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.
同社の財務状況の推移は、目覚ましい回復を示しています。FY24に12.3億ルピーの純損失を計上した後、同社はFY26に5.2億ルピーの純利益へと見事に転換しました。この業績回復は売上高の成長にも表れており、営業収益はFY24の44.4億ルピーからFY26には58億ルピーへと増加しています。
主なポイント
- IPOのスケジュールと価格設定: IPOは6月23日に開始し、6月25日に終了します。価格帯は1株当たり769ルピーから808ルピーに設定されています。
- 市場におけるリーダーシップ: 同社はインドのクルーズ部門において79%という圧倒的な市場シェアを誇り、新造船による大規模なキャパシティ拡大に注力しています。
- 財務の回復: Waterwaysは増収に支えられ、FY24の12.3億ルピーの損失からFY26には5.2億ルピーの純利益へと、見事に転換を果たしました。