Cordelia Cruises’ parent company, Waterways Leisure Tourism Ltd, opened its ₹585 crore IPO for subscription today (23 June 2026). The IPO will close on June 25 and the price band is between ₹769 and ₹808. Investors can apply in lots of 18 shares and the company will list on July 1, 2026.
Key IPO Details
- Company: Waterways Leisure Tourism Ltd (operator of Cordelia Cruises).
- Issue size: ₹585 crore (entirely fresh issue, no OFS)
- Price band: ₹769-₹808 per equity share (face value ₹10)
- Subscription window: June 23–25, 2026.
- Minimum lot size: 18 shares (bids in multiples of 18)
Anchor investment: Raised ₹263.25 crore from 8 anchor investors on June 22, including Baroda BNP Paribas MF, Cullinan Opportunities Fund, and Nova Global Opportunities Fund.
Listing date: Tentatively July 1, 2026, on NSE and BSE.
How to Apply
Online platforms: Investors can apply via net banking ASBA (Application Supported by Blocked Amount) through banks like SBI, HDFC, ICICI, Axis, or via UPI through broker apps like Zerodha, Groww, Paytm Money, and Upstox.
Steps:
- Log in to your broker/bank IPO section.
- Select Waterways Leisure Tourism IPO.
- Enter bid quantity (minimum 18 shares).
- Choose price (cut‑off recommended for retail investors).
- Confirm and submit via UPI/ASBA.
Financial Snapshot
Revenue FY26: ₹580 crore (slightly down from ₹597.68 crore in FY25)
Net profit FY26: ₹52 crore (down 69% YoY from ₹168.19 crore in FY25)
Market share: 79% of India’s cruise tourism market by value (FY25, CRISIL report)
Operations: MV Empress cruise vessel, sailing to domestic destinations (Mumbai, Goa, Kochi, Chennai, Lakshadweep, Vizag, Puducherry) and international destinations (Sri Lanka, Thailand, Singapore, Malaysia).
Key points & risks: Use of proceeds: ₹480 crore earmarked for lease rentals and payments for subsidiary Baycruise Shipping & Leasing (IFSC); balance for general corporate purposes.
Grey market premium (GMP): Trading at ₹12–₹54 above issue price, indicating modest listing gains (1.5%–6.7%) depending on market sentiment.
Valuation concerns: Analysts caution about steep valuations (~101x earnings), limited margin of safety, and vulnerability to fuel price fluctuations and occupancy trends.
The Waterways Leisure Tourism IPO offers exposure to India’s growing cruise tourism sector, backed by Cordelia Cruises’ strong market share. While the company has ambitious expansion plans with new vessels, investors should weigh the high valuations and recent profit decline before subscribing.
