About Waterways Leisure Tourism IPO
Waterways Leisure Tourism Limited, the company behind India's only domestic ocean cruise line Cordelia Cruises, is set to launch its IPO for public subscription on June 23, 2026, and will remain open until June 25, 2026.
The Waterways Leisure Tourism IPO's price is ₹769 to ₹808 per equity share. The allotment is expected to be finalised on June 29, 2026.
The issue is a ₹585 crore book-building issue, comprising entirely of a fresh issue of equity shares with a face value of ₹10 each. The IPO will be listed on both the BSE and NSE on July 1, 2026.
Waterways Leisure Tourism IPO Date, Price, and Other Details
The following are the details of the upcoming IPO of Waterways Leisure Tourism.
Particulars | Details |
IPO Size | Book Build issue of ~₹585 crore |
Offer Type | 100% Fresh Issue (no OFS) |
Price Band | ₹769 to ₹808 per share |
Issue Dates | Opens: Jun 23, 2026 · Closes: Jun 25, 2026 |
Minimum Bid Lot | 1 lot of 18 shares |
Minimum Investment (Retail) | ₹14,544 (at upper band) |
Allotment Date | Jun 29, 2026 |
Credit to Demat | Jun 30, 2026 |
Listing Date | Jul 1, 2026 |
Face Value | ₹10 per share |
Lead Managers (BRLMs) | Centrum Capital Ltd., Intensive Fiscal Services Pvt. Ltd., Motilal Oswal Investment Advisors Ltd. |
Registrar | MUFG Intime India Pvt. Ltd. (formerly Link Intime) |
Listing Exchanges | National Stock Exchange of India (NSE) & Bombay Stock Exchange (BSE) |
Business Overview of Waterways Leisure Tourism
Waterways Leisure Tourism Limited, incorporated in November 2020 and headquartered in Mumbai, operates India's only premium domestic ocean cruise line under the flagship brand Cordelia Cruises.
The company currently operates a single cruise vessel, the MV Empress, which offers an array of cabin options;
- 1 chairman's suite
- Five suites
- 63 mini suites
- 416 ocean-view staterooms and 311 interior rooms.
The MV Empress primarily sails to domestic destinations including Mumbai, Goa, Kochi, Chennai, Lakshadweep, Visakhapatnam, and Puducherry.
The company also operates international itineraries to Sri Lanka (Hambantota, Trincomalee, Jaffna) and has recently expanded routes to Phuket (Thailand), Singapore, Kuala Lumpur, and Langkawi (Malaysia).
Waterways Leisure Tourism IPO Reservation: Who Can Apply?
The Waterways Leisure Tourism IPO has the following investor category reservation for Retail Investors, and Institutional Investors (sNII and bNII):
Investor Category | Lots | Shares | Amount (at ₹808) |
Retail (Min) | 1 | 18 | ₹14,544 |
Retail (Max) | 13 | 234 | ₹1,89,072 |
sNII (Min) | 14 | 252 | ₹2,03,616 |
sNII (Max) | 68 | 1,224 | ₹9,88,992 |
bNII (Min) | 69 | 1,242 | ₹10,03,536 |
Strengths and Risks of Waterways Leisure Tourism IPO
Before applying to any IPO, it is important to know the strengths and risks of the business for better decision-making.
Here’s a brief snapshot of the strength-risk analysis of Waterways Leisure Tourism IPO:
Strengths
- India's only domestic ocean cruise operator as of December 2024, with 79% market share by value (Source: CRISIL Report)
- 7.30 lakh+ guests sailed and 3.21 lakh+ nautical miles covered since launch
- Nearly 61.73% of bookings through direct channels, reducing intermediary costs and strengthening margins.
- Domestic cruises don't require passports, making ocean vacations accessible to a wider Indian audience
- Fleet expansion plans are underway. Norwegian Sky and Norwegian Sun planned via lease for FY26 and FY27.
- Government tailwinds through the Sagarmala project and cruise tourism promotion initiatives.
- Asset-light model with outsourced crewing, housekeeping, and F&B operations.
Risks
- The company currently operates only the MV Empress. Single vessel dependency can disrupt operations and halt revenue.
- There’s heavy dependence on lease payments which may step-down subsidiary Baycruise IFSC for vessel operations.
- Seasonal demand fluctuations like monsoon period impacts cruise schedules and occupancy.
- Exposure to global fuel prices and forex fluctuations may affect operating costs.
