Cordelia Cruises to launch ₹585-crore IPO next week
Waterways Leisure Tourism Ltd, the operator of Cordelia Cruises, will launch its initial public offering next week, becoming the first Indian cruise line to go
Waterways Leisure Tourism Ltd, the operator of Cordelia Cruises, will launch its initial public offering next week, becoming the first Indian cruise line to go public. The company has fixed the price band at ₹769-808 per share for the ₹585-core IPO. The issue, comprising a fresh issue of shares with a face value of ₹10 each, will open for subscription on 23 June and close on 25 June. Its shares are scheduled to list on the exchanges on 1 July. At the upper end of the price band, Waterways Leisure Tourism is expected to command a post-issue market valuation of approximately ₹5,849.48 crore. The company plans to use up to ₹480 crore from the IPO proceeds towards deposits, advance lease rentals and monthly lease payments to Baycruise Shipping and Leasing (IFSC) Pvt. Ltd (Baycruise IFSC), its step-down subsidiary. The cruise line, which primarily operates through Indian ports, has added two vessels—Norwegian Sky and Norwegian Sun—to expand its fleet beyond its sole operating vessel, MV Empress.
The ships are scheduled to enter service in FY27 and FY28 and will attract lease rental payments upon delivery. The balance proceeds will be earmarked for general corporate purposes. According to the company’s 2025 draft red herring prospectus, it had planned to raise ₹727 crore. Tourism boom The company is betting on the affordable luxury trend to help drive demand for cruises in the country. “Today, 13% of Indians can easily afford to go cruising. That's 200 million people,” said Jurgen Bailom, its president and chief executive, in a press meet on Thursday. Its passenger load factor (occupancy rate) fell to 84.99% in FY26 from 91.73% a year ago, weighed down by travel disruptions stemming from the India-Pakistan conflict and the IndiGo crisis in 2025. However, the company breaks even at a load factor of around 60%, said Bailom, who previously served as chief operating officer of Royal Caribbean International, one of the world's largest cruise operators by revenue.
Also Read | Govt working on resuming Shipping Corp of India's maritime services to West Asia He added that the cruise line's customers are a mix of individual and business customers. “(About) 30% of our sales go to business, and the rest are individual cruisers, corporate MICE (meetings, incentives, conferences, exhibitions) and destination activities like weddings." The company, which held an estimated 79% share of the country's overnight ocean coastal cruise market, according to Crisisl, reported revenue of ₹579.7 crore and a net profit of ₹52.1 crore in FY26. Average ticket prices stood at ₹10,979, while attrition rose to 43.02% from 32.52% in FY24. The country's overnight ocean and coastal cruise industry was estimated at ₹830.1 crore in FY25, according to Crisil. India's curising push India has committed to building 27 more cruise ports. Government initiatives to build maritime capacity, including the Sagarmala Project and the Cruise Bharat Mission, have encouraged Cordelia Cruises to add more ships to the roster.
The BriefWire