Mumbai-based cruise operator Waterways Leisure Tourism, known for its Cordelia Cruises brand, has announced the price band for its upcoming initial public offering (IPO). Bidding for the public issue will commence on June 23, 2026, and conclude on June 25, 2026.
IPO Details and Valuation
The IPO is an entirely fresh issue of shares, aiming to raise Rs 585 crore, with no offer-for-sale (OFS) component. The company has set the price band at Rs 769-808 per equity share. Investors can bid for a minimum of 18 shares, and in multiples thereafter. At the upper end of the price band, Waterways Leisure Tourism is projected to achieve a market valuation of Rs 5,849.48 crore post-listing.
The anchor investor portion of the IPO will open a day earlier, on June 22, 2026. Retail investors will have 10 percent of the issue reserved for them, while non-institutional investors (NIIs) will have 15 percent. Qualified institutional buyers (QIBs) will account for the largest share, with 75 percent of the equity reserved.
About Waterways Leisure Tourism and Cordelia Cruises
Operating under the popular Cordelia Cruises brand, Waterways Leisure Tourism specializes in domestic ocean cruise services, alongside select international routes. The company currently operates the cruise vessel MV Empress. As of December 31, 2024, the MV Empress had hosted over 5.49 lakh guests and covered more than 2.25 lakh nautical miles across the Indian coastline and nearby islands.
Cordelia Cruises offers 796 cabins across various categories, with dynamic pricing ranging from Rs 25,230 to Rs 1,15,536 per night. The company held approximately 65 percent of India's cruise market by value in FY24.
Expansion Plans and Financial Performance
As part of its strategic expansion, Waterways Leisure Tourism plans to significantly increase its fleet by adding two new vessels, Norwegian Sky and Norwegian Sun. These additions will boost guest capacity by 2,004 and 1,936 guests, respectively. The company also intends to introduce new itineraries and enhance onboard services, including upgraded dining options, modernized cabins, and international entertainment.
During the redevelopment of the Mumbai International Cruise Terminal, Cordelia successfully developed and operated a temporary cruise terminal at Green Gate, Mumbai Port, demonstrating its operational capabilities.
Financially, Waterways Leisure Tourism reported a revenue of Rs 442.11 crore for the fiscal year 2024. For the nine months ending December 31, 2024, the company recorded a revenue of Rs 409.45 crore and a profit after tax (PAT) of Rs 139.25 crore.
Listing and Management
Centrum Broking is serving as the sole book-running lead manager for the issue, with MUFG Intime India acting as the registrar. The shares of Waterways Leisure Tourism are proposed to be listed on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE), with a tentative listing date of July 1, 2026.