Two highly anticipated initial public offerings (IPOs), Advit Jewels and Waterways Leisure Tourism (operating as Cordelia Cruise), are making their market debut on Wednesday, July 1. Both companies concluded their bidding periods between June 23 and 25, drawing varied responses from investors and signaling differing listing fortunes.
Advit Jewels: Strong Market Buzz
Jaipur-based Advit Jewels, specializing in handcrafted fine jewellery under the brand 'Rambhajo', launched its IPO with shares priced between Rs 130-138. The company successfully raised Rs 165 crore through the fresh issuance of 1,19,68,000 equity shares. The offering saw an overwhelming response, being subscribed an impressive 212.63 times and attracting bids totaling over Rs 24,500 crore from more than 32 lakh applications.
Market sentiment around Advit Jewels has remained robust. Its Grey Market Premium (GMP) was last reported at Rs 50 per share, indicating a potential listing gain of approximately 36 percent for investors. The company, incorporated in 2019, is known for its exquisite Kundan, Polki, Diamond, and Studded jewellery pieces.
Waterways Leisure Tourism (Cordelia Cruise): Muted Outlook
In contrast, Waterways Leisure Tourism, India's prominent domestic ocean cruise operator known for its luxury experiences focused on Indian culture, faced a more subdued investor interest. The Mumbai-based company, incorporated in 2020, offered its shares in a price band of Rs 769-808, aiming to raise Rs 585 crore through the sale of up to 72,40,099 equity shares.
The IPO was subscribed a modest 1.63 times, garnering bids worth Rs 492 crore from just over 1.15 lakh applications. Following this muted bidding, the grey market premium for Waterways Leisure Tourism has declined sharply. It was last reported at a discount of Rs 50 per share, suggesting a weak listing that could see shares trade 6-7 percent below the issue price.
Disclaimer: This article provides market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.