Raajmarg Infra Investment Trust IPO...
05 Mar, 2026
Waterways Leisure Tourism IPO
Waterways Leisure Tourism Ltd. issued a DRHP on June 13th, 2025. The company has planned to raise capital through a 100% book-built issue. The Waterways Leisure Tourism IPO is an entirely fresh issue of shares worth aggregating up to ₹727 crore, with a face value of ₹10 each.
Although the price band, opening date, closing date, and date of listing will be announced by the company later, the shares are supposed to be listed on the NSE and the BSE platforms. The Book Running Lead Managers (BRLMs) for this issue include Centrum Capital Ltd., Intensive Fiscal Services Private Ltd., and Motilal Oswal Investment Advisors Ltd. MUFG Intime India Private Ltd., formerly known as Link Intime India Private Ltd., has served as a Registrar on this issue.
Company Background
Waterways Leisure Tourism Ltd. was incorporated on November 2nd, 2020, when it was incorporated as "Waterways Leisure Tourism Private Ltd." The company started its corporate journey by venturing into the cruise tourism business. Subsequently, it was converted to a public ltd. company on March 12, 2025, and its name was changed to Waterways Leisure Tourism Ltd.
The company's registered office is located in Mumbai, Maharashtra, and it soon established itself as an important player in the Indian cruise industry under its well-known brand name, “Cordelia Cruises.”
Operations & Product Range
Waterways Leisure Tourism Ltd. is mostly engaged in operating cruise lines, tours and overall holiday services. The company is providing high-end cruises that include stays, food and entertainment available onboard. The services offered by this company cater to domestic and international travelers, providing them with a unique leisure and holiday concept through ocean cruises.
Facilities & Capacity
Waterways Leisure Tourism Ltd.'s operations are managed from its registered and corporate office in Lower Parel, Mumbai. It utilizes cruise vessels through lease and time charter arrangements to facilitate its voyages. Notably, the company entered into a new time charter arrangement in early 2025 for a period of 5 years to ensure consistent operational capacity for its cruise offerings.
Brands & Market Presence
Waterways Leisure Tourism operates through its flagship "Cordelia Cruises," a name that has become synonymous with luxury cruising in India. The company has a strong presence in the overnight ocean and coastal cruise segment, along with various industry surveys that emphasize its scale and reach. Cordelia Cruises operates with a specific interest within the field of domestic cruise tourism, seeking to exploit a segment that has clear demand potential within the context of Indian tourism.
Revenue Streams & Business Model
The major source of revenue for Waterways Leisure Tourism Ltd. is the sale of cruises and offering hospitality services. It has a business model based on a single operating segment, focusing on cruises and leisure tourism. Here, the business is evaluated as a single unit. The organization has recorded a substantial EBITDA of ₹142.10 crores for the nine months of 2024, ending December 31.
Management & Shareholding
The promoters of Waterways Leisure Tourism Ltd. are Global Shipping and Leisure Ltd. and Rajesh Chandumal Hotwani. Before the IPO, Global Shipping and Leisure Ltd. held the vast majority of the equity shares, specifically 64,681,880 shares. The management team is led by Jurgen Bailom (Chairman, ED & CEO), bringing extensive experience in the global cruise industry.
Board & Key Management
The board & management of Waterways Leisure Tourism Ltd. is composed of experienced professionals, including Jurgen Bailom (Chairman and CEO) and Nishikant Upadhyay (CFO). The governance structure is supported by Ankit Satish Shah (CS & CO). The board also includes independent directors, such as Suranjan Bhattacharjee and Davda Smita Kiran, to oversee corporate compliance and strategic direction.
WHAT IS GMP?
GMP (Grey Market Premium) is the difference between the IPO price and the grey market price. It is the premium amount paid for the traded IPO shares. It plays an important role in IPOs as it reflects how the IPO would react on the listing day.
A grey market is a place where shares/stocks are traded before being listed officially on the stock exchange.
