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 trajectoire financière de l'entreprise montre un redressement remarquable. Après avoir déclaré une perte nette de 123 crores ₹ en exercice 2024, l'entreprise a réussi sa transition vers un bénéfice net de 52 crores ₹ en exercice 2026. Ce redressement se reflète dans la croissance de son chiffre d'affaires, les revenus d'exploitation passant de 444 crores ₹ en exercice 2024 à 580 crores ₹ en exercice 2026.
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 ordinaire.
- Leadership sur le marché : L'entreprise détient une part de marché dominante de 79 % dans le secteur des croisières en Inde et se concentre sur une expansion massive de sa capacité via de nouveaux navires.
- Redressement financier : Waterways est passée avec succès d'une perte de 123 crores ₹ en exercice 2024 à un bénéfice net de 52 crores ₹ en exercice 2026, soutenue par une hausse des revenus.