Cordelia Cruises Operator Waterways Leisure Tourism Files Draft Paper for IPO

Cordelia Cruises’ parent company, Waterways Leisure Tourism Limited, has taken a significant step towards expanding its operations by filing preliminary papers with the Securities and Exchange Board of India (SEBI) for an Initial Public Offering (IPO) worth ₹727 crore. 

With a growing market presence and ambitious plans to introduce new cruise vessels, the company aims to leverage this capital to meet key financial obligations and accelerate its growth in the Indian cruise tourism industry.

IPO Filing and Fund Allocation Strategy

Waterways Leisure Tourism Limited has filed its draft red herring prospectus (DRHP) with SEBI to raise ₹727 crore through an Initial Public Offering (IPO). The entire issue will be a fresh issuance of shares, with no offer for sale component included.

From the proceeds, ₹552.53 crore will be allocated towards lease payments for its step-down subsidiary, Baycruise Shipping and Leasing (IFSC) Pvt Ltd, with the remaining funds earmarked for general corporate purposes.

The IPO is structured as a book-building issue, reserving at least 75% for qualified institutional buyers (QIBs), 15% for non-institutional investors (NIIs), and 10% for retail investors. Motilal Oswal Investment Advisors, Intensive Fiscal Services, and Centrum Capital are acting as the book-running lead managers, while MUFG Intime (formerly Link Intime India) is the registrar for the issue.

Business Overview and Future Growth Plans

Cordelia Cruises currently operates the MV Empress, a cruise vessel that has hosted over 5.49 lakh guests and sailed more than 225,079.53 nautical miles as of 31 December 2024. 

The ship features a wide range of cabin options, including a chairman’s suite, 5 suites, 63 mini suites, over 400 ocean-view staterooms, and 311 interior staterooms, with pricing per night ranging from ₹25,230 to ₹115,536, subject to dynamic pricing.

The company commanded approximately 65% of the Indian cruise tourism market in value terms during FY24. Looking to build on this momentum, it plans to introduce 2 new cruise vessels, ‘Norwegian Sun’ and ‘Norwegian Sky’, with guest capacities of 1,936 and 2,004, respectively. 

MV Empress sails to key domestic destinations such as Mumbai, Goa, Kochi, Chennai, Lakshadweep, Visakhapatnam, and Puducherry, along with international ports in Sri Lanka, including Hambantota, Jaffna, and Trincomalee. It has also started ticket sales for voyages to Singapore, Phuket, Kuala Lumpur, and Langkawi.

Read More: Earthood Services Refiles DRHP with SEBI for IPO!

Conclusion

With strong market leadership and a clear strategy for fleet expansion, Waterways Leisure Tourism Ltd is poised to solidify its presence in the cruise tourism sector. The IPO proceeds will enable the company to meet critical financial commitments while supporting its broader vision of growth and service enhancement.

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