Shares of newly listed Waterways Leisure Tourism, the operator of Cordelia Cruises, hit the 10% upper circuit at ₹734.05 on the BSE on Thursday, July 2, marking a fresh record high as investors lapped up the stock a day after its weak stock market debut.
The company made a subdued debut on Wednesday, July 1, with its shares listing at a discount of around 16% to the initial public offering () price.
On the NSE, shares debuted at ₹681 apiece, a discount of 15.72% to the issue price. On the BSE, the stock listed at ₹690, reflecting a 14.60% discount. The company had launched its ₹585-crore IPO with a price band of ₹769-808 per share.
Despite the lacklustre listing, the stock witnessed strong buying interest in Thursday’s session, with shares climbing to their highest-ever level on the BSE.
Waterways Leisure Tourism IPO details
The ₹585-crore IPO had comprised an entirely fresh issue of 0.72 crore equity shares, with no offer-for-sale (OFS) component.
The issue had sailed through on the final day of bidding, driven largely by strong participation from retail investors. Overall, the IPO was subscribed 1.46 times during the bidding period from June 23 to June 25. Ahead of the public issue, Waterways Leisure Tourism had raised ₹263.25 crore from anchor investors.
The retail investor portion was 4.19 times, while the non-institutional investor (NII) category received subscriptions of 1.17 times. In contrast, the qualified institutional buyers (QIB) segment remained undersubscribed, attracting bids for only 69% of the shares reserved for institutional investors.
According to the company, the net proceeds from the issue were proposed to be primarily utilised towards meeting the lease-related obligations of its step-down subsidiary, Baycruise Shipping and Leasing (IFSC) Pvt. Ltd., while the remaining funds were to be used for general corporate purposes.
Brokerage firm Swastika Investmart had assigned a ‘Neutral’ rating to the IPO, stating that the company enjoys a strong position in India’s fast-growing cruise tourism market. The brokerage noted that the business has maintained healthy occupancy levels and strong passenger demand, reflecting the increasing acceptance of cruise tourism in the country.
“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. We assign a NEUTRAL rating—suitable for long-term investors, but not particularly attractive for listing gains,” the brokerage firm had said.
About the company
Waterways Leisure Tourism operates Cordelia Cruises, India’s domestic ocean cruise brand, offering luxury cruise experiences across domestic and international destinations.
For FY26, the company reported revenue from operations of ₹579.7 crore and a net profit of ₹52.1 crore. Its financial position also strengthened significantly during the year, with net worth rising to ₹80.2 crore from ₹32.8 crore a year earlier, reflecting stronger fundamentals ahead of its stock market listing.
The company operates its flagship vessel, MV Empress, which has the capacity to accommodate more than 2,000 passengers. It offers cruises to key domestic destinations, including Mumbai, Goa, Kochi, Chennai, Lakshadweep, Visakhapatnam and Puducherry, while also operating select international voyages to Sri Lanka, Thailand, Singapore and Malaysia.
The stock staged a strong recovery after its discounted debut, hitting its upper circuit and a record high in just its second day of trading. Investors will now watch whether the momentum sustains amid the company’s improving financial performance and growing interest in India’s cruise tourism market.
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