Shares of Cordelia Cruises operator Waterways Leisure Tourism Ltd have surged 21 per cent in just two days after the muted debut on the bourses. The stock ended its debut session on Wednesday with a discount of over 17 per cent to the issue price of Rs 808. The stock listed on the National Stock Exchange (NSE) at Rs 681, while on the BSE, it listed at Rs 690, a discount of approximately 14.6 per cent. Today, it surged 10 per cent to hit the upper circuit for the second consecutive session.ย The market cap of the company stood at Rs 5,845.50 crore.ย
Waterways Leisure Tourism IPO Details
The IPO was open for subscription from June 23 to June 25. The offering was a purely fresh issue, raising RS 585 crore. The company had set the IPO price band at RS 769 to Rs 808 per share, and the lot size was 18 shares.ย
The issue received a total subscription of 1.09 times. Retail investors showed the highest interest, with their portion being subscribed more than three times, while institutional investors had a lower participation rate.
The company raised Rs 263.25 crore from anchor investors before the IPO opened. The company will use Rs 480.01 crore of the proceeds to pay lease payments to Baycruise Shipping and Leasing (IFSC) Pvt Ltd, while the remaining funds will be used for general corporate purposes.ย
How company plans to utilise the proceeds
The public offer comprised entirely a fresh issue of 72 lakh shares with no offer-for-sale (OFS) component.
The company plans to utilise the proceeds towards lease payments for its step-down subsidiary, Baycruise Shipping and Leasing (IFSC) Pvt Ltd, and for general corporate purposes.
Waterways Leisure Tourism operates Cordelia Cruises, India’s domestic ocean cruise brand, offering luxury cruise experiences across domestic and international destinations.
Meanwhile, benchmark indices Sensex and Nifty surged in early trade on Friday amid a rally in IT stocks and a softer-than-expected US jobs data tempering expectations of near-term monetary tightening by the Federal Reserve. The 30-share BSE Sensex jumped 545.89 points to 78,048.01 during initial trade. The 50-share NSE Nifty surged 173.85 points to 24,346.90.