Advit Jewels delivers 37% listing gains; Cordelia Cruise turns into a wealth destroyer

Shares of Advit Jewels and Waterways Leisure Tourism (Cordelia Cruise) made their stock market debuts on Wednesday, July 1, with the former one rewarding the investors, while the latter one turning into a wealth destroyer for the investors. However, the listing has been mostly on the expected lines.

First, shares of Advit Jewellers (Rambhajo) were listed at Rs 188.90 on BSE, a premium of 36.88 per cent over its issue price of Rs 138. Similarly, the stock kicked-off its maiden trading session at Rs 187 on BSE, a premium of 35.51 per cent over the given issue price. Investors made a profit of nearly Rs 5,000 for each lot of 100 equity shares allotted to them.

On the other hand, Waterways Leisure Tourism was settled at Rs 681 on NSE, a discount of 15.72 per cent over the issue price of Rs 808. Similarly, the stock settled with a discount 14.60 per cent over the given issue at Rs 690 on BSE. Investors made loss of nearly 2,300 for each lot allotted to them.

The grey market trend also reflected the contrast. Advit Jewels was last heard commanding a premium of Rs 50 a share, indicating a possible 36 per cent listing gain, while Waterways Leisure Tourism was quoted at a discount of Rs 50 a share, pointing to a listing about 6-7 per cent below the issue price.

Advit Jewels
Advit Jewels offered shares at Rs 130-138 apiece in lots of 100 shares. The IPO was entirely a fresh issue of 1,19,68,000 equity shares and raised Rs 165 crore. The issue was subscribed 212.63 times, drawing bids worth more than Rs 24,500 crore through over 32 lakh applications. 

Incorporated in 2019, Jaipur-based Advit Jewels makes handcrafted fine jewellery under the Rambhajo brand, with expertise in Kundan, Polki, diamond and studded pieces. Holani Consultants was the book-running lead manager, while Bigshare Services was the registrar.

Waterways Leisure Tourism
Waterways Leisure Tourism offered shares at Rs 769-808 apiece in lots of 18 shares. The IPO was entirely a fresh issue of up to 72,40,099 equity shares and aimed to raise Rs 585 crore. The issue was subscribed 1.63 times, with a little over 1.15 lakh applications and bids worth Rs 492 crore. 

Incorporated in November 2020, Mumbai-based Waterways Leisure Tourism is a domestic ocean cruise operator offering cruise experiences centred on Indian culture, hospitality, entertainment and cuisine. Centrum Broking was the sole book-running lead manager and MUFG Intime India was the registrar.