Waterways Leisure Tourism, the operator behind the Cordelia Cruises brand, faced a lackluster start to its initial public offering on Tuesday.
The issue, which opened for subscription on June 23, was subscribed only 0.20 times on the first day, signaling cautious investor appetite for the domestic ocean cruise operator.
A total of 8.14 lakh shares were bid for against the 39.82 lakh shares available in the fresh issuance.
The company aims to raise ₹585 crore through the offering, which runs through Thursday, June 25.
The muted response on day one contrasts with the broader market's recent enthusiasm for select consumer-facing IPOs, highlighting selective demand in the current issuance window.
Grey market premium (GMP) indicators point to a flat listing, suggesting that the stock may open near its issue price rather than commanding a premium.