- Nascent cruise tourism market in India has low awareness and fewer adoption among Indian travellers.
- Relatively, Waterways Leisure Tourism young company (incorporated in November 2020) with limited operating history.
- Port infrastructure and immigration processes still developing in India.
Future Plans/Strategies
- Expand fleet with two additional leased vessels (Norwegian Sky and Norwegian Sun) to increase capacity and route coverage.
- Grow international itineraries to destinations like the Maldives, Thailand, Malaysia, and Singapore.
- Enhance onboard dining, entertainment, and recreation offerings for premium guest experiences.
- Strengthen direct booking channels and digital marketing capabilities.
- Listing on exchanges to enhance brand visibility and access capital markets for future growth.
Waterways Leisure Tourism IPO Objectives – How Will the Funds Be Used?
The Waterways Leisure Tourism IPO is a 100% fresh issue. The company will directly receive all the proceeds from this IPO.
Issue Objects | Est Amt (₹ Cr.) | ₹ (amounts in crores) |
1 | Payment towards deposit/ advanced lease rental and monthly lease payments to stepdown subsidiary, Baycruise Shipping and Leasing (IFSC) Pvt.Ltd. (Baycruise IFSC). | 480.01 |
2 | General Corporate Purposes | Not more than 25% |
| Total | 480.01 |
How To Check the IPO Allotment Status of Waterways Leisure Tourism?
Here's how you can check your IPO allotment status for the Waterways Leisure Tourism IPO:
- Visit the MUFG Intime India IPO allotment portal: https://in.mpms.mufg.com
- Select "Waterways Leisure Tourism Limited" from the dropdown list.
- Enter any of these details – PAN, Application Number, DP/Client ID, or Account Number/IFSC.
- Click on "Submit" button to view your IPO allotment status.
Promoter Shareholding of Waterways Leisure Tourism IPO
The promoter group comprises Global Shipping and Leisure Limited and Rajesh Chandumal Hotwani.
Promoter | Shareholding (Pre-Issue) | Shareholding (Post-Issue) |
Global Shipping and Leisure Limited | 99.27% | 88.90% to 89.35% |
Rajesh Chandumal Hotwani | Negligible | - |
Total Promoter Group | 99.27% | 88.90% to 89.35% |
Financial Performance (₹ in crores) of Waterways Leisure Tourism IPO
Here's the table showing Waterways Leisure Tourism’s financial performance from FY 2024 to March 31, 2026. (in crores)
Period Ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
Assets | 341.78 | 247.37 | 399.20 |
Total Income | 586.99 | 597.68 | 452.15 |
Profit After Tax | 52.14 | 168.19 | -122.73 |
EBITDA | 117.48 | 215.46 | 111.15 |
NET Worth | 80.20 | 32.78 | -118.07 |
Reserves and Surplus | 15.05 | -31.90 | -182.75 |
Total Borrowing | 101.90 | 30.44 | 5.18 |
Key Performance Metrics of Waterways Leisure Tourism
Based on the financials available in the RHP, the following key performance metrics of Waterways Leisure Tourism can be considered.
KPI | As of March 31, 2026 | Values (as of FY 2024-25) |
Return on Equity (ROE) | 0.92 | 3.94 |
Net Asset Value (NAV) | 12.31 | 5.07 |
Price/Earnings (P/E) Ratio | - | |
Earnings Per Share (EPS - Diluted) | 8.02 | 26.00 |
EBITDA Margin (%) | 0.20 | 0.36 |
PAT Margin (%) | 0.09 | 0.28 |
Debt to Equity Ratio | 1.27 | 0.93 |
(Note: P/E, market capitalisation, and post-IPO NAV are subject to final pricing and allotment. Refer to the RHP for complete details.)
Registrar of Waterways Leisure Tourism IPO
The Registrar of Waterways Leisure Tourism IPO is MUFG Intime India Pvt. Ltd. (formerly Link Intime India Pvt. Ltd.).
Phone: +91 810 811 4949
Email: waterwaysleisure.ipo@in.mpms.mufg.com
Website: https://in.mpms.mufg.com
Lead Manager of Waterways Leisure Tourism IPO
In total, 3 lead managers are handling the IPO process of Waterways Leisure Tourism Limited:
- Centrum Capital Ltd.
- Intensive Fiscal Services Pvt. Ltd.
- Motilal Oswal Investment Advisors Ltd.
