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08 Aug, 2025
Mumbai-based Waterways Leisure Tourism, the operator of Cordelia Cruises and India’s only domestic ocean cruise line, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise ₹727 crore through an initial public offering. This move comes as the company looks to strengthen its position in the Indian cruise market and fund its ambitious expansion plans.
The proposed IPO will be entirely a fresh issue of shares with a face value of ₹10 each, meaning there is no offer-for-sale component and all proceeds will go directly to the company. Waterways Leisure Tourism plans to utilize ₹552.53 crore from the funds raised for deposits, advanced lease rentals and monthly lease payments to its step-down subsidiary, Baycruise Shipping and Leasing (IFSC) Private Limited. The remaining funds will be used for general corporate purposes. The issue will allocate at least 75% to qualified institutional buyers, up to 15% to non-institutional investors and 10% to retail individual bidders. The shares are proposed to be listed on both the National Stock Exchange (NSE) and the BSE.
Waterways Leisure Tourism, operating under the Cordelia Cruises brand, is the only domestic ocean cruise operator in India as of December 31, 2024, according to a CRISIL report. The company primarily operates cruises from Mumbai and Chennai and offers luxurious, distinctly Indian experiences to its guests. Cordelia Cruises has hosted over 549,000 guests and covered more than 225,000 nautical miles along India’s coastline and nearby islands. The company has become synonymous with premium cruise experiences in the Indian market.
With this IPO, Waterways Leisure Tourism is planning to introduce two new cruise vessels, Norwegian Sky and Norwegian Sun, with capacities of 2,004 and 1,936 guests, respectively. These additions are expected to significantly boost the company’s operational capacity and expand its reach. The cruise line already sails to popular domestic destinations such as Mumbai, Goa, Kochi, Chennai, Lakshadweep, Visakhapatnam and Puducherry and has begun offering international itineraries to Sri Lanka, Thailand, Singapore and Malaysia.
Cordelia Cruises is known for delivering a blend of luxury and Indian hospitality. The cruise experience features a variety of culinary options, including pan-Asian and Indian cuisine, along with themed entertainment inspired by Indian cinema. The company also offers amenities such as a children’s academy, a casino and facilities for MICE (Meetings, Incentives, Conferences and Exhibitions) events and weddings, catering to a wide range of customer needs and preferences.
For the fiscal year 2024, Waterways Leisure Tourism reported revenue from operations of ₹442.11 crore. Despite a net loss of ₹120 crore for the year ended March 2024, the company posted a profit after tax of ₹139.25 crore for the nine months ending December 31, 2024, on revenue of ₹409.45 crore. In fiscal 2024, the company claimed around 65% market share in value terms, underscoring its dominance in the domestic cruise segment.
The promoters of Waterways Leisure Tourism are Global Shipping and Leisure and Rajesh Chandumal Hotwani, who together hold a 99.27% stake in the company. Centrum Capital Limited, Intensive Fiscal Services Private Limited and Motilal Oswal Investment Advisors Limited are serving as the book-running lead managers for the IPO, while MUFG Intime India Private Limited is the registrar. The company’s shares are proposed to be listed on both the NSE and BSE.
The IPO marks a significant step for Waterways Leisure Tourism as it seeks to capitalize on the growing demand for cruise tourism in India and expand its fleet and services. With its strong market position, ambitious expansion plans and commitment to delivering premium Indian cruise experiences, the company is poised to reinforce its leadership in the sector. The fresh capital infusion from the IPO is expected to support its ongoing growth and help realize its vision of making cruising a mainstream travel choice for Indian as well as international travelers.
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