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 trajectoire financière de l'entreprise témoigne d'un redressement remarquable. En FY26, Waterways Leisure Tourism a déclaré un chiffre d'affaires opérationnel de 580 crores ₹, contre 444 crores ₹ en FY24. Plus important encore, l'entreprise a réalisé un redressement significatif de sa rentabilité, affichant un bénéfice net de 52 crores ₹ en FY26, contre une perte nette substantielle de 123 crores ₹ en FY24. Cette stabilité financière est renforcée par un modèle de revenus diversifié qui inclut le secteur MICE (Meetings, Incentives, Conferences, and Exhibitions), les mariages de destination et les événements d'entreprise.

Points clés

  • Calendrier et tarification de l'IPO : L'IPO ouvre le 23 juin et se clôture le 25 juin, avec une fourchette de prix fixée entre 769 ₹ et 808 ₹ par action.
  • Leadership sur le marché : L'entreprise domine le marché indien des croisières avec une part de marché de 79 % et prévoit une expansion massive de sa flotte pour ajouter plus de 2 000 cabines.
  • Redressement financier : L'entreprise est passée avec succès d'une perte de 123 crores ₹ en FY24 à un bénéfice net de 52 crores ₹ en FY26.