Waterways Leisure Tourism IPO sees weak Day 1 subscription at 15%

Retail investors drove the initial uptake for the Cordelia Cruises operator, while non-institutional investors stayed on the sidelines on the first day of bidding.

By Handelsavisen Newsroom · Automated 2026-06-23 10:07 UTC · 1 min read

The initial public offering of Waterways Leisure Tourism, the operator behind the Cordelia Cruises brand, attracted a subscription of just 0.15 times on the first day of bidding.

The offering opened to public subscription on Tuesday, 23 June, and runs through Thursday, 25 June.

The issue is structured entirely as a fresh share issuance.

Retail investors provided the bulk of the demand, while non-institutional investors (NIIs) remained largely absent from the early bidding.

This pattern mirrors broader caution in the current IPO window, where retail appetite has often outpaced institutional interest in smaller-cap listings.

The muted start for Waterways Leisure comes as other recent Indian IPOs have struggled to gain traction.