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Waterways Leisure Tourism Limited
Travel Services
open
₹13,842Min. investment
Waterways Leisure Tourism Limited IPO Details
Issue size
₹585Cr
IPO type
Mainboard
Market Cap
₹5,849.48CrHigher than sector avg
Price range
₹769 – ₹808
Listing ExchangeBSE, NSE
RevenueApr 2025 - Mar 2026
₹579.74CrLower than sector avg
Lot size
18 shares
Red Herring Prospectus
Read
Growth rate3Y CAGR
14.26%
SectorTravel Services
Price range₹769 – ₹808
IPO type
Regular
Lot size18 shares
Issue size₹585Cr
Red Herring Prospectus
Read
Market Cap
₹5,849.48CrHigher than sector avg
RevenueApr 2025 - Mar 2026
₹579.74CrLower than sector avg
Growth rate3Y CAGR
14.26%
Waterways Leisure Tourism Limited IPO Overview
Waterways Leisure Tourism IPO date
Waterways Leisure Tourism IPO will open for subscription on June 23, 2026, and the closing date for the IPO is June 25, 2026. After this, investors are expected to be updated about the allotment status on June 29, 2026.
Investors who have been allotted shares can expect them to be credited to their demat account on June 30, 2026. The shares will be listed on the NSE and the BSE on Wednesday, July 1, 2026.
Waterways Leisure Tourism IPO price band
The IPO is entirely a fresh issue. The IPO price band has been set between ₹769 and ₹808 per share. Interested investors can choose a price within this band to apply for the IPO.
The IPO is a book-building issue, comprising a fresh issue of ₹585 crore. Waterways Leisure Tourism IPO listing price will be determined on July 1, 2026. The listing price is the price at which a company’s shares debut on the stock exchanges.
Waterways Leisure Tourism IPO lot size
Waterways Leisure Tourism Limited IPO details have been declared. The minimum lot size for an application is 18 shares, and the investor would have to apply for a minimum of 1 lot. Meanwhile, the IPO issue size is approximately ₹585 crore.
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Strength and Weakness
Unique position in an expanding, emerging market
Monopolistic dynamics of India’s one and only large-scale operator in domestic ocean cruises with expected market growth of 20 to 25% CAGR to reach ₹1,820-2,250 crore by FY31 due to highly complex regulations and capital intensity that act as entry barriers.
Curated India experience
Revenue per head showed a positive trend going up from ₹10,524 in FY24 to ₹12,036 in FY26 on the strength of effective onboard monetisation and India-centric experience. The ticket price has also increased from ₹9,244 to ₹10,980 in the two-year period.
High share of direct cabin bookings
In excess of 62% of all cabins are booked via the website/app/call centre team of 148 operators, thus avoiding agent commission and ensuring better customer information through direct booking. Direct cabin numbers increased from 36,769 in FY24 to 47,895 in FY26 (+30% in two years).
Asset light model through outsourcing
The firm is able to circumvent the pitfall of high cost structure through full-time employment by outsourcing activities like food and beverages, housekeeping, manning, technical management, and entertainment to specialised vendors. Overall third-party service provider expenditure stood at ₹120.9 crore in FY26 for three main vendors.
About Waterways Leisure Tourism Limited
Waterways Leisure Tourism is one of the prominent domestic ocean cruise operators in India. The company provides vacation cruises that emphasise Indian culture, hospitality, food, and entertainment. As of FY25, the firm has captured around 79% market share in value terms in India’s overnight ocean and coastal cruise segment. The company provides domestic cruise packages, including trips to various destinations, namely Mumbai, Goa, Kochi, Chennai, Lakshadweep, Visakhapatnam, and Puducherry. The company’s international routes comprise Sri Lanka, Thailand, Singapore, and Malaysia. The company provides 2-night cruises ranging from 2 nights up to 10-night cruises.
The company’s main stream of income comes from selling cruise tickets, which provided 91.22% of FY26 revenue, and additional sources of income came from passengers' onboard spending, including speciality dining, excursions, Wi-Fi usage, spa, gambling, and entertainment costs. Pricing of the tickets was based on a dynamic pricing model. The company established a robust sales strategy with direct access to customers through its website, mobile app, and call centre. Direct sales constituted 62.25% of all cabin sales during FY26, which helped the company minimise expenses related to travel agency fees and increase profitability. The company employs a group of 148 cruise holiday specialists for direct customer sales.
As on March 31, 2026, the company owned one cruise vessel known as MV Empress, which has hosted over 730,819 passengers and covered over 321,292 nautical miles from the date of its launch. The MV Empress accommodates a total of 2,005 guests, and has a total of 796 rooms. This vessel is well equipped with various facilities for use by its clients. These include restaurants, bars, casinos, swimming pools, spas, and entertainment areas.
This company stands out because it provides cruise tourism tailored to Indian tourists. The company provides meals of Indian, international, and pan-Asian cuisines. The entertainment provided includes shows based on Indian Bollywood culture. These include Indian Cinemagic, Balle Balle, Romance in Bollywood, and Razzmatazz. Other amenities offered include children's activity zones, arcades, a spa and salon, retail, a casino, a swimming pool and rock climbing.
