The IPO of Waterways Leisure Tourism, the operator of the Cordelia Cruises brand, will open for public subscription on June 23 and will close on June 25. Ahead of the issue opening, the company's shares were commanding a grey market premium (GMP) of around 2%, indicating muted listing expectations.The IPO is entirely a fresh issue worth Rs 585 crore, with no offer-for-sale component. The company has fixed a price band of Rs 769-808 per share, and investors can bid for 18 shares in one lot and in multiples thereafter. The shares are proposed to be listed on both the BSE and NSE on July 1.The company plans to utilise the proceeds primarily towards lease deposits, advance lease rentals and monthly lease payments for its subsidiary, Baycruise Shipping and Leasing (IFSC), which is acquiring new cruise vessels. The remaining funds will be used for general corporate purposes.India's largest cruise operatorWaterways Leisure Tourism is India's leading domestic ocean cruise operator and owns the Cordelia Cruises brand. The company currently operates MV Empress, a cruise vessel with a capacity of over 2,000 passengers, offering domestic itineraries covering Mumbai, Goa, Kochi, Chennai, Lakshadweep, Visakhapatnam and Puducherry, along with select international routes to Sri Lanka, Thailand, Singapore and Malaysia.According to its RHP, the company accounted for nearly 79% of India's domestic ocean cruise market by value in FY25. It has served more than 7.3 lakh passengers since commencing operations and plans to expand its fleet by inducting Norwegian Sky in FY27 and Norwegian Sun in FY28 under long-term lease arrangements.FinancialsFor FY26, the company reported revenue from operations of Rs 579.7 crore and net profit of Rs 52.1 crore. Net worth improved to Rs 80.2 crore from Rs 32.8 crore a year earlier.Should you subscribe?Brokerage Swastika Investmart has assigned a "Neutral" rating to the IPO. It said the company enjoys a dominant position in India's nascent cruise tourism industry and stands to benefit from rising demand for experiential travel and the government's Cruise Bharat Mission.However, the brokerage also highlighted key risks, including the company's dependence on a single cruise vessel, the capital-intensive nature of the business and execution risks associated with fleet expansion.JM Financial, in its IPO note, said the company is well placed to benefit from the expected growth in India's cruise tourism industry through its planned asset-light fleet expansion and increasing passenger capacity.With the grey market premium remaining at just 2%, the issue is not indicating strong listing gains at present. Investors with a long-term view may consider the company's leadership position and expansion plans, while those looking primarily for listing gains may prefer to watch subscription trends over the next three days before taking a call.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)