Waterways Leisure Tourism IPO Day 1: Issue opens today. Check GMP, review, key dates. Apply or not?

Waterways Leisure Tourism, operator of Cordelia Cruises, opened its ₹585 crore fresh-issue IPO on 23 June at a price band of ₹769-808 per share, with the issue closing on 25 June. The company raised ₹263.25 crore from eight anchor investors including Baroda BNP Paribas MF, Maybank Securities, and Cullinan Opportunities Fund at the upper price band of ₹808. Grey market premium stands at +12, indicating an estimated listing price of around ₹820 (1.49% premium), but Swastika Investmart assigned a Neutral rating citing aggressive valuation at about 101 times earnings and moderating EBITDA margins.