Waterways Leisure Tourism Limited IPO
ListedMainboard
1.53×
Subscribed
Price band
₹808 – ₹808
Issue size
₹585 Cr
Open – close
23 Jun 2026
to 25 Jun 2026
Listing
01 Jul 2026
What the filing actually says
Our read of the offer document and the exchange data — not the issuer's summary of itself
Mixed5 of 7 dimensions read
A mixed but reasonable offering — 3 positive against 2 negative signals
Strength64/100
- Priced below its peers100.8× earnings against a peer median of 641.8× — a discount to the issuer's own comparison set
- Out-earns its peersReturn on net worth of 92.7% against a peer median of 7.2%
- Heavily indebtedDebt/equity of 15.32× — leverage this high leaves little margin if earnings dip
- Fresh capital for the business100.0% of the issue is fresh capital raised by the company itself
- Institutions stayed awayQIB portion only 0.72× subscribed — the most informed bidders did not fill their book
Every line above is arithmetic on a figure shown elsewhere on this page - no model, no opinion. It describes the quality of the offering as disclosed. It is not a prediction of the listing price, and it is not advice to apply.
Dates
The issuer's tentative timetable — a date passing is not confirmation the step completed
- Opens23 Jun 2026
- Closes25 Jun 2026
- Listing01 Jul 2026
Demand and your odds
How the book filled, and what that means for an application
Subscription by category
Qualified institutionalQIB0.72x
Non-institutionalNII / HNI1.23x
Big NIIabove ₹10L0.94x
Small NII₹2L – ₹10L1.83x
Retail individualRII4.40x
1,15,477 applications received — how many people bid, as opposed to how much money did. Exchange figures as of 25 Jun 2026.
Chance of allotment
Retail4.40× subscribed
~1 in 4.4
Retail is 4.4× subscribed. Allotment is a lottery on a single lot, so roughly 1 in 4.4 applications gets one lot. Bidding for extra lots does not improve these odds.
HNI / NII1.23× subscribed
~1 in 1.2
HNI is 1.23× subscribed. This category is allotted proportionately, so a bid receives roughly 1/1.2 of the shares applied for, subject to the minimum-lot draw.
Derived from SEBI's allotment mechanics and the subscription figures beside it. Retail allotment is a lottery on a single lot, so applying for more lots does not improve your chance of getting something.
Grey market premium
Unofficial dealer quotes — not published by NSE, BSE, SEBI or the company
₹0+0.0%
over the upper band · last seen 07 Sept 2026
What this number is not. Grey-market premium is an unregulated, thinly-traded quote from private dealers. It is not a forecast of the listing price, it is not verifiable, and it can be moved by the same people who benefit from it looking high. We publish it because you will look it up anyway — and we deliberately do not convert it into an expected listing gain, because that arithmetic implies a reliability the number has never earned. For what actually happened to comparable issues, see recent outcomes below.
The offering
Terms, structure and who is selling
Terms
Price band₹808 – ₹808
Total issue size₹585 Cr
Fresh issue₹585 Cr
Listing atMainboard
Company & valuation
P/E at upper band100.75×
Debt / equity15.32×
ROE0.92%
ROCE1.14%
RoNW92.70%
PAT Margin0.09%
EBITDA Margin0.20%
NAV12.31
Price to Book Value65.64
ISININE0LZF01013
0.0% of this issue is an offer for sale. The rest is fresh capital that goes into the company itself.
Who gets what
How the issue is split between investor categories, and what each may bid.
| Category | Shares | % of issue |
|---|---|---|
| QIB Shares Offered | 54,30,076 | — |
| Anchor Investor Shares Offered | 32,58,045 | — |
| QIB (Ex. Anchor) Shares Offered | 21,72,031 | — |
| NII (HNI) Shares Offered | 10,86,014 | — |
| bNII > ₹10L | 7,24,009 | 2873.00% |
| sNII < ₹10L | 3,62,005 | 1436.00% |
| Retail Shares Offered | 7,24,009 | 40222.00% |
Total issue 72,40,099 shares. Indented rows sit inside the category above them and are not added to it.
What each category may bid
Retail (Min)₹14,5441 lot · 18 sh
Retail (Max)₹1,89,07213 lots · 234 sh
S-HNI (Min)₹2,03,61614 lots · 252 sh
S-HNI (Max)₹9,88,99268 lots · 1,224 sh
B-HNI (Min)₹10,03,53669 lots · 1,242 sh
Lot size alone does not answer "how much do I need" — an S-HNI minimum is several lots, not one.
Anchor book
Shares allotted32,58,045
Anchor portion₹263.25 Cr
Bid date22 Jun 2026
Lock-in ends (50%)28 Jul 2026
Lock-in ends (rest)26 Sept 2026
Anchors are institutional money placed a day before bidding opens, against a lock-in. Those two dates are when that stock can first be sold — a supply event worth knowing if you still hold.
