The company has fixed the price band at ₹769-₹808 per equity share. Investors can bid for a minimum of 18 shares and in multiples thereof.
The IPO is entirely a fresh issue of shares worth ₹585 crore, with no Offer for Sale (OFS) component. At the upper end of the price band, the company is expected to be valued at ₹5,849.48 crore post listing.
The issue will open on June 23 and close on June 25, while the anchor investor portion will open on June 22.
Of the total issue size, 75% has been reserved for qualified institutional buyers (QIBs), 15% for non-institutional investors (NIIs), and the remaining 10% for retail investors.
Waterways Leisure Tourism operates under the Cordelia Cruises brand and provides domestic ocean cruise services along with select international routes.
The company currently operates the cruise vessel ‘MV Empress’ under the Cordelia Cruises brand. As of December 31, 2024, the vessel had hosted 5,49,051 guests and covered more than 2,25,079 nautical miles across the Indian coastline and nearby islands.
Cordelia Cruises offers 796 cabins across multiple categories, with dynamic pricing ranging from ₹25,230 to ₹1,15,536 per night.
As part of its expansion strategy, the company plans to add two vessels, ‘Norwegian Sky’ and ‘Norwegian Sun’, with capacities of 2,004 and 1,936 guests, respectively. In FY24, Waterways Leisure Tourism accounted for around 65% of India’s cruise market by value.
The company also plans to introduce new itineraries and enhance onboard services through upgraded dining options, modernised cabins and international entertainment offerings. During the redevelopment of the Mumbai International Cruise Terminal, it developed and operated a temporary cruise terminal at Green Gate, Mumbai Port.
For FY24, Waterways Leisure Tourism reported revenue of ₹442.11 crore. For the nine months ended December 31, 2024, revenue stood at ₹409.45 crore, while profit after tax came in at ₹139.25 crore.
Centrum Broking is the book-running lead manager to the issue, while MUFG Intime India is the registrar. The company’s shares are proposed to be listed on the NSE and BSE.
