Waterways Leisure Tourism Ltd is set to list its shares on the BSE and NSE on Wednesday, July 1, but the debut is expected to be underwhelming.
Grey market premiums (GMP) have turned negative, with tracking websites indicating a discount of ₹47 per share ahead of the listing.
This signals that secondary market participants are willing to pay less than the issue price, a rare and bearish outcome for a new issue.
The negative GMP follows a subscription period that concluded on Thursday with notably subdued investor participation.
According to Handelsavisen archive coverage, the IPO failed to generate significant interest from institutional or retail investors, leading to a lackluster oversubscription.
The weak demand has now translated into immediate pricing pressure in the unofficial market, suggesting that the company may struggle to maintain its issue price once trading begins.