Waterways Leisure Tourism Limited IPO
Listed
1.44×
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
Caution3 of 7 dimensions read
The filing raises real questions — 1 of 3 signals read negative
Strength54/100
- Meaningful leverageDebt/equity of 1.27×
- Fresh capital for the business100.0% of the issue is fresh capital raised by the company itself
- Institutions stayed awayQIB portion only 0.69× 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, and is pulled toward neutral to reflect how much the document leaves unsaid. 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 institutionalQIB0.69x
Non-institutionalNII / HNI1.17x
Retail individualRII4.12x
Chance of allotment
Retail4.12× subscribed
~1 in 4.1
Retail is 4.12× subscribed. Allotment is a lottery on a single lot, so roughly 1 in 4.1 applications gets one lot. Bidding for extra lots does not improve these odds.
HNI / NII1.17× subscribed
~1 in 1.2
HNI is 1.17× 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
Company & valuation
Debt / equity1.27×
0.0% of this issue is an offer for sale. The rest is fresh capital that goes into the company itself.
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)₹4.8k Cr
- 02General corporate purposesnot stated
Objects with no stated amount — typically general corporate purposes — are funded from whatever remains, so the quantified figures do not sum to the whole issue.
Risks worth reading
Ranked by our severity assessment, not by the order the prospectus prints them
mediumThe Company currently operates through a single cruise vessel, the MV Empress, and does not have the operational flexibility to mitigate risks through alternative vessels or strategies.
mediumA significant portion of revenue (87.45% to 91.22%) is derived from cruise ticket sales, making the business vulnerable to a decline in sales due to economic downturns, competition, or changing consumer preferences.
Litigation
As on the date of this Red Herring Prospectus, there are no outstanding criminal proceedings, actions by regulatory or statutory authorities, claims related to direct or indirect taxes, or other pending litigation involving the Company, Subsidiaries, Promoters, or Directors. There are also 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
+26.9%
Listed up
8 of 8
Best
+90.0%
Millworks Technologies
Worst
3.0%
Happy Steels
Caliber Mining and Logistics Limitedsame segment
146.4× sub+18.0%
Sotefin Bharatsame segment
3.8× sub+9.6%
Millworks Technologiessame segment
192.7× sub+90.0%
SBI Funds Management Limitedsame segment
41.6× sub+6.8%
Happy Steelssame segment
72.0× sub+3.0%
Devson Catalystsame segment
203.7× sub+66.2%
Kusumgar Limitedsame segment
127.9× sub+35.8%
IC Electricalssame segment
378.6× sub+67.7%
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 1.44× overall (QIB 0.69×, NII 1.17×, retail 4.12×). 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 4.12×, 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.