The shares of Waterways Leisure Tourism, operator of Cordelia Cruises, climbed 10 percent to hit an upper circuit at Rs 734.05 on the BSE on Thursday, July 2. This set a fresh peak as investors displayed interest in the stock a day after its modest market debut.
The company opened quietly on Wednesday, July 1, with shares listing nearly 16 percent below the IPO price.
On the NSE, the stock debuted at Rs 681, down 15.72 percent from the issue price. On the BSE, it opened at Rs 690, a 14.60 percent discount. The Rs 585-crore IPO carried a price band of Rs 769-808 per share.
Despite the soft listing, buying interest lifted the shares to their highest level on the BSE during Thursday trading.
The IPO consisted solely of a fresh issue of 0.72 crore equity shares with no offer-for-sale portion.
The issue drew solid demand on the final bidding day, led by retail investors, and was subscribed 1.46 times overall from June 23 to June 25. Ahead of the IPO, the firm raised Rs 263.25 crore from anchor investors.
Retail investors subscribed 4.19 times, non-institutional investors 1.17 times, while qualified institutional buyers covered only 69 percent of their reserved shares.
The company intends to direct most proceeds toward lease obligations of its step-down subsidiary Baycruise Shipping and Leasing (IFSC) Pvt. Ltd., with the balance for general corporate purposes.
