Waterways Leisure Tourism announces price band for its IPO opening on June 23

Waterways Leisure Tourism, the operator of Cordelia Cruises, has fixed the price band for its IPO at Rs 769-808 per equity share. The public issue will open for subscription on June 23 and close on June 25. The IPO is entirely a fresh issue worth up to Rs 585 crore. Investors can bid for a minimum of 18 equity shares and in multiples of 18 shares thereafter.

The company plans to utilise Rs 480 crore from the issue towards deposits, advance lease rentals and monthly lease payments for its step-down subsidiary, Baycruise Shipping and Leasing (IFSC). The remaining funds will be used for general corporate purposes.

Waterways Leisure Tourism is India’s largest cruise operator by value, accounting for about 79% market share in FY25, according to a CRISIL report. It currently operates the MV Empress, which has hosted more than 7.3 lakh guests and sailed over 3.21 lakh nautical miles along the Indian coastline and neighbouring countries as of March 31, 2026.

The cruise liner offers domestic routes covering Mumbai, Goa, Kochi, Chennai, Lakshadweep, Visakhapatnam and Puducherry, while international itineraries include Sri Lanka, Thailand, Singapore and Malaysia.

The company is also preparing to expand its fleet with the addition of Norwegian Sky and Norwegian Sun, which together will add nearly 2,000 cabins and accommodate over 3,900 additional passengers. The expansion is expected to significantly enhance its capacity and support future growth.

Besides leisure cruises, the company caters to meetings, incentives, conferences and exhibitions (MICE), destination weddings and corporate events by offering integrated hospitality, accommodation and entertainment services onboard.

On the financial front, Waterways Leisure Tourism reported revenue from operations of Rs 580 crore in FY26, compared with Rs 444 crore in FY24. The company posted a net profit of Rs 52 crore in FY26, reversing a net loss of Rs 123 crore reported in FY24.The issue comes at a time when India’s cruise tourism industry is witnessing growing interest, supported by rising disposable incomes, improving port infrastructure and increasing demand for experiential travel.

The IPO is being managed by Centrum Capital as the book-running lead manager.