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.

회사의 재무적 궤적은 놀라운 회복세를 보여줍니다. FY26에 Waterways Leisure Tourism은 영업 수익으로 ₹580 crore를 기록하며, FY24의 ₹444 crore에서 증가했습니다. 더 중요한 점은, 회사가 수익성 면에서 상당한 턴어라운드를 달성했다는 것입니다. FY24에 ₹123 crore의 상당한 순손실을 기록했던 것과 대조적으로, FY26에는 ₹52 crore의 순이익을 기록했습니다. 이러한 재무적 안정성은 MICE(Meetings, Incentives, Conferences, and Exhibitions), 데스티네이션 웨딩(destination weddings), 기업 행사 등을 포함하는 다각화된 수익 모델을 통해 강화되었습니다.

핵심 요약

  • IPO 일정 및 가격: IPO는 6월 23일에 시작하여 6월 25일에 마감되며, 공모가 희망 범위(price band)는 주당 ₹769에서 ₹808 사이로 설정되었습니다.
  • 시장 리더십: 이 회사는 79%의 시장 점유율로 인도 크루즈 시장을 장악하고 있으며, 2,000개 이상의 객실을 추가하기 위한 대규모 선단 확장을 계획하고 있습니다.
  • 재무적 턴어라운드: 회사는 FY24의 ₹123 crore 손실에서 FY26의 ₹52 crore 순이익으로 성공적인 전환을 이루어냈습니다.