Waterways Leisure Tourism, the parent company of Cordelia Cruises, has announced that it has fixed the price band at Rs. 769/- to Rs. 808/- per Equity Share, with a face value of Rs. 10/- each, for its maiden initial public offer.
The Initial Public Offering (IPO or Issue) of the company will open for subscription on June 23, 2026, and close on June 25, 2026.
The company said in a press release that investors can bid for a minimum of 18 Equity Shares and in multiples of 18 Equity Shares thereafter.
Equity shares outstanding as on date: 651,544,440 Equity Shares of Rs. 10/- each.
The IPO is a fresh issue of up to Rs 585 crores.
The proceeds from the fresh issue, to the extent of Rs. 480 crores, will be used for payment towards deposits/advances for lease rentals and monthly lease payments to its step-down subsidiary, Baycruise Shipping and Leasing Private Limited, while the balance proceeds will be utilized for General Corporate Purposes.
In Fiscal 2025, the company accounted for approximately 79 percent of the market share in value terms, according to the CRISIL Report.
The forthcoming vessels Norwegian Sky and Norwegian Sun are expected to further expand the company’s fleet capacity, adding 1,002 cabins and capacity for up to 2,004 guests, and 968 cabins and capacity for up to 1,936 guests, respectively.
Its revenue from operations was Rs. 580 crores during FY26 as against Rs. 444 crores during FY24.
Its net profit was Rs. 52 crores during FY26 as against a loss of Rs. 123 crores during FY24.
Waterways Leisure Tourism is proposing, subject to receipt of requisite approvals, market conditions and other considerations, to make an initial public offer of its Equity Shares and has filed a red herring prospectus dated June 17, 2026, with the RoC.
The RHP is made available on the SEBI website and on Cordelia Cruises’ website.
The Equity Shares offered in the Issue have not been, and will not be, registered under the U.S. Securities Act and may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and applicable state securities laws.
