Waterways Leisure Tourism Sets IPO Price Band at ₹769–808 Per Share
India’s leading cruise operator, Waterways Leisure Tourism, has officially announced the price band for its upcoming Initial Public Offering (IPO). The issue, which marks a significant milestone for the domestic maritime tourism sector, is scheduled to open for subscription on June 23 and will remain open until June 25.
IPO Details and Fund Utilization Strategy
The public issue is structured as an entirely fresh issue valued at up to ₹585 crore. Investors looking to participate can bid for a minimum lot size of 18 equity shares, with subsequent bids allowed in multiples of 18.
The company has a clear roadmap for the capital raised. Out of the total ₹585 crore, approximately ₹480 crore is earmarked for its step-down subsidiary, Baycruise Shipping and Leasing (IFSC). These funds will be utilized for deposits, advance lease rentals, and monthly lease payments. The remaining portion of the proceeds will be directed toward general corporate purposes to bolster its operational framework.
Dominating the Indian Cruise Market
Waterways Leisure Tourism, the operator behind the popular Cordelia Cruises, holds a commanding position in the industry. According to a CRISIL report, the company accounts for a massive 79% market share by value in FY25, making it India's largest cruise operator.
The company’s flagship vessel, the MV Empress, has demonstrated impressive operational scale. As of March 31, 2026, the vessel has hosted more than 7.3 lakh guests and covered over 3.21 lakh nautical miles. Its routes are diverse, covering domestic destinations like Mumbai, Goa, Kochi, Chennai, Lakshadweep, Visakhapatnam, and Puducherry, alongside international itineraries to Sri Lanka, Thailand, Singapore, and Malaysia.
Fleet Expansion and Revenue Turnaround
A key driver for the company’s future growth is its planned fleet expansion. Waterways is preparing to add the Norwegian Sky and Norwegian Sun to its fleet. This move is expected to add nearly 2,000 cabins and increase passenger capacity by over 3,900, significantly enhancing its ability to cater to leisure travelers and the growing MICE (Meetings, Incentives, Conferences, and Exhibitions) and destination wedding segments.
La trayectoria financiera de la empresa muestra una recuperación notable. Tras reportar una pérdida neta de ₹123 crore en el FY24, la empresa logró transicionar con éxito hacia un beneficio neto de ₹52 crore en el FY26. Este giro se refleja en el crecimiento de sus ingresos, con los ingresos operativos pasando de ₹444 crore en el FY24 a ₹580 crore en el FY26.
Conclusiones clave
- Cronograma y precio de la OPI: La OPI abre el 23 de junio y cierra el 25 de junio, con una banda de precio establecida entre ₹769 y ₹808 por acción ordinaria.
- Liderazgo en el mercado: La empresa posee una cuota de mercado dominante del 79% en el sector de cruceros de la India y se centra en una expansión masiva de su capacidad mediante nuevas embarcaciones.
- Recuperación financiera: Waterways ha pasado con éxito de una pérdida de ₹123 crore en el FY24 a un beneficio neto de ₹52 crore en el FY26, respaldado por el aumento de los ingresos.