WATERWAYS LEISURE TOURISM LTD IPO: Company Review, Subscription and Allotment Updates
2026-06-23 — Company overview and issue details WATERWAYS LEISURE TOURISM LTD IPO (ABOUT THE COMPANY) WATERWAYS LEISURE TOURISM LTD – COMPANY BACKGROUND Waterways Leisure Tourism Ltd is a six-year-old company operating domestic ocean…
2026-06-23 — Company overview and issue details
WATERWAYS LEISURE TOURISM LTD IPO (ABOUT THE COMPANY)
WATERWAYS LEISURE TOURISM LTD – COMPANY BACKGROUND
Waterways Leisure Tourism Ltd is a six-year-old company operating domestic ocean cruises. It operates the cruise vessel MV Empress, sailing to destinations like Mumbai, Goa, Kochi, Lakshadweep, Chennai, Vizag etc. it also covers select international destinations like Thailand, Malaysia, Sri Lanka, and Singapore. Till the end of FY26, over 7.3 lakh guests had travelled in these cruises and covered a total of 3.21 lakh nautical miles. In the domestic ocean cruise segment, Waterways Leisure Tourism Ltd has a 79% market share.
Waterways Leisure Tourism Ltd has been promoted by Global Shipping & Leisure Ltd and Rajesh Chandumal Hotwani. . The IPO comprises entirely of a fresh issue with no offer for sale (OFS) component in the IPO. It follows an asset-light model through outsourced cruises and currently operates the cruises of Cordelia Cruises. The issue is being lead-managed by Centrum Broking Ltd; while MUFG Intime India Private Ltd are the registrars to the IPO.
HIGHLIGHTS OF THE IPO ISSUE OF WATERWAYS LEISURE TOURISM LTD
Here are the key highlights of the public issue of Waterways Leisure Tourism Ltd.
The IPO is open from June 23rd, 2026 to June 25th, 2026. It has a face value of ₹10 per share and the IPO price band has been fixed in the range of ₹769 to ₹808 per share.
The IPO of Waterways Leisure Tourism Ltd will be entirely a fresh issue with no offer for sale component in the IPO.
The fresh issue portion comprises the issue of 72,40,099 shares (72.40 lakh shares), which at the upper price band of ₹808 per share translates into a fresh issue size of ₹585.00 crore.
Since there is no OFS component, the overall issue will also comprise of the fresh issue of 72,40,099 shares (72.40 lakh shares), which at the upper price band of ₹808 per share translates into overall issue size of ₹585.00 crore.
Due to the dilutive impact of the fresh issue, the promoter’s stake in the company will get reduced from 99.27% to 89.35% of the total shares outstanding post the IPO.
The IPO of Waterways Leisure Tourism Ltd will be listed on the NSE and the BSE on the IPO mainboard. Anchor allocation happened on June 22, 2026.
KEY DATES, INVESTOR ALLOCATION, AND LOT SIZES
Here are the key dates pertaining to the IPO of Waterways Leisure Tourism Ltd
| Event | Tentative Date |
|---|---|
| IPO Open Date | Tuesday, 23 June, 2026 |
| IPO Close Date | Thursday, 25 June, 2026 |
| Basis of Allotment | Monday, 29 June, 2026 |
| Initiation of Refunds to non-allottees | Tuesday, 30 June, 2026 |
| Credit of Shares to Demat | Tuesday, 30 June, 2026 |
| Listing Date on NSE and BSE | Wednesday, 1 July, 2026 |
Data Source: Company RHP
Investors can apply either through their existing trading account or the ASBA application can be directly logged through the internet banking account. This can only be done through the authorized list of self-certified syndicate banks (SCSB).
The table below captures the gist of the allocation to various categories.
| Investor Category | Share Allocation | % Share |
|---|---|---|
| Reservation for Employees | Nil Shares | Not Applicable |
| Anchor Allocation | 32,58,045 shares | 43.78% of total IPO size |
| QIB Shares Offered | 22,82,184 shares | 30.67% of total IPO size |
| NII (HNI) Shares Offered | 11,41,092 shares | 15.33% of total IPO size |
| Retail Shares Offered | 7,60,728 shares | 10.22% of total IPO size |
| Total Shares Offered | 74,42,049 shares | 100.00% of Total IPO size |
Data Source: Security Parameters Filing (NSE)
The anchor portion, is carved out of the QIB portion and the QIB portion available in the IPO offer has been reduced proportionately. Please note that the above shares are final and may differ marginally from the original announcement.
