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Waterways Leisure Tourism leads India’s cruise market with a 79% share, but declining profits and higher debt raise concerns despite ambitious fleet expansion plans.
CSM Technologies offers steady growth, a strong Rs. 357.63 crore order book, and clear revenue visibility, appealing to investors seeking stability.
This week’s IPO lineup spans cruises, GovTech, and insurtech, providing investors with diverse risk-reward options that require careful evaluation beyond market sentiment.
The Indian primary market rarely slows down, and this week is no exception. From a cruise line commanding nearly 65% domestic market share to a 27-year-old GovTech firm serving 14 countries, the last week of June offers genuinely diverse opportunities. Each issuer operates in a distinct sector with different revenue profiles, risk levels, and growth stories. Understanding those differences is the first step toward informed decision-making.
Before placing any bids, investors must look past headline issue sizes. Revenue trajectory, debt levels, and use of proceeds tell a more complete picture. This week's lineup rewards careful reading, not just reaction to gray market sentiment.
Unlike last week's simultaneous three-way opening, this week's schedule staggers across multiple days. Turtlemint's window closes on Monday, June 23. Waterways Leisure Tourism opens that same day and closes June 25. CSM Technologies opens June 24 and closes June 29. Allotment for Waterways Leisure Tourism and Turtlemint are expected on June 29.
CSM Technologies' allotment follows on June 30. Waterways Leisure Tourism will be listed on the BSE and NSE on July 1, while CSM Technologies will be listed on July 2. In the SME sector, Clay Craft India, Diksha Polymers, and Leapfrog Engineering Services all debut on June 24.
Entry costs vary significantly across this week's issues. The mainboard IPOs carry lower per-lot minimums than last week's SME offerings, making them more accessible to retail investors.
Also Read: Reliance Shares Rise 1.58% to Rs. 1,330 as Jio IPO, AI Plans Lift Sentiment
Waterways Leisure Tourism holds approximately 79% market share by value in India's domestic ocean cruise industry as of Fiscal 2025. That dominant position makes this IPO one of the most talked-about issues of the month. The company operates cruise services through MV Empress, which has hosted over 730,819 passengers and covered over 321,292 nautical miles since its launch.
The issue is entirely a fresh issue of equity shares worth Rs. 585 crore, with no offer-for-sale component. The IPO will be listed on both BSE and NSE on July 1. However, the financial picture carries a note of caution.
Revenue decreased by 2% and profit after tax dropped by 69% between the fiscal year ending March 2026 and March 2025. The debt-to-equity ratio of 1.27 as of March 31 raises concern. The primary use of IPO proceeds is Rs. 480.01 crore toward lease deposit and rental payments to its subsidiary Baycruise IFSC, with the remainder for general corporate purposes.
The company does have an expansion roadmap. Fleet expansion plans include adding Norwegian Sky and Norwegian Sun, with passenger carrying capacities of 2,004 and 1,936, respectively. Growth ambition is real; short-term profitability is the concern.
Founded in 1998 and headquartered in Bhubaneswar, CSM Technologies builds and maintains digital governance platforms for governments across sectors such as mining, agriculture, healthcare, education, and citizen services. The company now operates across 14 countries.
The IPO opens June 24 and closes June 29. It is a book-built issue worth Rs. 145.78 crore, priced at Rs. 107 to Rs. 113 per share, with a lot size of 132 shares. The financials are stable rather than spectacular.
The company reported revenue of Rs. 200.63 crore in FY25 against Rs. 198.65 crore in FY24, and profit of Rs. 14.09 crore in FY25 against Rs. 12.55 crore in FY24. Revenue growth is modest, but profitability is consistent. As of March 31, the order book stood at Rs. 357.63 crore, more than 1.5 times its FY25 revenue. That backlog provides near-term revenue visibility.
Net proceeds will fund working capital requirements and prepayment or repayment of outstanding borrowings. This is a clean, utilitarian use of funds. For investors seeking stability over explosive growth, CSM Technologies offers a clear operating thesis.
Three SME companies were listed on June 24: Clay Craft India, Diksha Polymers, and Leapfrog Engineering Services. All three subscriptions closed last week. Jivial Industries opens for subscription from June 23 to June 25 and is set to list on the BSE SME on July 1.
Dhanwel Hybrid Seeds, priced at Rs. 95 to Rs. 99 per share, opens from June 24 to June 29 and lists on July 2. SME shares typically carry lower liquidity post-listing. Investors should assess exit options carefully before committing capital.
Also Read: NSE Files Rs. 30,000 Crore IPO, 6% Stake Sale Could Push Valuation Past Rs. 5 Lakh Crore
This week presents a genuine contrast in risk profiles. Waterways Leisure Tourism carries a compelling market position but a stretched balance sheet and declining near-term profits. CSM Technologies offers operating consistency and a healthy order book, though growth has been incremental rather than sharp.
Turtlemint rounds out the week as an insurtech story with strong revenue growth but reported net losses, making it a higher-conviction, longer-horizon bet. Investors should monitor grey market premium trends and Day 1 subscription data closely before finalizing their bids.
Primary markets in India remain active, and the June-July window has historically carried strong investor participation. Each of this week's issuers merits independent evaluation on its own numbers, not simply the sector story it represents.
1. When does the Waterways Leisure Tourism IPO open and close?
The Waterways Leisure Tourism IPO opens on June 23 and closes on June 25. The company is raising Rs. 585 crore through an entirely fresh issue, with no offer-for-sale component. Allotment is expected to be finalized on June 29. Successful bidders will have shares credited to their demat accounts by June 30. The stock is scheduled to list on both BSE and NSE on July 1.
2. What is the price band and lot size for CSM Technologies IPO?
CSM Technologies has fixed its price band at Rs. 107 to Rs. 113 per share. The minimum lot size is 132 shares, making the minimum retail investment Rs. 14,916 at the upper price band. The IPO opens on June 24 and closes on June 29. Allotment is expected on June 30, with listing on BSE and NSE scheduled for July 2. The issue is entirely a fresh issue of Rs. 145.78 crore with no offer-for-sale component.
3. Is Waterways Leisure Tourism financially strong enough to invest in?
The company holds a dominant position in India's domestic ocean cruise segment, with approximately 79% market share by value as of FY25. However, its recent financials raise legitimate concerns. Revenue declined by 2% and profit after tax fell by 69% in FY26 compared to FY25. The debt-to-equity ratio of 1.27 adds further pressure on the balance sheet. Investors must weigh the company's unique market position and expansion plans against its current profitability challenges before applying.
4. What is CSM Technologies' order book and why does it matter?
As of March 31, CSM Technologies held an order book of Rs. 357.63 crore. That figure represents more than 1.5 times the company's FY25 revenue of Rs. 200.63 crore. A strong order book signals near-term revenue visibility, which is particularly important for a company that depends heavily on government tenders for project inflows. It also reduces short-term earnings uncertainty, making the business model more predictable than peers with thin pipelines.
5. Which SME IPOs are listing and opening this week?
On the listing front, Clay Craft India, Diksha Polymers, and Leapfrog Engineering Services are all debuting on the SME exchanges on June 24, following subscription windows that closed last week. On the subscription front, Jivial Industries opens from June 23 to June 25 and lists on the BSE SME on July 1. Dhanwel Hybrid Seeds, priced at Rs. 95 to Rs. 99 per share, opens from June 24 to June 29 and is set to list on July 2. Investors should note that SME shares typically carry lower post-listing liquidity than mainboard issues.
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