Waterways Leisure Tourism Ltd, the operator behind the Cordelia Cruises brand, saw its shares debut at a steep 15.7% discount to the issue price on Tuesday, reflecting muted appetite for the listing despite a technically oversubscribed final day.
The ₹585 crore initial public offering attracted bids for 6,093,900 shares against 4,184,004 shares on offer, resulting in a final subscription multiple of 1.46 times, according to National Stock Exchange data.
While the final oversubscription suggests some late-stage interest, the immediate market reaction indicates that investors are pricing in significant risk or skepticism regarding the company's valuation and growth trajectory.
The listing follows a lackluster subscription process that began with weak initial interest.
The issue, which opened for subscription on June 23, was subscribed only 0.20 times on its first day, with early bidding figures hovering around 0.15 times.
The gradual build-up to a 1.46x final subscription was insufficient to generate positive momentum at the open, leading to the sharp discount.