Here is a quick look at the lot sizes applicable for the IPO of Waterways Leisure Tourism Ltd for various categories of investors.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 18 | ₹ 14,544 |
| Retail (Max) | 13 | 234 | ₹ 1,89,072 |
| S-HNI (Min) | 14 | 252 | ₹ 2,03,616 |
| S-HNI (Max) | 68 | 1,224 | ₹ 9,88,992 |
| B-HNI (Min) | 69 | 1,242 | ₹ 10,03,536 |
It may be noted here that for the B-HNI category and for the QIB (qualified institutional buyer) category, there are no upper limits applicable. (1 Lot = 18 shares)
FINANCIAL HIGHLIGHTS OF WATERWAYS LEISURE TOURISM LTD
The table captures the key financials of Waterways Leisure Tourism Ltd for last 3 financial years.
| Particulars | FY26 | FY25 | FY24 |
|---|---|---|---|
| Net Revenues (₹ in crore) | 579.75 | 590.61 | 444.06 |
| Sales Growth (%) | -1.84% | 33.00% | |
| Profit after Tax (₹ in crore) | 52.14 | 168.19 | -122.73 |
| PAT Margins (%) | 8.99% | 28.48% | -27.64% |
| Total Equity (₹ in crore) | 80.20 | 32.78 | -118.07 |
| Total Assets (₹ in crore) | 341.78 | 247.37 | 399.20 |
| Return on Equity (%) | 65.01% | 513.04% | 103.95% |
| Return on Assets (%) | 15.26% | 67.99% | -30.74% |
| Asset Turnover Ratio (X) | 1.70 | 2.39 | 1.11 |
| Earnings per share (₹) | 8.02 | 26.00 | -18.97 |
| EBITDA (₹ in Crore) | 117.48 | 215.46 | 111.15 |
| EBITDA Margins (%) | 20.26% | 36.48% | 25.03% |
Data Source: Company RHP filed with SEBI (FY refers to Apr-Mar period)
The profit performance of the company over the last 3 years has been fairly erratic. The high ROE and ROA are more because the company has adopted an asset-light model. As a result, the asset turnover ratio is also quite healthy at around 1.70X.
VALUATION METRICS OF WATERWAYS LEISURE TOURISM LTD IPO
If one looks at the valuation of the company based on the latest year EPS, it is trading at around 100X earnings. However, FY26 had seen a sharp fall in the EPS by almost two-thirds. Hence a more stable EPS would be a better barometer to check valuations. Investors looking at the IPO can focus more on qualitative factors due to the nascent industry stage.
A growing middle class and rising incomes are a classic test case for expansion of domestic luxury cruises. Also, the global turmoil and shifted a lot of travellers towards domestic holidays. That must be kept in mind. The asset-light model can be value accretive in the medium to long run. Investors can look at the IPO from a longer-term exposure view.
2026-06-23 — Anchor allocation
WATERWAYS LEISURE TOURISM LTD IPO (ANCHOR ALLOCATION 43.78%)
BRIEF ON ANCHOR ALLOCATION OF WATERWAYS LEISURE TOURISM LTD
The anchor issue of Waterways Leisure Tourism Ltd saw a strong response on 22nd June 2026 with 43.78% of the IPO size absorbed by anchors. Out of 74,42,049 shares (74.42 lakh shares) on offer in the IPO, anchors picked up 32,58,045 shares (32.58 lakh shares) accounting for 43.78% of the total IPO size. The entire anchor allocation was made at the upper end of the price band of ₹808 per share. This includes the face value of ₹10 per share plus a share premium of ₹798 per share. The anchor bidding opened and closed on 22nd June 2026.
KEY POINTS TO NOTE IN THE ANCHOR ALLOCATION PROCESS
Here are the key details pertaining to the anchor bidding of Waterways Leisure Tourism Ltd
| Bid Date | June 22, 2026 |
|---|---|
| Shares Offered | 32,58,045 shares |
| Anchor Portion Size (₹ in crore) | ₹263.25 crore |
| Anchor lock-in period end date for 50% shares (30 Days) | Jul 28, 2026 |
| Anchor lock-in period end date for remaining shares (90 Days) | Sep 26, 2026 |
An anchor investor in an IPO is a qualified institutional buyer (QIB) like a foreign portfolio investor or mutual fund or insurance company or a sovereign fund which invests before the IPO is made available to the public as per SEBI regulations. It helps in price discovery.
MAJOR ANCHOR ALLOCATION INVESTORS IN WATERWAYS LEISURE TOURISM LTD
On 22nd June 2026, Waterways Leisure Tourism Ltd allotted 32,58,045 shares to a total of 11 anchor investors. The allocation was done at the upper IPO price band of ₹808 per share which resulted in overall anchor allocation of ₹263.25 crore. The anchors have already absorbed 43.78% of the total issue size of ₹601.32 crore. Listed below are the Top 10 IPO anchor investors who accounted for anchor collection of ₹258.25 crores, or, 98.1% of the overall anchor allocation of shares, one trading day ahead of the IPO of Waterways Leisure Tourism Ltd. The individual anchor allocation of top-10 investors is captured in the table below.
