About Waterways Leisure Tourism IPO
Waterways Leisure Tourism IPO Details
The Waterways Leisure Tourism IPO is a 100% book-built issue comprising a fresh issue of equity shares aggregating up to ₹585 crore, with no offer for sale (OFS) component. The equity shares have a face value of ₹10 each. The company had originally filed its DRHP with SEBI on June 17, 2025 for an IPO size of ₹727 crore and later launched the IPO with a revised fresh issue size of ₹585 crore after receiving SEBI approval on September 26, 2025.
The price band is set at ₹769 to ₹808 per share with a lot size of 18 equity shares. The minimum investment amount required by an individual investor is ₹14,544 (18 shares at the upper band). The IPO will be open for subscription from June 23 to 25, 2026, on both BSE and NSE. The book-running lead managers of the issue are Centrum Capital Limited, Intensive Fiscal Services Private Limited and Motilal Oswal Investment Advisors Limited, while MUFG Intime India Private Limited is the registrar to the offer.
Waterways Leisure Tourism IPO Date & Timeline
The Waterways Leisure Tourism IPO is officially set to open for subscription on Jun 23, 2026 and will close on Jun 25, 2026. Waterways Leisure Tourism IPO DRHP was filed on June 17, 2025, at SEBI and obtained clearance on September 26, 2025. The anchor book will commence on June 22, 2026. Allotment is likely after the closure of the subscription period, which falls on Jun 29, 2026. This will be followed by the issuance of refunds and crediting of shares of successful applicants into their demat accounts from Jun 30, 2026. Ultimately, shares of Waterways Leisure Tourism Ltd. will be listed on stock exchanges from Jul 1, 2026.
Waterways Leisure Tourism IPO Timeline
| IPO Open Date | Tue, Jun 23, 2026 |
| IPO Close Date | Thu, Jun 25, 2026 |
| Tentative Allotment | Mon, Jun 29, 2026 |
| Initiation of Refunds | Tue, Jun 30, 2026 |
| Credit of Shares to Demat | Tue, Jun 30, 2026 |
| Tentative Listing Date | Wed, Jul 1, 2026 |
| Cut-off time for UPI mandate confirmation | - |
Waterways Leisure Tourism IPO Details
| Detail | Description |
|---|---|
| IPO Date | 23 to 25 Jun, 2026 |
| Listing Date | 1 Jul, 2026 |
| Face Value | ₹ 10 per share |
| Issue Price Band | ₹ 769 to ₹ 808 |
| Lot Size | 18 Shares |
| Sale Type | Fresh Capital |
| Total Issue Size | 72,40,099 shares (agg. up to ₹ 585 Cr) |
| Reserved for Market Maker | - |
| Fresh Issue(Ex Market Maker) | 72,40,099 shares (agg. up to ₹ 585 Cr) |
| Net Offered to Public | - |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 6,51,54,444 shares |
| Share Holding Post Issue | - |
Waterways Leisure Tourism IPO GMP (Grey Market Premium)
"Grey Market Premium" or GMP is defined as the rate at which the IPO's shares are traded in the market before they are officially listed on the stock exchange.
The Waterways Leisure Tourism IPO GMP is currently trading at ₹20, reflecting the sentiment of unofficial investors before the official listing. This premium suggests a potential listing price of ₹828, which is 2.48% above the issue price. While the Grey Market Premium is a key indicator of demand and investor appetite, it is important to remember that GMP is highly volatile and should not be the sole factor in your investment decisions.
Waterways Leisure Tourism GMP TREND (DAILY UPDATES)
| GMP Date | IPO Price | GMP | Last Updated |
|---|---|---|---|
| 20 Jun 2026 | ₹808 | ₹31 | 20 Jun, 202604:33 PM |
| 19 Jun 2026 | ₹808 | ₹16 | 19 Jun, 202609:56 AM |
| 18 Jun, 2026 | ₹808 | ₹50 | 18 Jun, 202610:47 AM |
Company Background
Waterways Leisure Tourism Limited was incorporated in Mumbai, Maharashtra and operates India's sole domestic ocean cruise service named "Cordelia Cruises." The company has emerged as a premium cruise provider in the tourism industry of India, offering cruise services both domestically and internationally. With its headquarters in Mumbai, the company has ferried more than 549,051 passengers over a distance of 225,079 nautical miles across Indian as well as international routes of Sri Lanka, Thailand, Singapore and Malaysia. The company holds approximately 65% market share in India's domestic ocean cruise segment.
Operations & Product Range
Waterways Leisure Tourism Limited operates cruise services through its flagship vessel "MV Empress," which features 796 cabins. The company offers a range of cruise experiences, including short domestic cruises along Indian coastlines, international voyages to Southeast Asian destinations and specialised cruise packages for MICE (Meetings, Incentives, Conferences and Exhibitions) events and weddings. The cruise experience includes dining options, Bollywood-themed performances, spa facilities, a casino, a gaming arcade and various entertainment activities. The company employs 157 cruise holiday staff and operates through direct bookings as well as travel partners.
Facilities & Capacity
The company's primary operational asset is the "MV Empress" cruise vessel with 796 cabins. The company operates from its registered office at C-101, 247 Park, L B S Marg, Vikhroli West, Mumbai. As part of its expansion strategy, the company plans to add two new vessels - "Norwegian Sky" with a guest capacity of 2,004 and "Norwegian Sun" with a guest capacity of 1,936 to significantly enhance its operational capacity and market reach.
