Waterways Leisure Tourism Launches Crucial IPO as Cruise Market Explodes with ₹585 Crore Fresh Issue
Mumbai-based Waterways Leisure Tourism Ltd has officially set the price band for its Initial Public Offering (IPO), targeting Rs 769 to Rs 808 per share. This significant debut marks a move by the cruise operator into the public markets, signaling strong confidence in the growth trajectory of the tourism sector. The IPO is scheduled to go live for subscription on June 23.Key Details and IPO Timeline
The issuance comprises an entirely fresh issue of shares, amounting to Rs 585 crore, with no associated offer-for-sale component. At the upper end of the price band, Waterways Leisure Tourism is projected to achieve a post-listing valuation of Rs 5,849.48 crore.The IPO timeline includes anchor investor bidding starting on June 22. The issue will subsequently close on June 25. Following this, the basis of allotment is scheduled for finalization on June 29. All refunds and credit of equity shares are anticipated by June 30, with the company slated to debut its shares on stock exchanges on July 1.
Company Operations and Market Dominance
Waterways Leisure Tourism operates under the well-established Cordelia Cruises brand name. The company offers a range of services including domestic ocean cruises and selects international routes. As of December 31, 2024, the flagship vessel, MV Empress, demonstrated considerable activity, having hosted 5,49,051 guests.MV Empress also covered over 2,25,079 nautical miles across various Indian coastlines and adjacent islands. Cordelia Cruises currently features 796 cabins spanning multiple categories. The dynamic pricing for these cruises ranges significantly, starting from Rs 25,230 up to Rs 1,15,536 per night.
Future Expansion and Market Outlook
The company has clear plans for aggressive expansion in the coming years. Management intends to add two new vessels: Norwegian Sky and Norwegian Sun. These upcoming ships are planned with guest capacities of 2,004 and 1,936, respectively.In terms of market penetration, Waterways Leisure Tourism accounted for approximately 65 percent of India's cruise market by value in FY24. The company is also focusing on strengthening its onboard offerings, including upgrading dining options, modernizing cabins, and introducing international entertainment programmes.
Strategic Development Milestones
During the redevelopment process of the Mumbai International Cruise Terminal, Waterways Leisure Tourism developed and operated a temporary cruise terminal at Green Gate, Mumbai Port. This move highlights the company's proactive approach to infrastructure management in the industry.Centrum Broking serves as the book-running lead manager for this IPO. MUFG Intime India has been appointed as the official registrar for the issue. The fresh issuance signals a growing commitment from the parent organization toward scaling its leadership in the domestic cruising market.
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