Shares of Waterways Leisure Tourism, the company behind the Cordelia Cruises brand, are set to make their stock market debut on the BSE and NSE today.
Based on the current GMP, the estimated listing price is around Rs 757, suggesting a weaker-than-expected market debut.IPO SubscriptionThe Rs 585 crore initial public offering was subscribed 1.63 times overall against the 41.84 lakh shares on offer.Retail investors emerged as the strongest participants, with their quota subscribed 4.19 times against the 7.60 lakh shares reserved for the segment.
The Non-Institutional Investors (NIIs) portion was subscribed 1.18 times, while the Qualified Institutional Buyers (QIBs) category was subscribed 1.01 times.The IPO was entirely a fresh issue, with no Offer-for-Sale (OFS) component.
The company had fixed a price band of Rs 769-808 per share, with a minimum bid size of 18 shares.Utilisation of IPO ProceedsThe company plans to use the proceeds primarily to meet lease-related obligations, including security deposits, advance rentals and recurring lease payments for its subsidiary, Baycruise Shipping and Leasing (IFSC).The subsidiary is spearheading the company's fleet expansion strategy through the acquisition of additional cruise vessels.
