Waterways Leisure Tourism Sets IPO Price Band at Rs 769-808

India’s leading cruise operator, Waterways Leisure Tourism, has officially announced the price band for its upcoming initial public offering (IPO). The issue is set to open for subscription on June 23 and will remain open until June 25, offering investors a chance to participate in the growing maritime leisure sector.

IPO Details and Fund Allocation

The company has fixed the price band for the public issue at Rs 769 to Rs 808 per equity share. Notably, this is an entirely fresh issue valued at up to Rs 585 crore, meaning no sale of existing shares by promoters is involved. Investors can apply for a minimum lot size of 18 equity shares, with subsequent bids being in multiples of 18.

A significant portion of the proceeds—Rs 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 capital will be directed toward general corporate purposes to bolster the company's operational strength.

Market Dominance and Operational Scale

Operating the well-known Cordelia Cruises, Waterways Leisure Tourism maintains a commanding presence in the Indian market. According to a CRISIL report, the company holds approximately 79% market share by value in FY25, making it the country's largest cruise operator.

As of March 31, 2026, its flagship vessel, the MV Empress, has achieved impressive operational milestones, including sailing over 3.21 lakh nautical miles and hosting more than 7.3 lakh guests. The liner serves a diverse range of domestic destinations, including Mumbai, Goa, Kochi, Chennai, Lakshadweep, Visakhapatnam, and Puducherry, while also offering international itineraries to Sri Lanka, Thailand, Singapore, and Malaysia.

Aggressive Fleet Expansion and Financial Turnaround

To meet the rising demand for experiential travel, the company is preparing a massive capacity expansion. The addition of the Norwegian Sky and Norwegian Sun to its fleet will bring nearly 2,000 additional cabins, allowing the company to accommodate over 3,900 more passengers. This expansion also caters to high-margin segments such as MICE (Meetings, Incentives, Conferences, and Exhibitions), destination weddings, and corporate events.

Secara finansial, perusahaan telah menunjukkan pemulihan yang luar biasa. Waterways Leisure Tourism melaporkan pendapatan sebesar Rs 580 crore pada FY26, naik dari Rs 444 crore pada FY24. Yang lebih penting, perusahaan beralih dari rugi bersih sebesar Rs 123 crore pada FY24 menjadi laba bersih sebesar Rs 52 crore pada FY26, menandakan lintasan yang kuat menuju profitabilitas.

Poin-Poin Penting

  • Jendela Langganan: IPO dibuka pada 23 Juni dan ditutup pada 25 Juni, dengan rentang harga Rs 769–808 per saham.
  • Kepemimpinan Pasar: Perusahaan mendominasi pasar kapal pesiar India dengan pangsa pasar 79% dan sedang memperluas kapasitasnya dengan lebih dari 3.900 penumpang melalui kapal-kapal baru.
  • Pemulihan Finansial: Perusahaan telah berhasil bertransisi dari kerugian sebesar Rs 123 crore pada FY24 menjadi laba sebesar Rs 52 crore pada FY26.