Waterways Leisure Tourism Limited operates the only domestic cruise line “Cordelia Cruises” which operates majorly from Mumbai and Chennai.
Mumbai-based Cruise operator, Waterways Leisure Tourism is the only domestic ocean cruise operator in India as of December 31, 2024 (Source: CRISIL Report), offering luxurious and inherent Indian experiences, has filed its Draft Red Herring Prospectus (DRHP) with capital markets regulator, Securities and Exchange Board of India (SEBI) to raise Rs 727 crore through Initial Public Offering (IPO).
The IPO, with a face value of Rs 10, is entirely a fresh issue of shares up to Rs 727 crore with no offer-for-sale component.
The proceeds from the fresh issue to the extent of Rs 552.53 crores for payment towards deposit/ advanced lease rental and monthly lease payments to its step-down subsidiary, Baycruise Shipping and Leasing (IFSC) Private Limited (“Baycruise IFSC”) and general corporate purposes.
The Issue is being made through the book-building process, wherein at least 75% of the issue is allocated to qualified institutional buyers, and not more than 15% and 10% of the issue is assigned to non-institutional and retail individual bidders respectively.
Waterways Leisure Tourism currently operate a cruise vessel, the ‘MV Empress’, under the brand name ‘Cordelia Cruises’, and since its launch, 5,49,051 guests have sailed on its cruise vessel, which has covered more than 2,25,079.53 nautical miles along the Indian coastline and surrounding islands as of December 31, 2024. It offers a variety of cabin options, including one chairman’s suite, five suites, 63 mini suites, 416 ocean-view staterooms, and 311 interior staterooms, totalling 796 cabins, with prices ranging from ₹ 25,230 (interior rooms) per night to ₹ 115,536 (Chairman suite) per night, subject to dynamic pricing and load factor considerations.
The company plans to introduce two new cruise vessels, ‘Norwegian Sky’ and ‘Norwegian Sun’, each with a capacity of up to 2,004 and 1,936 guests respectively.
In Fiscal 2024, it accounted for approximately 65% of the market share in value terms. (Source: CRISIL Report) Its cruise vessel primarily sails to domestic destinations such as Mumbai (Maharashtra), Goa, Kochi (Kerala), Chennai (Tamil Nadu), Lakshadweep, Visakhapatnam (Andhra Pradesh), and Puducherry. It also offers international itineraries, including Hambantota, Trincomalee, and Jaffna (Sri Lanka) and have also sold cruise tickets for its first-time sail to destinations such as Phuket (Thailand), Singapore, Kuala Lumpur and Langkawi (Malaysia).
Its cruise experience offers a diverse culinary experience, providing a variety of food options such as pan-Asian, international, and Indian cuisine, including Jain food options. It also organizes live performances and themed shows inspired by Indian Cinema such as ‘Indian Cinemagic’, ‘Balle Balle’, ‘Burlesque – Bollywood Way’, ‘Razzmatazz’, and ‘Romance in Bollywood’. It offers a wide range of amenities for all age groups, including a children’s academy, gaming arcade, spa and salon, retail outlets, casino, fitness center, a rock-climbing wall, and swimming pools. It also offers specialized arrangements for Meetings, Incentives, Conferences, and Exhibitions (“MICE”) events and weddings, with comprehensive services that include venue arrangements, catering, entertainment, and accommodation.
It also intends to introduce new cruise itineraries and destinations tailored to various traveller segments, including families, couples, and corporate groups, and enhancing its service offerings with upgraded dining options featuring specialty restaurants and local cuisine, upgrading cabins with modern amenities and private balconies, and introducing new entertainment options such as live performances and international acts.
Further, when the Mumbai International Cruise Terminal at Mumbai Port underwent redevelopment from 2023 to 2025, Waterways Leisure Tourism developed and operated a fully functional temporary cruise terminal at Green Gate, Mumbai Port.
Waterways Leisure Tourism Limited’s revenue from operations stood at Rs 442.11 crore in Fiscal 2024.
For the nine months ended December 31, 2024, revenue from operations stood at Rs 409.45 crore, and Profit after tax stood at Rs 139.25 crore.
Centrum Capital Limited, Intensive Fiscal Services Private Limited and Motilal Oswal Investment Advisors Limited are the book-running lead managers and MUFG Intime India Private Limited is the registrar of the issue. The equity shares are proposed to be listed on the National Stock Exchange of India Limited and BSE Limited.
DRHP Link: https://www.bseindia.com/corporates/download/320851/IPO%20Prior/Annexure1DRHP_20250614232018.pdf
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