Waterways Leisure Tourism IPO sees a slow response on Day 1 so far. Should you subscribe?

Waterways Leisure Tourism's Rs 585 crore IPO received a muted response on Day 1, with overall subscription at just 7% and no bids yet from qualified institutional buyers. Grey market premium hovered at around 2%, signalling flat-to-muted listing expectations, while brokerage Swastika Investmart assigned a Neutral rating citing dependence on a single cruise vessel and capital-intensive fleet expansion. The company, India's largest domestic ocean cruise operator with about 79% market share via its Cordelia Cruises brand, reported FY26 revenue of Rs 579.7 crore and net profit of Rs 52.1 crore.