Advit Jewels' IPO attracted strong demand with 44.16x subscription by day two, while Waterways Leisure Tourism’s offering remains undersubscribed at 0.51x. These contrasting trends highlight how different investor groups are approaching the two current listings ahead of the June 25 closing date.
What Happened
Two distinct IPOs currently open for subscription are seeing vastly different responses from investors. Advit Jewels, a jewellery manufacturer, has received overwhelming interest, with its ₹165.16 crore public issue subscribed 44.16 times by the end of the second day. In contrast, Waterways Leisure Tourism’s larger ₹585 crore IPO has seen a sluggish response, with subscriptions reaching only 0.51 times the offer size. Both issues are scheduled to close for bidding on June 25, 2026, with shares expected to be listed on July 1, 2026.
Advit Jewels: A Surge In Retail And NII Interest
The high subscription level for Advit Jewels is driven primarily by non-institutional investors (NIIs) and retail participants. The NII segment, which often represents high-net-worth individuals and corporate entities, showed strong activity with a subscription rate of 121.16 times. Retail investors also demonstrated significant interest, subscribing 35.46 times their allocated portion.
Advit Jewels plans to utilize the ₹165.16 crore raised to support its business operations, with ₹65 crore earmarked for working capital and another ₹65 crore for debt repayment. The price band for the issue is set between ₹130 and ₹138 per share, aiming to issue roughly 1.19 crore shares.
Waterways Leisure Tourism: Institutional Caution
The reception for the Waterways Leisure Tourism IPO has been notably muted. By the second day, the issue was subscribed only 0.51 times. While retail investors showed some interest by bidding 2.34 times their allocated portion, the lack of institutional support remains a major gap. The NII category was subscribed 0.32 times, while Qualified Institutional Buyers (QIBs), which typically include banks, mutual funds, and insurance companies, showed very limited appetite with bids for only a fraction of the shares reserved for them.
The company is looking to raise ₹585 crore, with a significant portion (₹480 crore) intended for lease-related payments for its subsidiary, Baycruise Shipping and Leasing (IFSC) Pvt. Ltd. The price band is fixed at ₹769-808 per share. The lack of institutional interest can sometimes reflect professional caution regarding valuations, business models, or future cash flow prospects.
Why Demand Trends Differ
Investors often view IPOs through different lenses. Smaller issues like Advit Jewels may attract higher retail participation, often driven by the prospect of short-term listing gains or smaller ticket sizes. Conversely, institutional investors (QIBs) tend to conduct deeper scrutiny of the company’s business model, debt profile, and long-term viability before committing large capital. The divergence in subscription levels between these two IPOs illustrates how market participants are currently distinguishing between the two companies.
What Investors Should Track Next
With the final day of bidding approaching on June 25, 2026, all eyes will be on the final subscription numbers. For Advit Jewels, the monitorable will be whether institutional interest increases on the final day. For Waterways Leisure Tourism, the focus will be on whether the issue can meet the minimum subscription requirements necessary for the IPO to proceed successfully. If the issue fails to reach the minimum threshold, it may face regulatory hurdles in moving forward with the listing process.