Waterways Leisure IPO invites bids; here's everything investors should know

Waterways Leisure IPO opens today; check price band, lot size, GMP, reviews, allotment date, listing date, and other key details here

Waterways Leisure Tourism’s initial public offering (IPO) opens for subscription on Tuesday, June 23, 2026, with the cruise tourism operator looking to raise ₹585 crore through an entirely fresh issue of equity shares.

 

The company has already raised ₹263.25 crore from anchor investors ahead of the issue opening, allotting 32.58 lakh shares at ₹808 apiece. The anchor book saw participation from Baroda BNP Paribas Mutual Fund, Cullinan Opportunities Fund, Zeal Global Opportunities Fund, M7 Global Fund, Nova Global Opportunities Fund, Stellar Growth Fund, ASAS Global Fund and Maybank Securities, among others.

Issue structure, price band

The IPO comprises a fresh issue of 7.2 million shares aggregating ₹585 crore, with no offer-for-sale component. The price band has been fixed at ₹769–₹808 per share, and the issue will be offered in lots of 18 shares. Investors can bid for a minimum of 18 shares and in multiples thereof.

 

 

A retail investor would need ₹14,544 to apply for one lot of 18 shares. The maximum retail allocation of 13 lots, or 234 shares, would require an investment of ₹1,89,072.

Grey market trends

In the unlisted market, Waterways Leisure shares were trading at ₹820 apiece ahead of the issue opening, according to sources tracking unofficial activity. This implies a grey market premium of ₹12, or 1.49 per cent, over the upper end of the price band.

Brokerage views

Swastika Investmart has assigned a “Neutral” rating to the Waterways Leisure Tourism IPO, citing aggressive valuations. READ MORE

Registrar, lead manager

MUFG Intime India (formerly Link Intime India) is the registrar to the issue, while Centrum Broking is the sole book-running lead manager.

Objects of the issue

The company proposes to utilise proceeds from the fresh issue towards payment of deposit/advance lease rental and monthly lease obligations to its step-down subsidiary, Baycruise Shipping and Leasing (IFSC) Pvt Ltd (Baycruise IFSC). The balance is earmarked for general corporate purposes, as per the red herring prospectus. 

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About Waterways Leisure

Incorporated on November 2, 2020, Waterways Leisure Tourism operates as one of India’s domestic ocean cruise players, offering luxury cruise experiences with an emphasis on curated Indian hospitality. It currently operates the cruise vessel ‘MV Empress’. Since launch, the vessel has carried 730,819 passengers, covering over 321,292.53 nautical miles along the Indian coastline and surrounding islands as of March 31, 2026.