Waterways Leisure Tourism IPO: Issue booked 51% on day 2; check category-wise subscription; important dates

Cordelia Cruises operator Waterways Leisure Tourism's initial public offering (IPO) continues to see a lukewarm response on the second day of subscription with 51% booked on Wednesday, June 24.

Until 5 PM, the issue has secured bids for 21,42,270 shares as against 41,84,004 shares on offer, according to the NSE data.

The category for non-institutional investors (NIIs) fetched 0.32 times of subscription, while the quota for retail individual investors (RIIs) received 2.34 times subscription. The portion for Qualified Institutional Buyers (QIBs) saw zero subscription till the end of second day.

The issue with a price band of ₹769 to ₹808 per share will conclude on June 25.

IPO details

The initial share sale seeks to raise ₹585 crore solely via a fresh issuance of shares. There is no offer for sale component.

The proceeds from the issue will be used towards payment of advanced lease rental and monthly lease payment of the company's step-down unit Baycruise Shipping and Leasing (IFSC) Private Ltd. A portion will also be used for general corporate purposes.

The least investment for a retail investor is 18 shares. The company has set aside 75% of the offer for qualified institutional buyers, 10% for retail investors and 15% for non-institutional investors.

Before the IPO, the company raised ₹263.25 crore from anchor investors, including Baroda BNP Paribas Mutual Fund, Zeal Global Opportunities Fund, M7 Global Fund, Cullinan Opportunities Fund, Nova Global Opportunities Fund, ASAS Global Fund, Maybank Securities and Stellar Growth Fund.

The company allotted 32.58 lakh shares to eight anchor investors at the upper price band of ₹808 apiece.

Waterways Leisure Tourism IPO timeline

Waterways Leisure Tourism Ltd operates India's domestic ocean cruise brand Cordelia Cruises, providing luxury cruise experiences across domestic and international destinations.

Waterways Leisure Tourism IPO GMP

According to investorgain.com and media reports, unlisted shares of Waterways Leisure Tourism Ltd were trading at ₹813 per share, reflecting a grey market premium (GMP) of 0.62% or ₹5 over the upper price band of ₹808.