Cordelia Cruises operator Waterways Leisure opens Rs 585 cr IPO at Rs 769-808, eyes Rs 5,850 cr valuation
Waterways Leisure Tourism, holding 79% of India's domestic ocean cruise market, launches its Rs 585 crore IPO with anchor raise of Rs 263 crore. FY25 revenue hit Rs 597.68 crore with Rs 168 crore profit. GMP muted at Rs 10-12; brokerages split between long-term subscribe and avoid on stretched valuations. Lists July 1.
What happened
Cordelia Cruises (Waterways Leisure Tourism) · Cordelia Cruises operator Waterways Leisure Tourism opens Rs 585 crore IPO at Rs 769-808 band, valuing it at Rs
Key facts
- IPO price band Rs 769-808
- Issue size Rs 585 crore
- Fresh issue 72,40,099 shares
- Anchor raise Rs 263.25 crore
- Market cap Rs 5,850 crore
- FY25 revenue Rs 597.68 crore
- FY25 net profit Rs 168.19 crore
- 9MFY26 revenue Rs 586.99 crore
- 9MFY26 profit Rs 52.14 crore
- 79% domestic ocean cruise market share FY25
- 730,000+ guests sailed
- GMP Rs 10-12
- QIB 75% / NII 15% / Retail 10%
- Listing July 1
Why this matters
Waterways' near-monopoly framing and IPO timing create a window for hospitality and travel platforms to evaluate partnership or stake plays before public-market discipline constrains M&A optionality.