Waterways Leisure IPO opens on June 23; GMP muted; should you subscribe?

Waterways Leisure IPO: Through its maiden public issue, the cruise tourism company aims to raise ₹585 crore via an entirely fresh issue of equity shares

Waterways Leisure Tourism IPO:  The initial public offering (IPO) of Waterways Leisure Tourism is set to open for public subscription on Tuesday, June 23, 2026. Through its maiden public issue, the cruise tourism company aims to raise ₹585 crore via an entirely fresh issue of equity shares.

 

The bidding for anchor investors is scheduled to take place today, June 22.

Waterways Leisure IPO details

The Waterways Leisure Tourism IPO comprises a fresh issue of 7.2 million shares aggregating ₹585 crore. The issue does not include any offer-for-sale (OFS) component.

 

The public issue will be available at a price band of ₹769–₹808 per share, with a lot size of 18 shares. Investors can bid for a minimum of 18 shares and in multiples thereof.

 

 

At the upper end of the price band, a retail investor would need a minimum of ₹14,544 to bid for one lot of 18 shares of Waterways Leisure Tourism IPO, while ₹1,89,072 would be required to bid for the maximum of 13 lots or 234 shares.

Waterways Leisure IPO GMP

Ahead of the issue opening for public subscription, the company's unlisted shares were seen exchanging hands at ₹819 apiece, according to sources tracking unofficial market activity. This translates into a grey market premium (GMP) of ₹11, or 1.36 per cent, over the upper end of the issue price. 

Waterways Leisure IPO review

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

 

The brokerage noted that the company operates Cordelia Cruises and holds a strong position in India’s fast-growing cruise tourism market. The business has maintained healthy occupancy levels and strong passenger demand, reflecting rising acceptance of cruise tourism in India.

 

“While the company has turned profitable, Ebidta margins have declined recently and the business remains exposed to fuel costs, occupancy fluctuations, and operational disruptions,” Swastika Investmart said.

 

At around 101x P/E, the IPO appears aggressively priced, the brokerage added. Despite strong industry tailwinds and growth potential, valuations leave limited margin of safety.

 

“We assign a Neutral rating—suitable for long-term investors, but not particularly attractive for listing gains,” it said. 

Waterways Leisure IPO objective

The company proposes to use the proceeds from the issue towards payment of deposit/advance lease rental and monthly lease payments to its step-down subsidiary, Baycruise Shipping and Leasing (IFSC) Pvt Ltd (Baycruise IFSC). The remaining proceeds will be used for general corporate purposes, as per the red herring prospectus.

Waterways Leisure IPO 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.

About Waterways Leisure Tourism

Waterways Leisure Tourism Ltd is India’s leading cruise tourism company and operator of the Cordelia Cruises brand. The company offers premium cruise vacation experiences across domestic and international destinations, catering to the growing demand for leisure and experiential travel in India.