Waterways Leisure Tourism has fixed the price band for its IPO, marking its entry into the public markets
The parent company of Cordelia Cruises, a leading ocean cruise operator in India, Waterways Leisure Tourism has fixed the price band of INR 769-808 per equity share for its Initial Public Offering, a INR 5.85 billion fresh issue opening on June 23 and closing on June 25, with the proceeds mainly planned for lease-related payments of its cruise operations and general corporate purposes.
In a press statement, the company says that the proceeds from the fresh issue will be primarily deployed towards payment of deposits, advance lease rentals and monthly lease obligations for its step-down subsidiary, Baycruise Shipping and Leasing (IFSC) (Baycruise IFSC). An amount of INR 4.8 billion from the proceeds is earmarked for this purpose, while the balance will be used for general corporate purposes.
According to the statement, the company currently operates the cruise vessel MV Empress, which has emerged as a key player in India’s domestic cruise segment. Since its launch, the vessel has hosted 730,819 visitors and covered more than nautical miles or about 595,000 km, along the Indian coastline and neighbouring regions as of March 31.
In FY25, the company accounted for approximately 79 pc market share in value terms, according to a Crisil report, underscoring its dominant position in the domestic cruise industry.
Also Read: Cordelia Cruises back in homeport of Mumbai
MV Empress operates on domestic routes including Mumbai, Goa, Kochi, Chennai, Lakshadweep, Visakhapatnam and Puducherry, alongside international itineraries to Hambantota, Trincomalee and Jaffna in Sri Lanka, as well as Phuket in Thailand, Singapore, Kuala Lumpur and Langkawi in Malaysia. These itineraries are positioned to showcase India’s coastal landscape and cultural heritage through curated cruise experiences.
The statement says that the vessel offers a mix of suites, mini suites, ocean-view staterooms and interior cabins, with a total of 796 cabins and capacity for up to 2,005 passengers. The company’s planned expansion includes two additional vessels, Norwegian Sky and Norwegian Sun, which are expected to significantly scale up capacity by adding 1,002 cabins with 2,004 passengers capacity and 968 cabins with 1,936 passenger capacity respectively. This expansion is aimed at strengthening fleet capability and widening customer reach.
According to the company, its cruise experience is tailored for Indian and international travellers, focusing on immersive cultural, culinary and hospitality-driven journeys. It also offers specialised arrangements for Meetings, Incentives, Conferences and Exhibitions (MICE) as well as destination weddings, including end-to-end services covering venue, catering, entertainment and accommodation.
Financially, Waterways Leisure Tourism reported revenue from operations of INR 5.8 billion in FY26, up from INR 4.44 billion in FY24. Net profit stood at INR 520 million in FY26, marking a turnaround from a loss of INR 1.23 billion in FY24.
