Waterways Leisure Tourism Shares Rally 10%, Hit Fresh Record High After Weak Listing Debut

The public issue received an overall subscription of 1.46 times during the bidding period from June 23 to June 25, driven largely by robust participation from retail investors. Ahead of the IPO, the company had raised ₹263.25 crore from anchor investors.

The retail investor portion was subscribed 4.19 times, while the non-institutional investor (NII) category saw a subscription of 1.17 times. However, the qualified institutional buyers (QIB) segment remained undersubscribed, receiving bids for only 69 percent of the shares reserved for institutional investors.

According to the company, the net proceeds from the IPO are primarily proposed to be utilised towards meeting the lease-related obligations of its step-down subsidiary, Baycruise Shipping and Leasing (IFSC) Pvt. Ltd., with the remaining funds earmarked for general corporate purposes.

Waterways Leisure Tourism operates Cordelia Cruises, India’s domestic ocean cruise brand, offering luxury cruise experiences across both domestic and international destinations.

The company reported revenue from operations of ₹579.7 crore and a net profit of ₹52.1 crore for FY26. Its financial position also improved significantly, with net worth increasing to ₹80.2 crore from ₹32.8 crore a year earlier, reflecting stronger fundamentals ahead of its market debut.

Its flagship vessel, MV Empress, has the capacity to accommodate over 2,000 passengers. The cruise liner operates across major domestic destinations, including Mumbai, Goa, Kochi, Chennai, Lakshadweep, Visakhapatnam and Puducherry, while also offering select international sailings to Sri Lanka, Thailand, Singapore and Malaysia.

The stock’s swift recovery from its discounted listing to a record high within two trading sessions highlights renewed investor optimism. Market participants will closely monitor whether the momentum sustains, supported by the company’s improving financial performance and the long-term growth prospects of India’s cruise tourism industry.