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
O desempenho financeiro da empresa mostra uma trajetória positiva significativa. A Waterways Leisure Tourism navegou com sucesso de um período de prejuízo para a lucratividade. No FY24, a empresa reportou um prejuízo líquido de Rs 123 crore; no entanto, até o FY26, ela passou a registrar um lucro líquido de Rs 52 crore.
O crescimento da receita também tem sido constante, com a receita operacional subindo para Rs 580 crore no FY26, em comparação aos Rs 444 crore no FY24. Esta recuperação financeira alinha-se com a tendência mais ampla na indústria de turismo de cruzeiros da Índia, impulsionada pelo aumento da renda disponível e pela melhoria da infraestrutura portuária. A Centrum Capital está atuando como a gerente líder da emissão (book-running lead manager).
Principais Conclusões
- Cronograma e Precificação do IPO: O IPO abre em 23 de junho e fecha em 25 de junho, com uma faixa de preço definida entre Rs 769 e Rs 808 por ação.
- Dominância de Mercado: A empresa detém uma enorme participação de mercado de 79% no setor de cruzeiros da Índia em valor e planeja um grande aumento de capacidade por meio de novas embarcações.
- Recuperação Financeira: A empresa demonstrou uma forte reviravolta, passando de um prejuízo de Rs 123 crore no FY24 para um lucro de Rs 52 crore no FY26.