Waterways Leisure Tourism IPO Day 2: GMP signals flat debut - Should you apply?

Waterways Leisure Tourism's Rs 585 crore IPO saw only 19% subscription on Day 1, with retail at 99% but NIIs at just 4% and no QIB bids. Grey market premium stands at about Rs 6 per share, signalling a roughly 1% premium over the upper price band of Rs 808, suggesting a flat listing. The price band is Rs 769-808, with the issue closing on June 25 and listing expected on July 1; the company is India's largest domestic ocean cruise operator with FY26 revenue of Rs 579.7 crore and net profit of Rs 52.1 crore.