Waterways Leisure Tourism IPO GMP
| GMP Date | IPO Price | GMP | Last Updated |
|---|---|---|---|
| - | - | - | - |
**The GMP prices displayed here are solely for informational purposes related to the grey market news. India IPO does not engage in or facilitate grey market trading, nor are these rates (sub2) indicative of any trading activity. We also do not recommend or endorse participation in the grey market.**
Waterways Leisure Tourism IPO Details
| Detail | Description |
|---|---|
| IPO Date | - |
| Listing Date | - |
| Face Value | ₹10 per share |
| Issue Price Band | - |
| Lot Size | - |
| Sale Type | Fresh Capital |
| Total Issue Size | [.] shares (agg. up to ₹727 Cr) |
| Reserved for Market Maker | - |
| Fresh Issue(Ex Market Maker) | - |
| Offer for Sale | - |
| Net Offered to Public | - |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 6,51,54,444 shares |
| Share Holding Post Issue | 6,51,54,444 shares |
Waterways Leisure Tourism IPO Timeline
| Detail | Description |
|---|---|
| IPO Open Date | - |
| IPO Close Date | - |
| Tentative Allotment | - |
| Initiation of Refunds | - |
| Credit of Shares to Demat | - |
| Tentative Listing Date | - |
| Cut-off time for UPI mandate confirmation | 5:00 PM on the Bid/Offer Closing Date |
Waterways Leisure Tourism IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 1 | - | ~₹14,000 - ₹15,000 |
| Individual investors (Retail) (Max) | 13-14 | - | Up to ₹2,00,000 |
| S-HNI (Min) | 14-15 | - | Over ₹2,00,000 |
| S-HNI (Max) | 66-70 | - | Up to ₹10,00,000 |
| B-HNI (Min) | 71+ | - | Over ₹10,00,000 |
Waterways Leisure Tourism IPO Promoter Holding
| Share Holding Pre Issue | Share Holding Post Issue |
|---|---|
| Promoter Holding Pre Issue | 99.27% |
| Promoter Holding Post Issue | - |
Competitive Strength:
- • Niche Market Position: The leading domestic cruise operator under the established "Cordelia Cruises" brand.
- • Operational Expertise: Specialized management in the field of maritime hospitality and cruise logistics.
- • Market Opportunity: Capturing the increasing demand for high-end leisure tourism in India.
Waterways Leisure Tourism IPO Financial Information
| Period Ended | Assets | Total Income | Profit After Tax | Net Worth | Reserves and Surplus | Total Borrowing | ||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 31 Dec 2024 | 243.79 | 414.21 | 139.25 | 24.38 | -40.26 | 4.40 | ||||||||||||||||||||||||||||||||||
| 31 Mar 2024 | 327.93 | 450.20 | -119.96 | -114.77 | -179.51 | - | ||||||||||||||||||||||||||||||||||
| 31 Mar 2023 | 307.02 | 486.22 | 55.31 | 5.19 | -59.55 | - | ||||||||||||||||||||||||||||||||||
| 31 Mar 2022 | 57.80 | 136.75 | -114.98 | -114.85 | -114.87 | 73.51 | ||||||||||||||||||||||||||||||||||
| Amount in ₹ Crore | ||||||||||||||||||||||||||||||||||||||||
Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 2.19 |
| ROCE | 0.61 |
| Debt/Equity | - |
| RoNW | 218.94% |
| PAT Margin | -0.27% |
| EBITDA Margin | - |
| Price to Book Value | - |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 21.53 (basic/diluted) | |
| P/E (x) |
IPO Objectives
The proceeds from the Waterways Leisure Tourism IPO are intended to be utilized for several key strategic purposes:
- • Repayment or prepayment of borrowings to reduce the company's financial indebtedness.
- • Funding for the acquisition of cruise vessels to expand its fleet and operational capacity.
- • General Corporate Purposes
Conclusion
The Waterways Leisure Tourism Ltd. has managed to corner a niche market in the burgeoning Indian cruise market through its brand name, "Cordelia Cruises." Operating a focused segment, which is already witnessing a high growth rate, coupled with the experience of its founder, Bohra, from his global experience, the company is poised to benefit from the escalating trend of consumers looking for unique leisure experiences. The Waterways Leisure Tourism IPO proposition is a milestone step in its efforts to build a stronger financial position.
IPO DRHP Status
| # | Description | Date | File |
|---|---|---|---|
| 1 | Filed with SEBI/Exchange | 17-06-2025 | View DRHP |
| 2 | SEBI/Exchange approval received | 26-09-2025 | - |
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Frequently Asked Questions (FAQs)
-
What is the brand name under which Waterways Leisure Tourism Ltd. operates?
The company operates under the brand name Cordelia Cruises.
-
What is the size of the Waterways Leisure Tourism IPO?
The total issue size of this IPO is worth up to ₹727 crore.
-
Is there an offer for sale in this Waterways Leisure Tourism IPO?
No, the IPO is entirely a fresh issue. So, all the IPO proceeds will be used in the company’s growth and future projects.
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Where is Waterways Leisure Tourism Ltd.’s registered office?
The registered office of Waterways Leisure Tourism Ltd. is located in Mumbai, Maharashtra.
-
What is the face value of Waterways Leisure Tourism Ltd.’s equity shares?
The face value is ₹10 per share for the Waterways Leisure Tourism IPO.
