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.

De financiële koers van het bedrijf vertoont een opmerkelijk herstel. Na een nettoverlies van ₹123 crore te hebben gerapporteerd in FY24, is het bedrijf succesvol overgegaan naar een nettowinst van ₹52 crore in FY26. Deze ommekeer is terug te zien in de omzetgroei, waarbij de operationele omzet steeg van ₹444 crore in FY24 naar ₹580 crore in FY26.

Kernpunten

  • IPO-tijdlijn & prijsstelling: De IPO gaat in op 23 juni en sluit op 25 juni, met een prijsband tussen ₹769 en ₹808 per aandeel.
  • Marktleiderschap: Het bedrijf heeft een dominant marktaandeel van 79% in de Indiase cruisesector en richt zich op grootschalige capaciteitsuitbreiding via nieuwe schepen.
  • Financieel herstel: Waterways is succesvol overgegaan van een verlies van ₹123 crore in FY24 naar een nettowinst van ₹52 crore in FY26, ondersteund door stijgende omzetten.