Waterways Leisure Tourism Sets IPO Price Band at ₹769–₹808 per Share

India's cruise tourism giant, Waterways Leisure Tourism, the operator behind Cordelia Cruises, has announced its highly anticipated Initial Public Offering (IPO). The public issue is scheduled to open for subscription on June 23 and will remain open until June 25.

IPO Details and Strategic Fund Allocation

The company has fixed the price band for the IPO at ₹769 to ₹808 per equity share. This is an entirely fresh issue with a total valuation of up to ₹585 crore. Investors looking to participate can bid for a minimum lot size of 18 equity shares, with subsequent bids being in multiples of 18 shares.

A significant portion of the proceeds is earmarked for strategic growth. Waterways Leisure Tourism plans to utilize ₹480 crore of the raised funds toward deposits, advance lease rentals, and monthly lease payments for its step-down subsidiary, Baycruise Shipping and Leasing (IFSC). The remaining capital will be deployed toward general corporate purposes to strengthen its operational backbone.

Market Dominance and Operational Excellence

Waterways Leisure Tourism currently holds a commanding position in the Indian maritime sector. According to a CRISIL report, the company is India's largest cruise operator by value, capturing a massive 79% market share in FY25.

The company’s primary vessel, the MV Empress, has demonstrated impressive operational scale, hosting more than 7.3 lakh guests and sailing over 3.21 lakh nautical miles along the Indian coastline and neighboring regions as of March 31, 2026. Its extensive itinerary service covers key domestic hubs such as Mumbai, Goa, Kochi, Chennai, Lakshadweep, Visakhapatnam, and Puducherry, while also venturing into international waters including Sri Lanka, Thailand, Singapore, and Malaysia.

Fleet Expansion and Financial Turnaround

To capitalize on the rising demand for experiential travel, the company is aggressively expanding its capacity. Plans are underway to add the Norwegian Sky and Norwegian Sun to its fleet. This expansion is expected to bring nearly 2,000 new cabins, allowing the company to accommodate over 3,900 additional passengers.

La trayectoria financiera de la empresa muestra una recuperación notable. En el FY26, Waterways Leisure Tourism reportó ingresos operativos de ₹580 crore, frente a los ₹444 crore del FY24. Más importante aún, la empresa logró un giro significativo en su rentabilidad, registrando un beneficio neto de ₹52 crore en el FY26, en comparación con una pérdida neta sustancial de ₹123 crore en el FY24. Esta estabilidad financiera se ve reforzada por un modelo de ingresos diversificado que incluye MICE (reuniones, incentivos, conferencias y exhibiciones), bodas de destino y eventos corporativos.

Puntos clave

  • Cronograma y precios de la IPO: La IPO abre el 23 de junio y cierra el 25 de junio, con un rango de precios establecido entre ₹769 y ₹808 por acción.
  • Liderazgo en el mercado: La empresa domina el mercado de cruceros en la India con una cuota de mercado del 79% y planea una expansión masiva de su flota para añadir más de 2,000 cabinas.
  • Giro financiero: La empresa ha pasado con éxito de una pérdida de ₹123 crore en el FY24 a un beneficio neto de ₹52 crore en el FY26.