Waterways Leisure Tourism Sets IPO Price Band for June 23 Launch

India’s leading cruise operator, Waterways Leisure Tourism, the parent company of Cordelia Cruises, has announced its initial public offering (IPO) details. The company has fixed a price band of Rs 769–808 per equity share for the issue, which is set to open for subscription on June 23 and close on June 25.

IPO Details and Fund Utilization Strategy

The upcoming public issue is a fresh issue totaling up to Rs 585 crore, offering investors a chance to participate in India's growing maritime leisure sector. Investors can bid for a minimum lot size of 18 equity shares, with subsequent bids being made in multiples of 18.

The company has outlined a clear roadmap for the capital raised. A significant portion, amounting to Rs 480 crore, will be directed toward its step-down subsidiary, Baycruise Shipping and Leasing (IFSC). These funds are earmarked for deposits, advance lease rentals, and monthly lease payments. The remaining proceeds will be utilized for general corporate purposes to bolster operational efficiency.

Dominant Market Position and Fleet Expansion

Waterways Leisure Tourism currently holds a commanding position in the Indian cruise industry. According to a CRISIL report, the company accounts for approximately 79% of the market share by value in FY25. Its flagship vessel, the MV Empress, has demonstrated impressive operational scale, hosting over 7.3 lakh guests and sailing more than 3.21 lakh nautical miles across the Indian coastline and neighboring regions.

To maintain this momentum, the company is aggressively expanding its fleet capacity. The planned addition of the Norwegian Sky and Norwegian Sun is expected to bring nearly 2,000 new cabins online, allowing the company to accommodate an additional 3,900 passengers. This expansion aims to cater to diverse segments, including domestic routes like Mumbai and Lakshadweep, international itineraries to Thailand and Singapore, and high-margin sectors like MICE (Meetings, Incentives, Conferences, and Exhibitions) and destination weddings.

Robust Financial Turnaround and Growth Trajectory

The company’s financial performance shows a significant positive trajectory. Waterways Leisure Tourism has successfully navigated from a period of loss to profitability. In FY24, the company reported a net loss of Rs 123 crore; however, by FY26, it swung to a net profit of Rs 52 crore.

Revenue growth has also been steady, with revenue from operations climbing to Rs 580 crore in FY26, up from Rs 444 crore in FY24. This financial recovery aligns with the broader trend in India's cruise tourism industry, driven by rising disposable incomes and enhanced port infrastructure. Centrum Capital is serving as the book-running lead manager for the issue.

Key Takeaways

  • IPO Timeline and Pricing: The IPO opens on June 23 and closes on June 25, with a price band set between Rs 769 and Rs 808 per share.
  • Market Dominance: The company holds a massive 79% market share in India's cruise sector by value and is planning a major capacity boost via new vessels.
  • Financial Recovery: The company has shown a strong turnaround, moving from a Rs 123 crore loss in FY24 to a Rs 52 crore profit in FY26.