Waterways Leisure Tourism Draws Tepid Demand on Bidding Day 2 as Grey Market Premium Slips to Rs 3.5

Waterways Leisure Tourism's IPO saw a muted second day, with overall subscription at 0.54 times. The grey market premium cooled to Rs 3.5, pointing to only a marginal listing gain.

The Waterways Leisure Tourism IPO continued to attract a lukewarm response on the second day of bidding, with retail participation staying modest and the Non-Institutional Investor (NII) segment showing limited appetite. In the unofficial grey market, the premium on the issue has cooled to around Rs 3.5, hinting at only a slim gain when the shares list.

How the Issue Filled Up on Day 2
By 5:24 pm on the second day, the issue was subscribed around 0.54 times overall. By Thursday, the retail category had been booked around 2.46 times, while the NII category drew just 0.33 times. The QIB (ex-anchor) category had seen no participation at all.

Where the Grey Market Premium Stands
The grey market premium for the Waterways Leisure Tourism IPO stood at Rs 3.5 today. That works out to an estimated listing price of Rs 811.5 per share, arrived at by adding the upper price band and the latest GMP. On that basis, the expected gain or loss per share is close to 0.43%.

The premium has been sliding steadily. It fell to Rs 3.5 on Thursday, down from Rs 6 on Wednesday, June 23, and Rs 12 on Tuesday, June 22.

Price Band, Issue Size and Key Dates
The Waterways Leisure Tourism IPO is a book build issue worth Rs 585 crore, made up entirely of a fresh issue of 0.72 crore shares valued at Rs 585 crore. The issue opened for subscription on June 23 and will close on June 25, 2026. The allotment is likely to be finalised on June 29, with the estimated NSE-BSE listing date set for July 1.

The company has fixed the price band between Rs 769 and Rs 808 per share. One lot consists of 18 shares. An individual investor needs to put in a minimum of Rs 14,544 for 18 shares. The sNII requirement is 14 lots for 252 shares, while bNIIs must invest Rs 10,03,536 for 1242 shares.

Lead Manager and Registrar
Centrum Broking Ltd. is the book running lead manager for the issue, while MUFG Intime India Pvt. Ltd. is the registrar.

What this means for you
• For investors: At the current GMP of Rs 3.5, the estimated listing price is Rs 811.5, implying only a marginal gain of about 0.43%, so anyone betting purely on listing pop should weigh it carefully.
• For applicants: Retail investors need at least Rs 14,544 for 18 shares and can bid until June 25, 2026, with allotment expected on June 29 and listing likely on July 1.

Questions & Answers

1. How much was the Waterways Leisure Tourism IPO subscribed on day 2?
By 5:24 pm on the second day, the issue was subscribed around 0.54 times overall. Retail drew 2.46 times and NII 0.33 times, while the QIB (ex-anchor) category saw no participation.

2. What is the IPO's grey market premium today?
The GMP today is Rs 3.5, down from Rs 6 on Wednesday, June 23, and Rs 12 on Tuesday, June 22.

3. What is the price band and lot size?
The price band is Rs 769 to Rs 808 per share, and one lot consists of 18 shares.

4. What is the minimum investment required?
An individual investor needs at least Rs 14,544 for 18 shares. sNIIs need 252 shares, while bNIIs must invest Rs 10,03,536 for 1242 shares.

5. When does the IPO close and when will it list?
The issue opened on June 23 and closes on June 25, 2026. Allotment is expected on June 29, with the NSE-BSE listing likely on July 1.

6. What is the size of the issue?
It is a book build issue worth Rs 585 crore, made up entirely of a fresh issue of 0.72 crore shares.

7. What is the estimated listing price and gain?
The estimated listing price is Rs 811.5 per share, implying a possible gain or loss of about 0.43%.

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