Waterways Leisure Tourism IPO subscribed 19%
The issue opened for bidding on 23 June 2026 and it will close on 25 June 2026. The price band of the IPO is fixed between Rs 769 and 808 per share. An investor can bid for a minimum of 18 equity shares and in multiples thereof.
The IPO is entirely a fresh issue of shares worth Rs 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 Rs 5,849.48 crore post listing.
The funds raised to the tune of Rs 480 crore will be used to make lease payments to the step-down subsidiary, Baycruise Shipping and Leasing (IFSC) Pvt. Ltd. A portion will also be used for general corporate purposes.
Waterways Leisure Tourism, operating under the Cordelia Cruises brand, is India's leading domestic ocean cruise operator. The company offers cruise services across major Indian coastal destinations and select international routes through its flagship vessel, MV Empress. As of March 2026, more than 7.3 lakh guests have sailed with Cordelia Cruises, making it one of the largest players in India's cruise tourism sector. The company focuses on delivering an India-centric cruise experience through local cuisine, entertainment, and curated coastal itineraries. It accounted for around 79% of India's cruise market by value in FY25 and plans to expand its fleet with two additional vessels by FY2028.
Ahead of the IPO, Waterways Leisure Tourism on Monday, 22 June 2026, raised Rs 263.25 crore from anchor investors. The board allotted 32.58 lakh shares at Rs 808 each to 11 anchor investors.
The firm reported a consolidated net profit of Rs 52.14 crore and sales of Rs 579.75 crore for the twelve months ended on 31 March 2026.
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