| Anchor Investors | No. of Shares | % of Anchor Portion | Value Allocated | |
|---|---|---|---|---|
| 01 | Cullinan Opportunities Fund | 6,21,945 | 19.09% | ₹ 50.25 |
| 02 | Zeal Global Opportunities Fund | 6,18,804 | 18.99% | ₹ 50.00 |
| 03 | M7 Global Fund PCC - Cell Dewcap | 6,18,804 | 18.99% | ₹ 50.00 |
| 04 | Nova Global Opportunities Fund | 6,31,188 | 19.37% | ₹ 51.00 |
| 05 | Stellar Growth Fund VCC | 3,09,402 | 9.50% | ₹ 25.00 |
| 06 | Baroda BNPP Small Cap Fund | 92,808 | 2.85% | ₹ 7.50 |
| 07 | Baroda BNPP India Consumption Fund | 92,808 | 2.85% | ₹ 7.50 |
| 08 | Baroda BNPP Business Cycle Fund | 61,866 | 1.90% | ₹ 5.00 |
| 09 | ASAS Global Fund Inc VCC | 61,866 | 1.90% | ₹ 5.00 |
| 10 | Maybank Securities PTE Ltd - ODI | 86,688 | 2.66% | ₹ 7.00 |
| Grand Total | 31,96,179 | 98.10% | ₹ 258.25 |
Data Source: BSE Filings (Value Allocated is ₹ in Crore)
The detailed and comprehensive report on the anchor allocation with the mutual fund portion separated can be accessed on BSE by clicking on the link below.
Out of the 32,58,045 shares allocated to the anchors in the IPO, there were a total of 2,47,482 shares allocated to mutual funds registered with SEBI. The allocation was made to 3 mutual fund schemes of 1 AMC. Mutual funds accounted for 7.60% of the total anchor allocation of the IPO.
There was no anchor allocation made to Insurance companies regulated by IRDAI. Apart from domestic mutual funds; the rest of the anchor allocation was made to AIFs and ODIs.
NEXT STEPS IN WATERWAYS LEISURE TOURISM LTD IPO
Post the closure of the IPO subscription on 25th June 2026, the basis of allotment will be finalized on 29th June 2026 and the refunds will be initiated on 30th June 2026. In addition, the demat credits are expected to also happen on 30th June 2026 and the stock will list on 1st July 2026 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 30th June 2026 under ISIN (INE0LZF01013).
2026-06-26 — Day-3 subscription update
Waterways Leisure Tourism Ltd (Day-3 Final Subscription at 1.63 times)
WATERWAYS LEISURE TOURISM LTD - IPO SUBSCRIPTION STATUS ON DAY-3
As of 7.15 pm on 25th June 2026, out of the 41.84 lakh shares on offer in the IPO (excluding anchor portion), Waterways Leisure Tourism Ltd saw bids for 68.36 lakh shares. This implies an overall subscription of 1.63X at a macro level. The granular break-up of subscriptions at close of Day-3 of the IPO of Waterways Leisure Tourism Ltd was as under:
| Employees (N.A.) | QIBs (1.01X) | HNI / NII (1.17X) | Retail (4.19X) |
|---|
The subscriptions were led by the Retail Investors followed by the HNI / NII investors and the QIB investors in that order. QIB bids and NII bids typically gather most of the momentum only on the last day. However, both the QIB and the HNI / NII portions got just about subscribed on the last day of the IPO. This is despite the fact that the company had seen steady anchor participation a day ahead of the IPO opening with 43.78% of the IPO size absorbed by anchor investors. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion.
| Investor Category | Subscription (times) | Shares Offered | Shares bid for | Total Amount (₹ in Crore) |
|---|---|---|---|---|
| Anchor Investors | 1.00 | 2,61,31,680 | 2,61,31,680 | 397.20 |
| Employee Quota | N.A. | 0 | 0 | 0.00 |
| QIB Investors | 1.01 | 22,82,184 | 23,07,762 | 186.47 |
| HNIs / NIIs | 1.17 | 11,41,092 | 13,40,730 | 108.33 |
| Retail Investors | 4.19 | 7,60,728 | 31,87,944 | 257.59 |
| Total | 1.63 | 41,84,004 | 68,36,436 | 552.38 |
Data Source: NSE / BSE (as of close of Day-3 of the IPO)
The IPO of Waterways Leisure Tourism Ltd was open up to June 25, 2026, and has closed for subscription as of the close of trading hours on June 25, 2026. The subscription ratios presented in the table above represent the final subscription numbers for each category and also for the IPO overall. Generally, the listing price of the IPO and the post-listing performance tend to get influenced by the extent of oversubscription of the IPO. However, it must also be noted that a higher subscription is not an automatic guarantee of a strong listing performance for the IPO stock. The final subscription ratio excludes anchor portion. Total bids as of the close (including anchor allocation) stood at ₹815.63 crore.
