Waterways Leisure Tourism Shares Hit 10% Upper Circuit, Recover Strongly After Weak IPO Debut

2 Jul 2026 , 12:11 PM

Shares of Waterways Leisure Tourism, the operator of Cordelia Cruises, staged a sharp recovery on July 2, hitting the 10% upper circuit at ₹734.05 on the BSE and touching a fresh record high. The rally came just a day after the company’s disappointing stock market debut, indicating renewed investor confidence in the newly listed travel and tourism company.

The strong buying interest marked a dramatic turnaround after the stock listed at a steep discount to its initial public offering (IPO) price.

Stock Rebounds After Discounted Listing

Waterways Leisure Tourism made a subdued debut on the stock exchanges on July 1, listing significantly below its IPO price.

• On the NSE, the stock debuted at ₹681 per share, a 15.72% discount to the issue price.
• On the BSE, it listed at ₹690, representing a 14.60% discount.

The company had launched its ₹585-crore IPO with a price band of ₹769 to ₹808 per share.

Despite the weak listing, the stock attracted strong buying in the following trading session, helping it hit a fresh lifetime high on the BSE.

₹585-Crore IPO Backed by Retail Participation

The IPO comprised an entirely fresh issue of 0.72 crore equity shares, with no Offer for Sale (OFS) component.

The public issue remained open for subscription between June 23 and June 25 and was subscribed 1.46 times overall.

Ahead of the IPO, the company had also raised ₹263.25 crore from anchor investors, providing additional confidence ahead of the listing.

Retail Investors Drive Subscription

The IPO received its strongest response from retail investors, highlighting robust participation from individual investors.

Category-wise subscription details were as follows:

• Retail Investors: 4.19 times
• Non-Institutional Investors (NIIs): 1.17 times
• Qualified Institutional Buyers (QIBs): 0.69 times, remaining undersubscribed

While institutional participation remained muted, strong retail demand helped the issue cross the subscription mark.

Strong Recovery Signals Investor Confidence

The sharp rebound following a discounted listing suggests investors are looking beyond the initial market reaction and focusing on the company’s long-term growth prospects.

Waterways Leisure Tourism operates Cordelia Cruises, one of India’s leading cruise brands, and aims to strengthen its position in the country’s growing cruise tourism industry. The company plans to use the IPO proceeds to support its expansion strategy and capitalize on rising demand for domestic cruise travel.

Although the stock experienced a weak debut, its swift recovery to a record high underscores improving market sentiment and sustained investor interest in the company.

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