Cordelia Cruises operator opens ₹585 cr IPO at ₹769-808; GMP muted, valuation stretched at 101x P/E
Waterways Leisure Tourism, which runs Cordelia Cruises, launched its ₹585 cr fresh-issue IPO with a ₹769-808 price band, implying a post-issue m-cap of ₹5,849 cr. Anchors picked up ₹263.25 cr. Grey market premium is a modest +₹12, and Swastika flagged a Neutral call on the aggressive ~101x P/E despite cruise-tourism tailwinds.
Waterways Leisure Tourism, operator of Cordelia Cruises, opens ₹585 cr fresh-issue IPO at ₹769-808 band. Raised ₹263 cr from anchors. GMP modest at +₹12. Swastika rates Neutral citing aggressive 101x P/E but strong cruise-tourism tailwinds.