Waterways Leisure Tourism IPO Day 2: GMP, subscription status, price band, review, other key details. Apply or not?

Waterways Leisure Tourism Ltd, operator of Cordelia Cruises, is running its IPO with a price band of ₹769-808 per share, aiming to raise ₹585 crore via a fully fresh issue of 72.40 lakh shares. The issue was subscribed only 35% by mid-day on Day 2, with retail booked 1.66 times and NIIs at 16%, while QIBs had not yet bid. Grey market premium is muted at about ₹3.5 (0.43% premium), and Swastika Investmart assigned a Neutral rating citing aggressive pricing at around 101x P/E despite improving profitability.