Cordelia Cruises operator opens ₹585 cr IPO at ₹769-808; GMP muted, valuation stretched at 101x P/E
Waterways Leisure Tourism, which runs Cordelia Cruises, launched its ₹585 cr fresh-issue IPO with a ₹769-808 price band, implying a post-issue m-cap of ₹5,849 cr. Anchors picked up ₹263.25 cr. Grey market premium is a modest +₹12, and Swastika flagged a Neutral call on the aggressive ~101x P/E despite cruise-tourism tailwinds.
What happened
Cordelia Cruises (Waterways Leisure Tourism) · Waterways Leisure Tourism, operator of Cordelia Cruises, opens ₹585 cr fresh-issue IPO at ₹769-808 band. Raised
Key facts
- IPO size ₹585 cr
- price band ₹769-808
- anchor ₹263.25 cr
- post-issue m-cap ₹5,849 cr
- GMP +₹12
- P/E ~101x
Why this matters
Waterways Leisure's ₹5,849 cr post-issue m-cap sets a new benchmark for domestic cruise-tourism comps, opening a window for adjacent hospitality and marine-leisure players to reprice their own equity stories.