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.
회사의 재무적 궤적은 놀라운 회복세를 보여줍니다. FY24에 ₹123 crore의 순손실을 기록한 이후, 회사는 FY26에 ₹52 crore의 순이익을 달성하며 성공적으로 턴어라운드했습니다. 이러한 실적 개선은 매출 성장에서도 나타나며, 영업 수익은 FY24의 ₹444 crore에서 FY26의 ₹580 crore로 증가했습니다.
핵심 요약
- IPO 일정 및 공모가: IPO는 6월 23일에 시작하여 6월 25일에 마감되며, 주당 희망 공모가 범위는 ₹769에서 ₹808 사이로 설정되었습니다.
- 시장 지배력: 이 회사는 인도 크루즈 부문에서 79%라는 압도적인 시장 점유율을 보유하고 있으며, 신규 선박을 통한 대규모 용량 확장에 집중하고 있습니다.
- 재무적 회복: Waterways는 매출 증가에 힘입어 FY24의 ₹123 crore 손실에서 FY26의 ₹52 crore 순이익으로 성공적으로 전환했습니다.