Waterways Leisure Tourism, the operator of Cordelia Cruises, is set to launch its initial public offering (IPO) for public subscription on June 23, 2026. The issue won't close till June 25 and is made up of a fresh equity share offering of Rs 585 crore with no offer-for-sale element.
Key Highlights
- Waterways Leisure raised Rs 263 crore from anchor investors ahead of IPO launch.
- Cordelia Cruises operator opens Rs 585 crore IPO with price band of Rs 769-808.
Waterways Leisure has raised Rs 263.25 crore from its anchor investors before the public offering at an IPO price band of Rs 769 to Rs 808 per share. The exchange filing revealed that the company had offered 32.58 lakh equity shares to the eight anchor investors at Rs 808 apiece, the highest price in the range.
Strong Institutional Backing Ahead of IPO
The anchor book included participation from several investment funds from home and abroad, such as Baroda BNP Paribas Mutual Fund, Cullinan Opportunities Fund, Zeal Global Opportunities Fund, M7 Global Fund, Nova Global Opportunities Fund, Stellar Growth Fund, ASAS Global Fund, and Maybank Securities.
Waterways Leisure is the operator of Cordelia Cruises, the largest domestic cruise operator in India, which provide luxury cruise charters on Indian coastal cruises and some international cruises. In addition to its rise in the Indian market, the company has been able to capitalize on the growing interest of consumers in experiential travel and leisure tourism in India and has become one of the main players in India's cruise tourism segment.
Also Read: India Set for Rs 60,000 Cr Equity Share Sales Over Next Two Months
IPO Structure and Key Dates
The IPO lot size is set at 18 equity share and multiples thereof. The issue of up to 75% has been reserved for Qualified Institutional Buyers (QIBs), 15% for a Non-Institutional Investors (NIIs) and 10% for retail investors.
The finalization of the basis of allotment is expected to be completed on June 29 and most of the refunds and credit of shares to the demat accounts are expected to be completed on June 30. The company's shares are likely to be listed on both the BSE and NSE on July 1, 2026.
GMP Signals Modest Listing Premium
Market experts estimate the Grey Market Premium (GMP) for the IPO to be approximately Rs 12 per share before the opening of the IPO. The estimates in the upper price band of Rs 808 comes to about Rs 820 per share, which represents a slight premium of around 1.5%.
Analysts Remain Cautious on Valuation
Swastika Investmart brokerage has given a "Neutral" rating to the IPO. The brokerage noted that the company has a leadership position in the cruise tourism market in India, has healthy occupancy and is improving profitability, but has observed some risks in fuel cost, occupancy and any disruption in operations.
The brokerage also said the IPO is priced at approximately 101 times the earnings, indicating a lack of near-term upside potential. It, however, feels the company provides an interesting long-term growth proposition for investors looking to invest in India's nascent cruise tourism sector.
The proceeds from the IPO will primarily be used for lease-related payments of its subsidiary Baycruise Shipping and Leasing (IFSC) Pvt Ltd and for general corporate purposes.
