Ahead of the issue opening, the company raised ₹263.25 crore from eight anchor investors on June 22. Among them, Nova Global Opportunities Fund emerged as the largest investor, acquiring 6.31 lakh shares worth ₹51 crore, followed by Cullinan Opportunities Fund, which purchased 6.21 lakh shares valued at ₹50.25 crore.
Zeal Global Opportunities Fund and M7 Global Fund also participated, picking up 6.18 lakh shares each for ₹50 crore apiece.
Brokerage Swastika Investmart has given a ‘Neutral’ rating to the IPO, citing steep valuations. While it believes the issue may appeal to long-term investors, it does not see any major scope for listing gains.
According to the brokerage, Waterways Leisure Tourism, which operates the Cordelia Cruises brand, has established a strong presence in India’s rapidly expanding cruise tourism market. The company has reported healthy occupancy levels and robust passenger demand, indicating growing acceptance of cruise holidays among Indian travellers.
However, Swastika Investmart said that despite the company’s return to profitability, EBITDA margins have softened in recent periods. The business also remains vulnerable to fluctuations in fuel prices, occupancy trends and operational disruptions.
At nearly 101 times earnings, the IPO appears aggressively valued, the brokerage said, adding that while industry growth prospects remain favourable, current valuations offer limited margin for safety.
Waterways Leisure Tourism IPO price band
The company has fixed the IPO price band at ₹769-₹808 per share. Investors can bid for a minimum of 18 shares and in multiples thereafter.
The public issue comprises a fresh issue of equity shares worth ₹585 crore, with no Offer for Sale (OFS) component. At the upper end of the price band, Waterways Leisure Tourism is expected to command a post-listing market capitalisation of ₹5,849.48 crore.
The allocation structure earmarks 75% of the issue for qualified institutional buyers (QIBs), 15% for non-institutional investors (NIIs), and 10% for retail investors.
About the company
Operating under the Cordelia Cruises brand, the company offers domestic ocean cruise services along with select international sailings. Its current fleet consists of the vessel MV Empress, which had hosted over 5.49 lakh guests and sailed more than 2.25 lakh nautical miles across Indian waters and nearby islands as of December 31, 2024.
Cordelia Cruises offers 796 cabins across categories, with fares ranging between ₹25,230 and ₹1,15,536 per night, depending on demand and itinerary.
To strengthen its growth plans, the company intends to add two vessels, Norwegian Sky and Norwegian Sun, with guest capacities of 2,004 and 1,936, respectively. In FY24, it accounted for nearly 65% of India’s cruise market by value.
The company is also looking to expand its route network and upgrade onboard experiences through enhanced dining, refurbished cabins and international entertainment offerings. During the redevelopment of the Mumbai International Cruise Terminal, it operated a temporary cruise facility at Green Gate within Mumbai Port.
For FY24, Waterways Leisure Tourism reported revenue of ₹442.11 crore. Revenue for the nine months ended December 31, 2024 stood at ₹409.45 crore, while profit after tax came in at ₹139.25 crore.
Centrum Broking is managing the issue as the book-running lead manager, while MUFG Intime India is acting as the registrar. The company’s shares are proposed to be listed on both the NSE and BSE.
