- Price band of Rs. 769/- to Rs. 808/- per Equity Share bearing face value of Rs. 10/- each (“Equity Shares”)
- Bid/Issue Opening Date – 23rd June, 2026 and Bid/Issue Closing Date – 25th June, 2026.
- Minimum Bid Lot is 18 Equity Shares and in multiples of 18 Equity Shares thereafter
India’s leading cruise operator, Waterways Leisure Tourism Limited—the powerhouse behind the prominent Cordelia Cruises brand—is officially making its stock market splash. The company has fixed its initial public offering (IPO) price band at ₹769 to ₹808 per equity share (face value for its ₹ 10/- each) for its maiden initial public offer.
The highly anticipated ₹585-crore IPO is scheduled to open for public subscription on Tuesday, June 23, 2026, and will close on Thursday, June 25, 2026. Investors looking to get on board can bid for a minimum of 18 equity shares, and in multiples of 18 shares thereafter. Equity shares outstanding as on date 651,544,440 Equity Shares.
The proceeds from the fresh issue to the extent of Rs 480 crores will be for payment towards deposit/ advanced to lease rental and monthly lease payments its step-down subsidiary, Baycruise Shipping and Leasing (IFSC) Private Limited (Baycruise IFSC), while the balance proceeds will be utilized for General Corporate Purposes.
It currently operates a cruise vessel, the MV Empress, and since its launch, 730,819 guests have sailed on its cruise vessel, which has covered more than 321,292.53 nautical miles along the Indian coastline and surrounding countries as of March 31, 2026. In Fiscal 2025, the company accounted for approximately 79% of the market share in value terms (Source – CRISIL Report). It’s cruise vessel primarily sails to domestic destinations such as Mumbai, Goa, Kochi, Chennai, Lakshadweep, Visakhapatnam and Puducherry.
The Company offers international itineraries to Hambantota, Trincomalee, and Jaffna (Sri Lanka), Phuket (Thailand), Singapore, Kuala Lumpur and Langkawi (Malaysia). Its itineraries are designed to showcase India’s coastal regions and cultural heritage, providing guests with an enriching travel experience and establishing the Company as the go-to choice for luxury and cultural cruise holidays at sea.
Its cruise vessel, MV Empress, offers a mix of suites, mini suites, ocean-view staterooms, and interior staterooms, totalling 796 cabins with a guest capacity of up to 2,005 passengers. The forthcoming vessels, Norwegian Sky and Norwegian Sun, are expected to further expand the Company’s fleet capacity, adding 1,002 cabins and capacity for up to 2,004 guests, and 968 cabins and capacity for up to 1,936 guests, respectively. This expansion is expected to strengthen the Company’s ability to serve a broader customer base and support future growth.
Its cruise experience is designed to cater to the preferences of Indian guests and international travellers visiting India, offering an immersive journey into India’s rich culture, cuisine, and warm hospitality. The Company on its cruise also offer specialized arrangements for meetings, incentives, conferences, and exhibitions (MICE) events and weddings, with comprehensive services that include venue arrangements, catering, entertainment, and accommodation.
Its revenue from operations was Rs. 580 crores during FY26 as against Rs. 444 crores during FY24.
Its net profit was Rs. 52 crores during FY26 as against a loss of Rs. 123 crores during FY24.
