Cordelia Cruises Operator Waterways Leisure Files ₹727 Crore IPO for Expansion, ET TravelWorld

Waterways Leisure Tourism Limited, the operator of Cordelia Cruises, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an Initial Public Offering (IPO) to raise INR 727 crore. The issue is entirely a fresh offer and does not include an offer-for-sale component.

As of December 2024, the company remains India’s only domestic ocean cruise operator, with a significant 65 per cent market share in value terms, according to a CRISIL report. Waterways Leisure operates the MV Empress, sailing mainly from Mumbai and Chennai, and covering domestic and select international destinations.

The IPO proceeds will be used predominantly to meet lease-related obligations of its subsidiary Baycruise Shipping and Leasing (IFSC) Pvt Ltd, with INR 552.53 crore earmarked for this purpose. Remaining funds will go towards general corporate purposes. The issue follows the book-building process, with 75 per cent allocated to qualified institutional buyers, and the remainder divided among non-institutional and retail investors.

Since launch, MV Empress has served over 5.49 lakh guests and covered over 2.25 lakh nautical miles. The ship features 796 cabins in various categories, with nightly fares starting at INR 25,230 for interior rooms and going up to INR 1.15 lakh for the Chairman Suite. The company also plans to expand its fleet with two new vessels: Norwegian Sky and Norwegian Sun, which will have capacities of 2,004 and 1,936 guests respectively.

Waterways Leisure posted INR 442.11 crore in revenue for FY24, and INR 409.45 crore for the nine months ending December 2024. Profit after tax for the nine-month period stood at INR 139.25 crore.

The company’s operations span ports such as Goa, Kochi, Chennai, Lakshadweep, and Visakhapatnam, with international routes including Sri Lanka, Thailand, Singapore, and Malaysia. The cruise experience includes diverse F&B offerings, live shows inspired by Indian cinema, children’s zones, spas, a casino, and services for weddings and MICE events.

Centrum Capital, Intensive Fiscal Services, and Motilal Oswal are the lead book-running managers for the IPO. Shares will be listed on NSE and BSE.