Waterways Leisure Tourism IPO: Cordelia Cruises Parent Set ₹769 To ₹808 Price Band

Waterways Leisure Tourism, the company behind India's Cordelia Cruises brand, is heading to the public markets with a ₹585 crore initial public offering (IPO) that opens for subscription on 23 June. The Mumbai-based cruise operator has fixed a price band of ₹769 to ₹808 per share, with anchor investor bidding kicking off a day earlier on 22 June.

The offering is structured entirely as a fresh issue with no offer for sale component, meaning all proceeds flow directly to the company.

At the top of the price band, the post-listing valuation works out to ₹5,849.48 crore. Investors can bid for a minimum of 18 shares and in multiples thereafter. The stock is set to debut on both the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) on 01 July 2026.

Allocation And Key Dates

Here are key details of Waterways Leisure Tourism IPO:

• Subscription window: 23 to 25 June.

• Anchor bidding: 22 June.

• Allotment: 29 June.

• Refunds and share credit: 30 June.

• Listing: 01 July 2026.

• Qualified institutional buyers: 75%.

• Non-institutional investors: 15%.

• Retail investors: 10%.

The Business

Waterways Leisure Tourism holds roughly 65% of India's cruise market by value as of FY24. It runs domestic ocean cruises and select international routes under the Cordelia Cruises brand through its flagship vessel MV Empress, which had hosted 5,49,051 guests and covered over 2,25,079 nautical miles along the Indian coastline and nearby islands as of 31 December 2024. The vessel carries 796 cabins with nightly pricing from ₹25,230 to ₹1,15,536.

During the redevelopment of the Mumbai International Cruise Terminal, the company developed and ran a temporary terminal at Green Gate, Mumbai Port.

What Is Coming Next

Two vessels are being added to the fleet. Norwegian Sky seats 2,004 guests and Norwegian Sun accommodates 1,936, adding significantly to total capacity. New itineraries, better dining, upgraded cabins and international entertainment are all part of the onboard experience push.

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The Numbers

• FY24 revenue: ₹442.11 crore

• Nine months to 31 December 2024 revenue: ₹409.45 crore

• Nine months to 31 December 2024 profit after tax: ₹139.25 crore

Centrum Broking is managing the issue and MUFG Intime India is the registrar.

Sources:

Moneycontrol

Businessline