What the money is for
Stated use of the net proceeds
- 01Payment towards deposit/ advanced lease rental and monthly lease payments to our step-down subsidiary, Baycruise Shipping and Leasing (IFSC) Private Limited (Baycruise IFSC)₹480.01 Cr
- 02General corporate purposes₹76.63 Cr
How the issuer compares
The listed companies the offer document itself names as comparable.
| Company | EPS | P/E | NAV | RoNW |
|---|---|---|---|---|
| Waterways Leisure Tourism Limitedthis issue | 8.02 | — | 12.31 | 92.70% |
| Chalet Hotels Limited | 25.73 | 757.90 | 36971.56 | 19.40% |
| Lemon Tree Hotels Limited | 40.98 | 117.60 | 20791.79 | 11.73% |
| Juniper Hotels Limited | 31.90 | 202.90 | 28684.28 | 5.06% |
| Samhi Hotels Limited | 6.19 | 156.10 | 21821.80 | 34.07% |
| Taj GVK Hotels & Resorts Limited | 4.97 | 324.65 | 14193.70 | 39.48% |
| Wonderla Holidays Limited | 40.98 | 525.80 | 17968.97 | 4.64% |
| Imagicca World Entertainment | 0.01 | 4544.00 | 12540.42 | 0.10% |
| Royal Caribbean Cruises Ltd | 332.39 | 25120.95 | 955083.77 | 9.37% |
| Carnival Corporation & PLC | 18.10 | 2524.86 | 1242808.94 | 2.08% |
| Norwegian Cruise Line Holdings Ltd | 21.91 | 1731.49 | 231575.43 | 4.52% |
Blank cells are figures the offer document does not publish. An unlisted issuer has no market price, so it has no price-based multiple until it lists — which is exactly why the comparison is against companies that already trade. The peer set is the issuer's own selection, so read it as the flattering-est comparison available rather than a neutral one.
Risks worth reading
Ranked by our severity assessment, not by the order the prospectus prints them
High leveragemedium
Debt-to-equity of 15.32x.
mediumWe currently undertake our operations through a single cruise vessel, the MV Empress. Any disruption to the cruise vessel could lead to operational disruptions and adversely impact our business, results of operations, financial condition and cash flows.
mediumA significant portion of our revenue is derived from our cruise ticket sales, which accounted for 91.22%, 89.53% and 87.45% of our revenue from operations in Fiscals 2026, 2025 and 2024, respectively. A decline in our cruise ticket sales may adversely impact our business, financial condition, result
Litigation
As on the date of this Prospectus, there are no outstanding criminal proceedings, actions by statutory or regulatory authorities, claims related to direct or indirect taxes, other pending litigation, or findings/observations of inspections by SEBI or any other regulator involving the Company, Subsidiaries, Promoters, or Directors. There are no disciplinary actions, including penalties imposed by SEBI or stock exchanges, against the Promoters in the last five Fiscals. There are no outstanding criminal proceedings or actions by statutory or regulatory authorities against Key Managerial Personnel and members of Senior Management.
Positives the filing discloses (1)
Primarily fresh capital
100% of the offer is fresh issue, so most proceeds fund the company.
What happened to comparable issues
The last 8 issues to list with a recorded opening price, most comparable first
Median listing gain
+6.1%
Listed up
6 of 8
Best
+65.4%
Orient Cables (India) Limited
Worst
-2.3%
Vishal Nirmiti Limited
Fusion CX Limitedsame segment
4.5× sub+5.5%
HD Fire Protect Limitedsame segment
131.7× sub+23.6%
Nityas Gems and Jewellery Limitedsame segment
2.3× sub+6.7%
Vishal Nirmiti Limitedsame segment
1.7× sub-2.3%
Shah Investor's Home Limitedsame segment
38.1× sub+2.4%
Srit India Limitedsame segment
125.2× sub+13.8%
Runwal Enterprises Limitedsame segment
2.5× sub+0.0%
Orient Cables (India) Limitedsame segment
92.3× sub+65.4%
Past issues are context, not a forecast — this issue is a different company at a different price. We show it because "how have issues like this one actually opened" is a question with a real answer, and grey-market premium is not that answer.
Offer documents
The primary sources everything above is drawn from
Common questions
What is the Waterways Leisure Tourism Limited IPO GMP today?
The most recent grey-market premium recorded for Waterways Leisure Tourism Limited is ₹0 per share — about 0.0% over the ₹808 upper band. Grey-market premium is an unofficial, unregulated quote from private dealers. It is not published by NSE, BSE, SEBI or the company, and it is not a forecast of the listing price.
How many times is the Waterways Leisure Tourism Limited IPO subscribed?
Waterways Leisure Tourism Limited is subscribed 1.53× overall (QIB 0.72×, NII 1.23×, retail 4.40×). Subscription keeps changing until the issue closes; the final basis of allotment is published by the registrar.
What are the chances of allotment in the Waterways Leisure Tourism Limited IPO?
The retail portion is subscribed 4.40×, so allotment is by lottery and the odds of receiving at least one lot are roughly 1 in 4. Applying for more lots does not improve the chance of getting something — every retail applicant competes for the same single minimum lot.
Disclaimer. Figures are compiled from the issuer's offer document and exchange-published bidding data. Subscription changes until the issue closes, and the final basis of allotment is published by the registrar. Grey-market premium is unofficial and is not a forecast. Nothing here is investment advice or a recommendation — read the offer document and consult a SEBI-registered adviser before applying.