Waterways Leisure Tourism Limited, operator of the domestic cruise player Cordelia Cruises, has announced the launch of its Initial Public Offering (IPO) on June 23 to raise Rs 585 crore to fund the next phase of growth for the company. At the press event to announce more details on the IPO, the comapny said that the major chunk of the new funds will be used on Cordelia’s new, upcoming ships – Sky, which starts sailing this year and ‘Sun’, which enters the Indian water next year.
The company fixed the price band of its initial public offering (IPO) at INR 769 to INR 808 per equity share with a face value of INR 10 each. The public issue will open for subscription on June 23, 2026, and close on June 25, 2026.
The IPO comprises a fresh issue of equity shares aggregating up to INR 585 crore. Investors can bid for a minimum of 18 equity shares and in multiples of 18 shares thereafter.
According to the company, proceeds from the issue amounting to INR 480 crore will be utilised towards deposits, advance lease rentals and monthly lease payments by its step-down subsidiary, Baycruise Shipping and Leasing (IFSC) Private Limited. The remaining funds will be used for general corporate purposes.
Waterways Leisure Tourism currently operates the cruise vessel MV Empress and is one of the leading players in India’s cruise tourism segment. As of March 31, 2026, more than 730,000 guests had travelled on the vessel, which has sailed over 321,000 nautical miles across Indian coastal routes and neighbouring international destinations.
The company cited a CRISIL report stating that it accounted for approximately 79 per cent market share by value in Fiscal 2025. Its domestic cruise network includes destinations such as Mumbai, Goa, Kochi, Chennai, Lakshadweep, Visakhapatnam and Puducherry. International itineraries cover ports in Sri Lanka, Thailand, Singapore and Malaysia.
MV Empress offers 796 cabins across multiple accommodation categories and can accommodate up to 2,005 guests. The company is also expanding its fleet through the addition of Norwegian Sky and Norwegian Sun. Together, the two vessels are expected to add nearly 1,970 cabins and capacity for close to 3,940 passengers, significantly increasing the company’s operational scale.
Beyond leisure travel, the company serves the meetings, incentives, conferences and exhibitions (MICE) segment and destination weddings through onboard event facilities, accommodation, catering and entertainment services.
Cordelia Cruises’ CEO Jurgen Bailom said the company is working with government agencies to support the development of new cruise circuits across the country. Ports and destinations under consideration include Dwarka, Porbandar, Puri, Kolkata, Puducherry and Odisha, alongside existing operations in Mumbai, Goa, Kochi and Lakshadweep.
The company’s plans align closely with the government’s Cruise Bharat Mission, which aims to expand cruise infrastructure and develop new cruise destinations over the coming deca
Financially, the company reported revenue from operations of INR 580 crore in FY26, compared with INR 444 crore in FY24. It also recorded a net profit of INR 52 crore in FY26, reversing a net loss of INR 123 crore reported in FY24.
Talking about international expansion, Bailom said that future itineraries are expected to include additional sailings to Sri Lanka, Maldives, Malaysia, Singapore and Thailand, while the company is also evaluating longer international voyages.
Waterways Leisure Tourism filed its Red Herring Prospectus with the Registrar of Companies on June 17, 2026, and is seeking to list its shares on Indian stock exchanges, subject to regulatory approvals and market conditions.
