• Retail Individual Investors (RIIs) portion subscribed 99% on Day 1
  • Issue closes on Thursday, Jun 25, 2026, for bidding

Mumbai: The Initial Public Offering of Waterways Leisure Tourism Limited was subscribed 0.19 times on the first day of bidding, with retail individual investors portion subscribed 0.99 times

The issue received bids of 8,03, 052 equity shares against the offered 41,84,004 equity shares, according to data available on the stock exchanges.

The issue kicked off for subscription on Tuesday, June 23, 2026, and will close for subscription on Thursday, June 25, 2026.

A day before the opening of the issue, Waterways Leisure Tourism Limited had raised Rs 263.25 crore from anchor investors.

Brokerage houses are bullish on the growth prospects of the company.

Ventura Securities highlights the company is the only domestic ocean cruise operator in India as of March 31, 2026, operating under the brand “Cordelia Cruises” and offering luxury travel experiences.

They have given a ‘Subscribe’ rating to the issue.

Nirmal Bang highlights the Indian overnight ocean, and coastal cruise industry is projected to grow at a compounded annual rate of nearly 20%-25% during FY26 and FY31, driven by increase in total number of itineraries, infrastructure investments, growing domestic cruise adoption, and increased awareness about cruise travels.

To respond to this demand, the company has entered into time charter agreements to lease two new cruise vessels, Norwegian Sky and Norwegian Sun each with a capacity of up to 2,004 and 1,936 guests respectively and should be operational by FY27 and FY28.

On the valuation front, prima facie, valuation at 112 times P/E and 54 times EV/Ebidta of FY26 looks expensive; however, given the asset light business model of the company fuelled by expansion and growth opportunities, it recommends ‘Subscribe’ to the issue.

Deven Choksey highlights the company enters the public markets at an inflection point, with a fleet tripling over FY27-28, and it believes that will establish the company as the only scaled domestic ocean cruise platform in India. Norwegian Sky is expected to commence commercial operations by Q3FY27, with MV Empress sustaining 83-85% occupancy through the transition.