Overview
- Both companies listed on Wednesday, July 1, and produced starkly different openings on the stock exchanges.
- Advit Jewels was heavily oversubscribed about 212.63 times, raised roughly Rs 165 crore in a fresh issue, and listed near a 37% premium to its Rs 138 issue price, giving large gains to many retail investors.
- Waterways Leisure Tourism raised about Rs 585 crore in a fresh issue but saw modest demand reported between 1.46x and 1.63x, and its shares debuted roughly mid-teens below the Rs 808 issue price, inflicting immediate losses on many IPO investors.
- Pre-listing grey market indicators broadly foreshadowed the outcomes, with Advit showing a positive grey market premium of around Rs 50–65 and Waterways quoted at a discount near Rs 50 before listing.
- Because Waterways plans to use much of its proceeds for deposits and lease payments for its step-down Baycruise IFSC unit, the weak listing raises questions about investor appetite for IPOs tied closely to lease-funded growth and about the role of retail versus institutional demand going forward.