Summary of this article
Waterways Leisure Tourism IPO opens for subscription on June 23
The company aims to raise Rs 585 crore through fresh shares
Operations rely entirely on a single cruise vessel MV Empress
Waterways Leisure Tourism's initial public offering is scheduled to open for subscription on June 23. The subscription window will close on June 25. On the other hand, the bidding window for anchor investors will open on June 22. Here is a look at some of the key details of the company's public issue, which investors should know before applying:
Waterways Leisure Tourism IPO: Price Band and Lot Size
The price band for the Waterways Leisure Tourism IPO has been fixed in the range of Rs 769 to Rs 808 per share. Retail investors can apply for the issue by bidding for a minimum of 18 shares or 1 lot totaling to an investment of Rs 14,544 at the upper end of the price band. On the other hand, High Net worth Individuals can place bids by applying for a minimum of 14 lots amounting to Rs 2,03,616 for the small HNI category, and 69 lots for the big HNI category, amounting to Rs 10,03,536.
Waterways Leisure Tourism IPO: Offer Size and Selling Shareholders
Waterways Leisure Tourism plans to raise Rs 585 crore through its public issue. The company's public offering is entirely a fresh issue of up to 7.2 million shares aggregating up to Rs 585 crore. There is no offer for sale portion in this public issue. Thus, there are no promoter selling shareholders or institutional investors selling shareholders paring their shares.
Waterways Leisure Tourism IPO: Key Financials
According to the Waterways Leisure Tourism Red Herring Prospectus, the company recorded a total revenue from operations of Rs 586.99 crore and a profit of Rs 52.14 crore for the fiscal ended March 31, 2026.
The cruise operator’s total income for the fiscal ended March 31, 2025, stood at Rs 597.68 crore compared to Rs 452.15 crore in the preceding fiscal. The profit of the company was Rs 168.19 crore for the fiscal ended March 31, 2025, compared to a net loss of Rs 122.73 crore in the preceding fiscal.
Waterways Leisure Tourism: Business Model
Waterways Leisure Tourism is a domestic ocean cruise operator in India. The company offers luxury cruise experiences in India and overseas. The cruise operator operates the MV Empress, which sails to destinations like Mumbai, Goa, Kochi, Chennai, Lakshadweep, Visakhapatnam, and Puducherry.
Additionally, the vessel sails to select international destinations such as Sri Lanka, Thailand, Singapore, and Malaysia. The company follows an asset light operating model by outsourcing key cruise functions such as food and beverage, housekeeping, crewing, and entertainment to achieve operational efficiency. The company generates a significant portion of its revenue from Cruise Ticket Sales. Other sources of revenue for the cruise operator include onboard revenue from specialty dining,paid attractions and entertainment and personal services. The company also generates revenue from commission income and income from leasing the vessel.
Waterways Leisure Tourism: Competitors
According to the Red Herring Prospectus, the company does not have any direct comparable Indian listed peers. The company has mentioned several peers in the hotel and entertainment industry, as well as peers in the same line of business in international markets for comparison.
Waterways Leisure Tourism IPO: Should You Apply?
Ahead of the opening of the bidding window later this week, investors who are interested in investing in the IPO should know the key strengths and risks related to the company’s public issue.
Waterways Leisure Tourism: Key Risks
The cruise operator’s business is conducted only through one vessel, the MV Empress, thus any mechanical failure, accident, or unexpected delay can potentially completely halt operations.
A major part of the company's total earnings comes from cruise ticket sales, which accounted for 91.22 per cent of operational revenue in Fiscal 2026.
The company acts as the operating entity of the vessel, while a wholly owned subsidiary, Bay Cruise Investment Inc holds the ownership.
Waterways Leisure Tourism: Key Strengths
The company is a leading player in the nascent domestic ocean cruise sector in India.
The business has mapped out future growth by securing time charter agreements for two upcoming major vessels, the Norwegian Sky and the Norwegian Sun, positioned to actively capture growing traveler demand through Fiscal 2027 and Fiscal 2028.
The management team is anchored by industry veterans like CEO Jurgen Bailom, a founding member of the Indian Cruise Line Association.
Waterways Leisure Tourism IPO: Objective
The company plans to use the net proceeds to fund payments towards deposit or advanced lease rental and monthly lease payments to its step down subsidiary, Baycruise Shipping and Leasing (IFSC) Private Limited. The capital will also be deployed for general corporate purposes.