The firm adopts an asset-light and scalable business model through outsourcing of essential operational functions like hospitality services, food and beverage management, housekeeping, technical management, crew management, logistics, procurement, and entertainment. Management can thus concentrate on acquiring customers, enhancing the customer experience and expanding the business. The company is planning to grow its fleet capacity through the addition of two more cruise ships, namely Norwegian Sky and Norwegian Sun, with passenger carrying capacities of around 2,004 and 1,936, respectively. The company will use Norwegian Sky in FY27 and Norwegian Sun in FY28.
The overnight ocean and coastal cruises sector in India had a market size of about ₹830 crore in FY25 and is expected to rise to ₹1,820–2,250 crore by FY31, signifying a CAGR of 20–25%. The cruise penetration in India is very low at about 0.01% compared to that in developed countries, which signifies great potential for future growth.
The government's efforts to promote cruise tourism through initiatives like the Cruise Bharat Mission and other initiatives can help drive future growth in the industry.
Waterways Leisure Tourism is strategically placed to capitalise on these positive trends in the industry due to its Cordelia Cruises brand, which has an estimated around 79% market share in India’s overnight ocean and coastal cruises sector. Moreover, the firm will benefit from consumers’ inclination towards premium travel and experiential tourism due to increased income levels, increased awareness of cruises and improvements in port infrastructure. In addition, the expansion of its fleet and diversified routes will help it capture the growing demand for cruise tourism, thus making it an even stronger leader in the cruise market in India.
Now, Waterways Leisure Tourism is launching its initial public offering (IPO), which consists of a fresh issue of ₹585 crore only. Its shares will be listed on the NSE and BSE.
How to pre-apply for Waterways Leisure Tourism IPO?
You can pre-apply for Waterways Leisure Tourism IPO on Upstox. The pre-application for this IPO, which means the pre-apply open date, usually begins a day before the IPO opens for subscription.
Follow these steps to pre-apply for the IPO:
- Login to your Upstox account, using your six-digit PIN
- After successfully logging in, click on ‘Discover’
- On the Discover tab, you will find the ‘Invest in IPO’ section
- Under the Invest in IPO section, look for the ‘Waterways Leisure Tourism IPO’ tab and click on it
- Now fill in all the required information, like ‘bid price’ and ‘lot size’
- Confirm and click on ‘Pre-Apply’
- Accept the mandate on your UPI app
How to apply for Waterways Leisure Tourism IPO?
If you are interested in this investment opportunity but unsure how to apply for Waterways Leisure Tourism IPO, here are the steps that you need to follow.
When the public issue opens for subscription, one can follow this step-by-step guide on how to apply for Waterways Leisure Tourism IPO on Upstox:
- Log in to your Upstox account, using your six-digit PIN
- After logging in, click on ‘Discover’
- On the ‘Discover’ tab, you will find the ‘Invest in IPO’ section
- Under the Invest in IPO section, look for the ‘Waterways Leisure Tourism IPO’ tab and click on it
- Now fill in all the required information, like ‘bid price’ and ‘lot size’
- Confirm and click on ‘Apply’
- Accept the mandate on your UPI app
**How to check the Waterways Leisure Tourism IPO allotment status? **
When the allotment process is completed, you can check the status of your application on the Upstox app. Share allotment is generally completed on the next working day after an IPO closes.
Here’s a step-by-step guide on how to check the Waterways Leisure Tourism IPO allotment status:
- Login to your Upstox account, using your six-digit PIN
- After logging in, click on ‘Discover’
- On the ‘Discover’ page, you will find the ‘Invest in IPO’ section
- Under the Invest in IPO section, you will find the ‘View all’ option
- Once you click on ‘View all’, you will be directed to the ‘IPO’ tab
- In the ‘IPO’ tab, click on ‘My applications’
- In ‘My applications’, under the History section, your Waterways Leisure Tourism IPO allotment status will be mentioned
Latest News on Waterways Leisure Tourism Limited
The initial share sale of Waterways Leisure Tourism is solely a fresh issuance of shares, with no offer for sale (OFS) component.
2 min read
Stock Market Today: Waterways Leisure Tourism, operating Cordelia Cruises, has filed a DRHP with SEBI to raise ₹727 crore via IPO. The issue, with a face value of ₹10, is a fresh share issue with no offer-for-sale component. Proceeds will primarily fund payments to its subsidiary and general corporate purposes.
Frequently asked questions
How to invest in the Waterways Leisure Tourism Limited ?
Investors can apply for the Waterways Leisure Tourism Limited through their Demat account via the stock exchange or through their broker.
What is the issue size of Waterways Leisure Tourism Limited ?
The issue size of the Waterways Leisure Tourism Limited is 585 Cr.
What is 'pre-apply' for Waterways Leisure Tourism Limited ?
Pre-applying for an IPO allows you to submit your application before the official subscription period begins.
Which exchanges will Waterways Leisure Tourism Limited shares list on?
The IPO shares will typically list on major stock exchanges such as the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), as specified in the IPO prospectus.
Ipo opens on 23 Jun 2026, 10:00 AM