Advit Jewels IPO listed at a 37% premium after a 212.63x subscription.
Waterways Leisure IPO debuted at a 15% discount despite full subscription.
IPO listing highlights diverging investor appetite for new market entrants.
Two companies made their stock market debut on the Indian exchanges on Wednesday, delivering contrasting outcomes for investors. While jewellery manufacturer Advit Jewels listed at nearly a 37% premium after its heavily oversubscribed initial public offering (IPO), cruise operator Waterways Leisure Tourism debuted at a discount of around 15%, reflecting relatively muted investor demand.
Jaipur-based Advit Jewels listed at ₹188.90 per share on the NSE, a premium of 36.88% over its issue price of ₹138. On the BSE, the stock debuted at ₹187, up 35.51% from the issue price.
1 June 2026
Get the latest issue of Outlook Business
Soon after listing, the stock hit its 5% lower circuit and traded at ₹179.46 on the NSE as investors booked profits following the strong debut.
The shares were listed under the trading symbol RAMBHAJO in the trade-for-trade segment on the NSE, while they were admitted to Group T on the BSE.
The shares were listed under the trading symbol RAMBHAJO in the trade-for-trade segment on the NSE, while the stock was admitted to Group T on the BSE.
Strong Subscription Backed Listing
Ahead of the listing, Advit Jewels was commanding a grey market premium (GMP) of around ₹49.50, implying an expected listing price of about ₹187.50. The actual listing was largely in line with those expectations.
The ₹165.16-crore IPO comprised entirely a fresh issue of 1.2 crore equity shares, with no offer-for-sale (OFS) component. The issue, priced at ₹130-138 per share, was open for subscription between June 23 and June 25.
The IPO received an overwhelming response, closing with an overall subscription of 212.63 times. The non-institutional investor (NII) portion was subscribed 536.38 times, while the qualified institutional buyer (QIB) segment was booked 174.98 times. The retail investor quota attracted subscriptions of 95.30 times.
The company plans to utilise the IPO proceeds towards incremental working capital requirements, repayment or prepayment of certain borrowings and general corporate purposes.
Waterways Leisure Debuts At Discount
In contrast, Waterways Leisure Tourism made a weak market debut, listing below its issue price on both exchanges.
The cruise operator's shares opened at ₹681 on the NSE, down 15% from the issue price of ₹808, while the stock debuted at ₹690 on the BSE, reflecting a discount of 14.64%.
Investors allotted one minimum lot of 18 shares incurred a notional listing loss of about ₹2,286 based on the NSE listing price.
Shortly after listing, over 3.13 lakh shares changed hands on the NSE, with the company's market capitalisation standing at around ₹5,152 crore.
Muted Demand Reflected In Listing
The ₹585-crore IPO consisted entirely of a fresh issue of 72 lakh equity shares without any OFS component.
The issue, priced in the range of ₹769-808 per share, was subscribed 1.67 times during the bidding period between June 23 and June 25.
The retail investor portion was subscribed 4.19 times, while the qualified institutional buyer (QIB) segment was booked 1.01 times and the non-institutional investor (NII) category was subscribed 1.30 times.
The contrasting debuts highlight the divergence in investor appetite, with Advit Jewels rewarding investors with strong listing gains, while Waterways Leisure Tourism disappointed despite securing full subscription during its IPO.