NEXT STEPS IN THE WATERWAYS LEISURE TOURISM LTD IPO
Post the closure of the IPO subscription on 25th June 2026, the basis of allotment will be finalized on 29th June 2026 and the refunds will be initiated on 30th June 2026. In addition, the demat credits are expected to also happen on 30th June 2026 and the stock will list on 1st July 2026 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 30th June 2026 under ISIN (INE0LZF01013).
2026-06-26 — Allotment guidance and next steps
Waterways Leisure Tourism Ltd IPO (How to check allotment status)
ABOUT THE WATERWAYS LEISURE TOURISM LTD IPO
The IPO of Waterways Leisure Tourism Ltd opened on June 23rd, 2026 and closed on June 25th, 2026. The overall IPO comprised purely of a fresh issue of 74,42,079 shares (74.42 lakh shares) worth ₹601.32 crore at the upper price band of ₹808 per share. There was no offer for sale (OFS) component. The allotment status will be finalized by end of day (EOD) of June 29, 2026. Here is how to check your allotment status for the IPO of Waterways Leisure Tourism Ltd. You can check IPO status on the BSE website or on the NSE website or on the IPO Registrar website (MUFG Intime India Private Ltd).
CHECKING THE ALLOTMENT STATUS OF WATERWAYS LEISURE TOURISM LTD IPO ON BSE WEBSITE
This is a facility available to all mainboard IPOs, irrespective of who the registrar to the issue is. Visit the BSE link for the IPO allotment by clicking on the link below.
https://www.bseindia.com/investors/appli_check.aspx
Once you reach the page, here are the steps to follow.
Under Issue Type – Select Equity Option
Under Issue Name – Select Waterways Leisure Tourism Ltd from the drop-down box
Enter the Application Number / CAF exactly as in the acknowledgement slip OR
Enter your PAN (10-digit alphanumeric) number
Once this is done, you need to click on the Captcha to verify you are not a robot
Finally click on the Search Button
You can use either of the parameters to query; Application / CAF number or Investor PAN.
The allotment status will be displayed on the screen in front of you informing about the number of shares of Waterways Leisure Tourism Ltd allotted into your demat account. You can save a screenshot of the allotment status output for subsequently verifying with the demat account credits.
CHECKING ALLOTMENT STATUS OF WATERWAYS LEISURE TOURISM LTD IPO ON NSE WEBSITE
This is a common link for all IPOs. Click on NSE link for IPO allotment as below.
https://www.nseindia.com/invest/check-trades-bids-verify-ipo-bids
Once you reach the page, here are the steps to follow.
Under Issue Type – Select Equity & SME IPO Details Option
Under SELECT SYMBOL – Select CORDELIA from the dropdown box
Enter the Application Number / CAF exactly as in the acknowledgement slip AND
Enter your PAN (10-digit alphanumeric) number
Once both are entered, click on the Submit Button
You must input the Application / CAF number and the Investor PAN.
The allotment status will be displayed on the screen in front of you informing about the number of shares of Waterways Leisure Tourism Ltd allotted into your demat account. You can save a screenshot of the allotment status output for tallying with the demat account credits.
CHECKING ALLOTMENT STATUS OF WATERWAYS LEISURE TOURISM LTD ON MUFG INTIME INDIA PRIVATE LIMITED (REGISTRAR TO THE IPO)
Here are the steps to follow. Visit the Link Intime registrar website for IPO status by clicking on the link below:
https://in.mpms.mufg.com/Initial_Offer/public-issues.html
There are 4 options available to you to access the allotment status, and you can use any of these options to query.
You can use PAN access. Enter the 10-character alphanumeric income tax permanent account number (PAN). Make it a point to verify your PAN before entering.
The second option is to use Application Number / CAF to query the allotment status in the IPO. The application / CAF number is available on the acknowledgement slip.
You can use DPID-Client ID combination. For NSDL combination is alphanumeric, while for CDSL, combination is numeric. This is available in your demat statement.
You can also query by the combination of your bank account number and IFSC number provided as the IPO mandate bank. It is available on your cheque book.
Finally, click on the SUBMIT button.
In case, you have any issues with the output, register an investor query with Link Intime India Private Ltd. You can either send an email with all requisite details and problem to ipo.helpdesk@in.mpms.mufg.com or you can call on (0)-81081-14949 for voice call.
NEXT STEPS IN THE WATERWAYS LEISURE TOURISM LTD IPO
Post the closure of the IPO subscription on 25th June 2026, the basis of allotment will be finalized on 29th June 2026 and the refunds will be initiated on 30th June 2026. In addition, the demat credits are expected to also happen on 30th June 2026 and the stock will list on 1st July 2026 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 30th June 2026 under ISIN (INE0LZF01013).
Interested in applying for this IPO?
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