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.

कंपनी का वित्तीय पथ एक उल्लेखनीय सुधार दर्शाता है। FY24 में ₹123 करोड़ के शुद्ध घाटे की रिपोर्ट करने के बाद, कंपनी सफलतापूर्वक FY26 में ₹52 करोड़ के शुद्ध लाभ की ओर बढ़ गई है। यह बदलाव इसकी टॉप-लाइन ग्रोथ में भी झलकता है, जहाँ परिचालन से होने वाला राजस्व FY24 में ₹444 करोड़ से बढ़कर FY26 में ₹580 करोड़ हो गया है।

मुख्य बातें

  • IPO की समयसीमा और मूल्य निर्धारण: IPO 23 जून को खुलेगा और 25 जून को बंद होगा, जिसका प्राइस बैंड ₹769 और ₹808 प्रति इक्विटी शेयर के बीच निर्धारित किया गया है।
  • बाजार में नेतृत्व: कंपनी की भारतीय क्रूज क्षेत्र में 79% की प्रभावशाली बाजार हिस्सेदारी है और यह नए जहाजों के माध्यम से क्षमता के बड़े विस्तार पर ध्यान केंद्रित कर रही है।
  • वित्तीय सुधार: बढ़ते राजस्व के दम पर, Waterways ने FY24 में ₹123 करोड़ के घाटे से सफलतापूर्वक FY26 में ₹52 करोड़ के शुद्ध लाभ में परिवर्तन किया है।