Brands & Market Presence
The company operates under the "Cordelia Cruises" flagship brand, which has now come to be identified with high-end cruise tourism in India. The company has a significant reputation in the Indian tourism industry and caters exclusively to the needs of domestic tourists interested in cruise tourism. The company has positioned itself as the market leader in India's domestic ocean cruise market with a market share of about 65% and offers routes connecting various major Indian ports as well as foreign destinations like Sri Lanka, Thailand, Singapore and Malaysia.
Revenue Streams & Business Model
Waterways Leisure Tourism Limited primarily earns revenue from ticket sales for cruise packages, onboard services including dining, entertainment, spa and casino operations, as well as specialised MICE and wedding events. For the nine months ended December 2025, the company reported revenue of approximately ₹422 crore with an adjusted profit after tax of ₹54.1 crore. The company's business model is based on direct consumer bookings through its website and call centre, as well as partnerships with travel agents and online travel platforms.
Management & Shareholding
The company is backed by Global Shipping and Leisure Limited, along with Rajesh Chandumal Hotwani, who collectively own 99.27% of the pre-IPO equity capital. With the IPO, the promoters' share will get diluted due to the new share issuance, but they will still follow the lock-in period and minimum promoter ownership as required by law.
Board & Key Management
Waterways Leisure Tourism Limited is led by an experienced management team with deep expertise in the hospitality and tourism sectors. The directors on the board have immense experience in the areas of cruise operations and tourism management, among others. The company makes use of the expertise of its top management in order to ensure success in future.
Waterways Leisure Tourism IPO Financial Information
Latest Revenue
57.97
₹ Crore
Profit After Tax
52.14
₹ Crore
Net Worth
80.2
₹ Crore
Total Borrowing
101.9
₹ Crore
| Period Ended | Assets | Total Income | Profit After Tax | Net Worth | Reserves & Surplus | Total Borrowing | |||
|---|---|---|---|---|---|---|---|---|---|
| 31 Mar 2026 | 341.78 | 57.97 | 52.14 | 80.2 | 15.05 | 101.9 | |||
| 31 Mar 2025 | 247.37 | 59.06 | 168.19 | 32.78 | -31.9 | 30.44 | |||
| 31 Mar 2024 | 399.2 | 44.4 | -122.73 | -118.07 | -182.75 | 5.18 | |||
| Amount in ₹ Crore | |||||||||
Waterways Leisure Tourism Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 0.92 % |
| ROCE | 1.14 % |
| Debt/Equity | 1.27 |
| RoNW | 0.92 % |
| PAT Margin | 0.09 % |
| EBITDA Margin | 0.2 % |
| Price to Book Value | - |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 8.02 | - |
| P/E (x) | 100.96 | - |
Waterways Leisure Tourism IPO Objectives
The company mainly aims to utilise the IPO proceeds for strategic purposes:
- • Payment towards deposit, advanced lease rental and monthly lease payments to its subsidiary, Baycruise IFSC (approximately ₹552.53 crore or 76% of proceeds).
- • General corporate purposes and other strategic initiatives.
Waterways Leisure Tourism IPO Review
Waterways Leisure Tourism Limited operates as India's only domestic ocean cruise operator, holding a dominant 65% market share in a niche but growing segment of the Indian tourism industry. The company has successfully established the Cordelia Cruises brand and built a loyal customer base with over 549,000 guests served to date. Its asset-light model of leasing vessels rather than owning them outright allows operational flexibility while reducing capital intensity.
From a financial perspective, the firm shows considerable growth prospects, generating revenues of ₹585 crore for the fiscal year 2026 (full-year until March 2026), coupled with adjusted profits of ₹78.5 crore, indicating robust profitability in the cruise tourism business. The expansion in the firm's fleet, by adding two more vessels to its existing fleet (Norwegian Sky and Norwegian Sun), will help meet increased demand arising from the cruise tourism industry in India.
However, there are some risks that also exist in this business. The company runs a highly specialised operation in the tourism industry, which can be greatly affected by seasonal variations, economic recessions, as well as global phenomena like pandemics and geopolitical situations. It also faces problems associated with having its income concentrated in one country and relying on the spending of tourists. Finally, adding new vessels is contingent on the successful implementation of the leasing process. Overall, the IPO offers a unique opportunity to invest in India's emerging cruise tourism sector through its dominant domestic player.
Conclusion
The Waterways Leisure Tourism IPO presents an important development for the cruise tourism industry in India as the country’s sole domestic ocean cruise operator raises money from the stock markets to grow its operations. The firm has good market presence, brand identity and a market-leading share due to the Cordelia Cruises brand. Also, it plans to expand its fleet capacity, all of which should enable it to take advantage of growing consumer spending power and increasing experiential preferences amongst Indians. While the cruise tourism segment carries inherent cyclical risks, the company's first-mover advantage and market leadership make for a compelling investment case.
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Competitive Strengths
Dominant Market Position: The sole operator of Indian domestic ocean cruises, commanding around 65% market share within a niche industry
Established Brand Recognition: Cordelia Cruises is known for its luxurious cruises in India, creating great brand recall amongst customers
Diverse Revenue Streams: Revenue sources like ticket sales, onboard services, entertainment, casino, spa and specialised MICE/wedding events
Strategic Expansion Plans: Introduction of Norwegian Sky and Norwegian Sun ships, providing more passenger seats and flexible routes
Asset-Light Operational Model: Low capital-intensive due to leasing of assets
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IPO Lot Size
| Investors | No.of lots | Shares Offered | Max Bid Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 1 | 18 | 14544 |
| Individual investors (Retail) (Max) | 13 | 234 | 189072 |
| S-HNI (Min) | 14 | 252 | 203616 |
| S-HNI (Max) | 68 | 1224 | 988992 |
| B-HNI (Min) | 69 | 1242 | 1003536 |