Upcoming IPO: Cordelia Cruises operator Waterways Leisure Tourism files DRHP for ₹727 crore offer

Upcoming IPO: Waterways Leisure Tourism Limited, which operates Cordelia Cruises, has filed for preliminary papers with the markets regulator, Securities and Exchange Board of India (SEBI), to raise ₹727 crore via an Initial Public Offering (IPO).

The proposed initial share sale is exclusively a fresh issuance of shares up to ₹727 crore. There is no offer for sale component.

The capital raised to the tune of ₹552.53 crores will be used for payment towards lease payments of its step-down unit, Baycruise Shipping and Leasing (IFSC) Pvt Ltd, and corporate general purposes.

The book-building issue will keep aside at least 75% of the issue for qualified institutional buyers (QIBs), 15% for non-institutional investors (NIIs) and 10% for retail investors.

Waterways Leisure Tourism (Cordelia Cruises) operates a cruise vessel, the ‘MV Empress’, and has sailed more than 5.49 guests since its launch. It has covered over 225,079.53 nautical miles as of December 31, 2024.

The cruise line offers an array of cabin options, including a chairman’s suite, five suites, 63 mini suites, over 400 ocean-view staterooms, and 311 interior staterooms, with prices ranging from ₹ 25,230 per night to ₹ 115,536 per night, subject to dynamic pricing.

The company, which accounted for around 65% of the market share in value terms in FY24, intends to introduce two new cruise vessels, ‘Norwegian Sun' and ‘Norwegian Sky’, each accommodating 1,936 and 2,004 guests, respectively.

MV Empress majorly sails to domestic destinations like Mumbai, Kochi, Goa, Lakshadweep, Chennai, Visakhapatnam, and Puducherry. It also covers international destinations like Hambantota, Jaffna, and Trincomalee in Sri Lanka. Moreover, it has sold tickets for its first-time sale to Singapore, Phuket (Thailand) and Malaysia's Kuala Lumpur and Langkawi.

Cordelia Cruises' revenue from operations stood at ₹442.11 crore in the fiscal year 2023-24. For the nine months ended December 2024, revenue was ₹409.45 crore, and net profit was ₹139.25 crore.

Motilal Oswal Investment Advisors, Intensive Fiscal Services, and Centrum Capital are the issue's book-running lead managers, while MUFG Intime (formerly Link Intime India) is the registrar.

The company's shares will be listed on the National Stock Exchange and BSE.