Waterways Leisure Tourism, Advit Jewels raise ₹313 crore from anchor investors; IPOs open today

Waterways Leisure Tourism and Advit Jewels have collectively raised about ₹312.77 crore from anchor investors ahead of their initial public offerings (IPOs), which open for public subscription today.

Waterways Leisure Tourism, a domestic ocean cruise operator, secured ₹263.25 crore from anchor investors by allotting 32.58 lakh equity shares at ₹808 apiece. The anchor book saw participation from several institutional investors, including Baroda BNP Paribas Mutual Fund, Cullinan Opportunities Fund, Zeal Global Opportunities Fund, M7 Global Fund, Nova Global Opportunities Fund, Stellar Growth Fund, ASAS Global Fund and Maybank Securities.

On the other hand, Advit Jewels, a Jaipur-based manufacturer of handcrafted fine jewellery, raised ₹49.52 crore through the allotment of 35.89 lakh equity shares at ₹138 per share. Anchor investors included Holani Venture Capital Fund–1, Mint Focused Growth Fund PCC–Cell 1 and Venus Investment VCC–Venus Stellar Fund. Taurus Mutual Fund also participated in the anchor round, with 11 lakh shares allocated to domestic mutual fund schemes.

Both public issues will remain open for subscription until June 25.

Here’s all you need to know about these IPOs:

Waterways Leisure IPO

The public issue of the ocean cruise operator is entirely a fresh issue of 7.24 million equity shares worth ₹585 crore. The company has fixed a price band of ₹769-808 per share, with investors required to bid for a minimum lot of 18 shares worth ₹14,544.

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

On the financial front, the company's total income fell 2% to ₹586.99 crore in FY26 from ₹597.68 crore in FY25. Profit after tax declined by 69% to ₹52.14 crore compared with ₹168.19 crore in the previous year. EBITDA also dropped 45% to ₹117.48 crore from ₹215.46 crore in the last fiscal.

According to industry sources, the decline in FY26 profitability was impacted by a one-time expense (International gap to Ind), resulting in a fall of PAT in Mar’26.

Based on current booking trends and projected occupancy assumptions, industry estimates suggest that Waterways Leisure could potentially report a PAT of around ₹365 crore in FY27, driven largely by the earnings contribution from Cordelia Sky and the benefits of operating a larger cruise platform.

The company currently operates cruise vessel MV Empress and has served over 7.3 lakh guests since launch. According to a CRISIL report, it held around 79% market share in value terms in fiscal 2025. Its cruise routes cover domestic destinations such as Mumbai, Goa, Kochi, Chennai, Lakshadweep, Visakhapatnam and Puducherry, along with international destinations including Sri Lanka, Thailand, Singapore and Malaysia.

Advit Jewels IPO

The public issue of Jaipur-based handcrafted fine jewellery manufacturer is also an entirely a fresh issue of up to 1.19 crore equity shares worth ₹165.16 crore. The company has fixed a price band of ₹130-138 per share. Investors can bid for a minimum lot of 100 shares, requiring an investment of ₹13,800 at the upper end of the price band.

The company, which markets handcrafted fine jewellery under the "Rambhajo" brand, plans to utilise ₹65 crore towards working capital requirements and another ₹65 crore for repayment or prepayment of borrowings. The remaining funds will be used for general corporate purposes.

Founded in Jaipur, Advit Jewels specializes in traditional and contemporary handcrafted jewellery, including Kundan, Polki, diamond and studded pieces.

The company has reserved 50% of the issue for qualified institutional buyers, 15% for non-institutional investors and 35% for retail investors. Shares are scheduled to list on July 1.

Centrum Broking is the book-running lead manager for the Waterways Leisure Tourism IPO, while MUFG Intime India is the registrar. Holani Consultants is managing the Advit Jewels issue, with Bigshare Services acting as registrar.

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