Waterways Leisure Tourism IPO Opens June 23, Price Band Fixed At ₹769-₹808; Fresh Issue Of ₹585 Crore Targets Fleet Expansion
Waterways Leisure Tourism has fixed its IPO price band at Rs 769-Rs 808 per share and will open the issue on June 23. The company plans to raise Rs 585 crore through a fresh issue, with most proceeds earmarked for lease-related payments and future growth initiatives.
(L-R) Mr. Rajendra Naik, Managing Director, Centrum Capital Limited; Mr. Jurgen Bailom, Chairman, Executive Director & CEO, Waterways Leisure Tourism Limited (Cordelia Cruises); Mr. Nishikant Upadhyay, CFO, Waterways Leisure Tourism Limited; and Mr. Pranjal Srivastav, Partner – ECM, Centrum Capital Limited. |
Mumbai: Waterways Leisure Tourism Limited has announced the price band for its initial public offering (IPO) at Rs 769 to Rs 808 per equity share.
The public issue will open for subscription on June 23, 2026, and close on June 25, 2026. Investors can bid for a minimum of 18 shares and in multiples of 18 shares thereafter.
The company is launching a fresh issue worth up to Rs 585 crore. It currently has 65.15 crore outstanding equity shares of face value Rs 10 each.
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Funds to Support Lease Payments
According to the company, Rs 480 crore from the IPO proceeds will be used for payments related to lease deposits, advance lease rentals and monthly lease obligations of its step-down subsidiary, Baycruise Shipping and Leasing (IFSC) Private Limited.
The remaining funds will be used for general corporate purposes and business requirements.
Market Leader in Indian Cruise Tourism
Waterways Leisure Tourism operates the cruise vessel MV Empress under the Cordelia Cruises brand.
As of March 31, 2026, more than 7.30 lakh guests had travelled on the vessel, which has covered over 3.21 lakh nautical miles across India and neighbouring countries.
According to a CRISIL report, the company held nearly 79% market share in value terms in FY25, making it a leading player in India's cruise tourism industry.
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Fleet Expansion Plans Underway
MV Empress currently offers 796 cabins and can accommodate up to 2,005 guests.
The company plans to expand its fleet with Norwegian Sky and Norwegian Sun. These vessels are expected to add nearly 1,970 cabins and capacity for almost 3,940 additional passengers.
Management believes the expansion will help serve a larger customer base and strengthen future growth.
Financial Performance Improves
The company reported revenue from operations of Rs 580 crore in FY26, compared with Rs 444 crore in FY24.
It also posted a net profit of Rs 52 crore in FY26, marking a significant turnaround from a net loss of Rs 123 crore reported in FY24.
The company said growing demand for cruise holidays, weddings, corporate events and leisure travel continues to support its business growth.
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