Last Updated:June 16, 2025, 13:36 IST
Upcoming IPO: Waterways Leisure Tourism operates the cruise vessel ‘MV Empress’ under the brand ‘Cordelia Cruises’.
The cruise offers various cabin options, including 796 cabins with dynamic pricing ranging from Rs 25,230 to Rs 115,536 per night.
Upcoming IPO: Mumbai-based Waterways Leisure Tourism is planning to raise Rs 727 crore through an Initial Public Offering (IPO). The company has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI).
IPO Details
The IPO, with a face value of Rs 10, is a fresh issue of shares amounting to Rs 727 crore, with no offer-for-sale component. The funds raised will be used for lease payments to its subsidiary, Baycruise Shipping and Leasing (IFSC) Private Limited, and for general corporate purposes.
Allocation of Shares
The issue will be made through a book-building process, with at least 75% of the shares allocated to qualified institutional buyers, up to 15% to non-institutional bidders, and a maximum of 10% to retail individual bidders.
Current Operations
Waterways Leisure Tourism operates the cruise vessel ‘MV Empress’ under the brand ‘Cordelia Cruises’. Since its launch, the vessel has hosted 5,49,051 guests, covering over 2,25,079.53 nautical miles along the Indian coastline and nearby islands as of December 31, 2024.
The cruise offers various cabin options, including 796 cabins with dynamic pricing ranging from Rs 25,230 to Rs 115,536 per night.
The company plans to introduce two new vessels, ‘Norwegian Sky’ and ‘Norwegian Sun’, with capacities of 2,004 and 1,936 guests respectively. In Fiscal 2024, it held around 65% of the market share in value terms.
The ‘MV Empress’ primarily sails to destinations like Mumbai, Goa, Kochi, Chennai, Lakshadweep, Visakhapatnam, and Puducherry. International itineraries include stops in Sri Lanka, Thailand, Singapore, and Malaysia. The cruise offers diverse culinary experiences, live performances inspired by Indian Cinema, and amenities for all ages including a children’s academy, gaming arcade, spa, retail outlets, casino, fitness center, rock-climbing wall, and swimming pools. It also caters to corporate events and weddings.
Waterways Leisure Tourism aims to introduce new itineraries and enhance services with upgraded dining options, modern cabins, and international entertainment acts. The company also developed a temporary cruise terminal at Green Gate, Mumbai Port during the redevelopment of the Mumbai International Cruise Terminal.
Financial Performance
In Fiscal 2024, the company reported revenue of Rs 442.11 crore. For the nine months ending December 31, 2024, revenue stood at Rs 409.45 crore, with a profit after tax of Rs 139.25 crore.
Centrum Capital Limited, Intensive Fiscal Services Private Limited, and Motilal Oswal Investment Advisors Limited are the book-running lead managers, while MUFG Intime India Private Limited is the registrar of the issue. The shares are proposed to be listed on the National Stock Exchange of India Limited and BSE Limited.
Varun Yadav is a Sub Editor at News18 Business Digital. He writes articles on markets, personal finance, technology, and more. He completed his post-graduation diploma in English Journalism from the Indian Inst…Read More
Varun Yadav is a Sub Editor at News18 Business Digital. He writes articles on markets, personal finance, technology, and more. He completed his post-graduation diploma in English Journalism from the Indian Inst… Read More
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