₹808. On the BSE, it listed at ₹690, reflecting a 14.60 percent discount from the upper end of the price band.

The ₹585-crore initial public offering comprised entirely of a fresh issue of approximately 72.4 lakh equity shares, with no offer-for-sale component. The IPO was priced in the range of ₹769-808 per share and was open for subscription between June 23 and June 25. 

Although the listing disappointed investors, buying interest returned swiftly in the following session, pushing the stock to its lifetime high and triggering the upper circuit limit.

The IPO witnessed moderate investor participation, with the issue receiving an overall subscription of around 1.46 times. Retail investors showed the strongest interest, while institutional demand remained relatively subdued. Ahead of the public issue, the company had raised ₹263.25 crore from anchor investors. 

Waterways Leisure Tourism is India’s largest domestic ocean cruise operator and operates under the Cordelia Cruises brand. The company plans to utilise the IPO proceeds primarily for lease-related payments to its subsidiary and for general corporate purposes as it looks to expand its presence in the country’s growing cruise tourism segment.