Waterways Leisure Tourism IPO Day 3: Issue subscribed 69%, GMP signals flat debut. Should you apply?

The Rs 585 crore Waterways Leisure Tourism IPO was subscribed 69 percent on Day 3, with grey market premium hovering around 1 percent, signalling a largely flat listing. Priced at Rs 769 to Rs 808 per share, the issue saw retail investors bid 3x while qualified institutional buyers had not placed bids yet. Brokerage Swastika Investmart assigned a neutral rating, citing the company's dominant 79 percent share in India's domestic ocean cruise market but flagging risks of single-vessel dependence and capital-intensive fleet expansion.