Waterways Leisure Tourism IPO: The initial public offering (IPO) of ocean cruise operator Waterways Leisure Tourism Ltd has entered its second day of bidding process today, and has been receiving muted demand from investors.
Waterways Leisure Tourism IPO opened for public subscription on June 23, Tuesday, and will close on June 25, Thursday. The IPO allotment date is likely June 29, Monday, while the IPO listing date is July 1, Wednesday. Waterways Leisure Tourism shares will be listed on both the stock exchanges, BSE and NSE.
Waterways Leisure Tourism IPO price band is set at ₹769 to ₹808 per share. At the upper-end of the price band, the company aims to raise ₹585 crore from the book-building issue, which is entirely a fresh issue of 72.40 lakh equity shares.
The IPO lot size is 18 shares, and the minimum investment amount required by an individual investor is ₹14,544. Centrum Broking Ltd. is the book running lead manager and MUFG Intime India Pvt. Ltd. is the Waterways Leisure Tourism IPO registrar.
Waterways Leisure Tourism IPO Subscription Status
Waterways Leisure Tourism IPO has been subscribed 35% so far till 12:10 PM on June 24, the second day of the bidding process, NSE data showed.
The public issue is booked 1.66 times in the Retail Individual Investors category, and 16% in the Non-Institutional Investors (NII) segment so far. The Qualified Institutional Buyers (QIB) are yet to bid for the issue.
Waterways Leisure Tourism IPO GMP Today
Waterways Leisure Tourism shares are commanding a muted grey market premium (GMP) in the unlisted market. According to the websites tracking the grey market, Waterways Leisure Tourism IPO GMP today is ₹3.5 per share. This indicates that in the grey market, Waterways Leisure Tourism shares are trading higher by ₹3.5 apiece than their IPO price.
Waterways Leisure IPO GMP today signals that the estimated price of the stock would be ₹811.5 apiece, which is at a premium of 0.43% to the issue price of ₹808 per share.
Should you subscribe to Waterways Leisure Tourism IPO?
Waterways Leisure Tourism operates Cordelia Cruises and enjoys a strong position in India’s fast-growing cruise tourism market. The business has maintained healthy occupancy levels and strong passenger demand, reflecting growing acceptance of cruise tourism in India, analysts said.
“While the company has turned profitable, EBITDA margins have declined recently and the business remains exposed to fuel costs, occupancy fluctuations, and operational disruptions. At around 101x P/E, the IPO appears aggressively priced. Despite strong industry tailwinds and growth potential, the valuation leaves limited margin of safety,” said Swastika Investmart Ltd.
The brokerage firm assigns a ‘Neutral’ rating to the Waterways Leisure Tourism IPO, suitable for long-term investors, but not particularly attractive for listing gains.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
