Advit Jewels IPO garners 44x subscription on Day 2; Waterways Leisure issue gets 0.51 times bidding

The initial public offering (IPO) of jewellery maker Advit Jewels continued to attract strong investor interest on the second day of bidding, while the IPO of cruise operator Waterways Leisure Tourism received a subdued response.

On Day 2, the ₹165.16-crore Advit Jewels IPO was subscribed 44.16 times overall, driven by strong demand from non-institutional and retail investors. In contrast, the ₹585-crore Waterways Leisure Tourism IPO was booked 0.51 times so far, with retail investors emerging as the only category to fully subscribe to the issue.

The IPOs of both companies will close on June 25, 2026, while allotments of shares are expected to be finalised on June 29, 2026. The tentative date for the listing of shares of Advit Jewels and Waterways Leisure Tourism on the stock exchanges is July 1, 2026.

Advit Jewels IPO sees strong demand across categories

The Advit Jewels IPO received bids for 36.99 crore shares against 83.79 lakh shares on offer. The non-institutional investor (NII) category led the demand, subscribing 121.16 times the allotted quota. Within this segment, bids from investors applying between ₹2 lakh and ₹10 lakh were subscribed 159.54 times, while the portion for applicants investing more than ₹10 lakh was subscribed 101.97 times.

The retail investor category was subscribed 35.46 times, while the qualified institutional buyers (QIB) portion was subscribed 1.56 times.

The Jaipur-based handcrafted jewellery manufacturer is looking to raise ₹165.16 crore through a fresh issue of up to 1.19 crore equity shares. The company has fixed a price band of ₹130-138 per share, with investors required to apply for a minimum lot of 100 shares.

The company plans to utilise ₹65 crore towards working capital requirements and another ₹65 crore for the repayment or prepayment of borrowings. The remaining proceeds will be used for general corporate purposes.

Advit Jewels markets handcrafted fine jewellery under the "Rambhajo" brand and specialises in traditional and contemporary jewellery, including Kundan, Polki, diamond and studded pieces.

Waterways Leisure IPO receives lukewarm response

The IPO of Waterways Leisure Tourism, one of India's leading domestic ocean cruise operators, received bids for 21.43 lakh shares against 41.84 lakh shares on offer, resulting in an overall subscription of 0.51 times.

The retail investor category was subscribed 2.34 times, indicating healthy participation from individual investors. However, demand remained weak among institutional and high-net-worth investors.

The non-institutional investor category was subscribed only 0.32 times, while the qualified institutional buyers (QIB) portion saw bids for just 1,998 shares against 22.82 lakh shares reserved for the category.

The public issue is entirely a fresh issue of 72.4 lakh equity shares aggregating ₹585 crore. The company has fixed a price band of ₹769-808 per share, requiring a minimum investment of ₹14,544 for one lot of 18 shares.

The Mumbai-based company plans to utilise ₹480 crore from the issue proceeds towards lease-related payments for its step-down subsidiary, Baycruise Shipping and Leasing (IFSC) Pvt. Ltd., while the remaining funds will be used for general corporate purposes.

Waterways Leisure currently operates cruise vessel MV Empress and has served more than 7.3 lakh guests since its launch. According to a CRISIL report, the company commanded around 79% market share in value terms in FY25. Its network spans domestic cruise routes including Mumbai, Goa, Kochi, Chennai, Lakshadweep, Visakhapatnam and Puducherry, as well as international destinations such as Sri Lanka, Thailand, Singapore and Malaysia.

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