Waterways Leisure Tourism and Advit Jewels have raised ₹313 crore from anchor investors as their IPOs opened for public subscription on June 21, 2026. While Waterways seeks capital primarily for lease obligations, Advit Jewels plans to use funds for debt reduction. Both issues close for bidding on June 25, 2026.
What Happened
Two companies, Waterways Leisure Tourism and Advit Jewels, opened their initial public offerings (IPOs) for public subscription on June 21, 2026. Ahead of the public launch, both companies successfully raised a combined ₹312.77 crore from anchor investors. Waterways Leisure Tourism secured the larger portion, attracting ₹263.25 crore, while Advit Jewels raised ₹49.52 crore. Both IPOs will remain open for investors until June 25, 2026.
Waterways Leisure: The Lease Payment Focus
Waterways Leisure Tourism, which operates ocean cruises, has priced its IPO in the band of ₹769-808 per share. The company allotted 32.58 lakh equity shares to anchor investors at the upper band of ₹808 per share. Notable participants in this round included Baroda BNP Paribas Mutual Fund and Cullinan Opportunities Fund.
From an investor standpoint, the company’s intended use of proceeds is a critical area to monitor. The IPO is a fresh issue worth ₹585 crore. Of this, the company plans to utilize ₹480 crore to settle lease-related payments for its subsidiary, Baycruise Shipping and Leasing (IFSC) Pvt. Ltd. Unlike growth-focused capital expenditure, this allocation is largely for clearing existing liabilities. Investors should look closely at how this repayment affects the company's future cash flow and operational lease costs.
Advit Jewels: Debt Reduction Strategy
Jaipur-based Advit Jewels manufactures handcrafted fine jewellery and has set its price band at ₹130-138 per share. The company raised ₹49.52 crore from anchor investors by allotting 35.89 lakh shares at ₹138 each. Investors in the anchor round included Holani Venture Capital Fund–1, Mint Focused Growth Fund PCC–Cell 1, and Taurus Mutual Fund.
The total issue size is ₹165.16 crore, entirely a fresh issue of shares. Advit Jewels has stated it will split the proceeds equally, allocating ₹65 crore for working capital requirements and ₹65 crore for debt repayment. Debt repayment is generally viewed as a positive move as it lowers interest expenses, potentially improving the bottom line in future quarters. However, the requirement for working capital suggests the business is capital-intensive, a common trait in the jewellery manufacturing sector.
What Investors Should Track
When evaluating these IPOs, investors should consider the different business models involved. The cruise industry is highly cyclical and dependent on discretionary consumer spending, making it sensitive to economic downturns. In contrast, the jewellery manufacturing sector is highly fragmented and competitive, requiring strong inventory management and working capital cycles.
Key monitorables for both companies include their subscription status, which gauges market appetite, and the post-listing performance. For Waterways Leisure, the priority is understanding the sustainability of the business model once lease obligations are cleared. For Advit Jewels, the market will likely assess whether the reduction in debt significantly strengthens their financial position compared to peers in the gems and jewellery sector.