Waterways Leisure Tourism Ltd is facing persistent headwinds in its initial public offering as demand remains subdued on the second day of bidding.
The ocean cruise operator, known for its Cordelia Cruises brand, has failed to ignite significant investor appetite despite the issue being structured entirely as a fresh share issuance.
The IPO, which opened for public subscription on Tuesday, June 23, saw a weak start with the issue subscribed only 0.20x by the close of the first day.
This lackluster performance has carried over into Wednesday's trading session, with market participants showing limited enthusiasm for the new listing.
The muted response suggests that investors are cautious about the valuation or the growth prospects of the leisure tourism sector in the current market environment.
The price band for the issue is set at ₹769 to ₹808 per share.