Summary of this article
Waterways Leisure Tourism IPO opened on June 23 to raise Rs 585 crore via fresh issue
A large part of the IPO proceeds will go towards lease-related payments and general corporate needs
The company operates domestic ocean cruises under the Cordelia Cruises brand
Waterways Leisure Tourism IPO: The initial public offering (IPO) of Waterways Leisure Tourism opened for public subscription on June 23 and will close on June 25. The company aims to raise Rs 585 crore through a fresh issue of 72.4 million equity shares.
The IPO has been priced in the range of Rs 769-808 per share. Investors can bid for a minimum of 18 shares, requiring an investment of Rs 14,544 at the upper end of the price band. Centrum Broking is the book-running lead manager to the issue, while MUFG Intime India is acting as the registrar.
The issue is entirely a fresh issue of shares and there is no offer for sale component.
The company operates domestic ocean cruises under the Cordelia Cruises brand and held nearly 79 per cent market share by value in India's domestic ocean cruise industry in fiscal 2025, as stated in the company's red herring prospectus (RHP). It currently operates the cruise vessel MV Empress and plans to expand its fleet with Norwegian Sky and Norwegian Sun.
Waterways Leisure Tourism IPO Allotment, Listing Date
The basis of allotment for the IPO is expected to be finalised on June 29, while refunds and credit of shares to demat accounts are likely to take place on June 30.
Waterways Leisure Tourism IPO Objectives
The company proposes to utilise the IPO proceeds primarily towards payment of deposit, advance lease rental and monthly lease payments to its step-down subsidiary, Baycruise Shipping and Leasing (IFSC) Pvt Ltd.
Out of the total proceeds, the company will allocate around Rs 480 crore for these payments, while the remaining amount will be used for general corporate purposes.
Waterways Leisure Tourism IPO Subscription Status
As of 10:15 AM on June 23, the issue has been subscribed 2 per cent so far.
Retail investors, who are allocated up to 10 per cent of the issue size, have subscribed 9 per cent so far, leading the subscription. The non-institutional investor (NII) category, which has been reserved up to 15 per cent of the issue, has seen 1 per cent subscription, while qualified institutional buyers (QIBs), who have been allocated not less than 75 per cent, have subscribed nil so far.
Waterways Leisure Tourism IPO GMP Today
The grey market premium (GMP) for Waterways Leisure Tourism IPO stood at Rs 12 on June 23, according to according to websites that track such trades. Based on the upper price band of Rs 808, the estimated listing price works out to around Rs 820, indicating a potential gain of 1.49 per cent.
The GMP has remained largely subdued over the past week. It stood at Rs 20 on June 18 before easing to Rs 16 on June 19. The premium rose to Rs 24 on June 20 but subsequently declined to Rs 10 on June 21. It recovered slightly to Rs 12 on June 22 and remained unchanged on the opening day of the issue.
Waterways Leisure Tourism Financial Performance
Waterways Leisure Tourism has seen a volatile financial trajectory over the last three fiscal years. Revenue rose from Rs 452.15 crore in FY24 to Rs 597.68 crore in FY25, before easing slightly to Rs 586.99 crore in FY26.
The company swung from a loss of Rs 122.73 crore in FY24 to a strong profit of Rs 168.19 crore in FY25, reflecting a sharp turnaround in operations. In FY26, profit after tax declined significantly by 69 per cent year-on-year to Rs 52.14 crore, showing pressure on margins despite relatively steady revenue.
As of FY26, the company reported total assets of Rs 341.78 crore, net worth of Rs 80.20 crore and reserves and surplus of Rs 15.05 crore.
However, debt has consistently ballooned over the three-year period, increasing from Rs 5.18 crore in FY24 to Rs 30.44 crore in FY25, and further to Rs 101.90 crore in FY26.
