Waterways Leisure Tourism IPO opens for subscription today. Should you subscribe?

Waterways Leisure Tourism, India's largest domestic cruise operator and owner of the Cordelia Cruises brand, opened its Rs 585 crore fresh-issue IPO with a price band of Rs 769-808 per share, ahead of its planned listing on July 1 on BSE and NSE. The company holds around 79% of India's domestic ocean cruise market by value in FY25 and reported FY26 revenue of Rs 579.7 crore and net profit of Rs 52.1 crore. Brokerages are split, with Swastika Investmart assigning a Neutral rating citing single-vessel dependence and capital-intensive risks, while JM Financial is positive on the Cruise Bharat Mission tailwind; grey market premium is around 2%.