Cordelia Cruises parent opens Rs 585 cr IPO with tepid 1.49% GMP
Waterways Leisure Tourism opens its Rs 585 crore IPO June 23-25 at Rs 769-808 band, listing July 1. Grey market premium signals muted Rs 12 (1.49%) demand. FY26 revenue slipped 1.84% while profit collapsed 69% to Rs 52.14 cr. Bulk of proceeds (Rs 480 cr) funds Baycruise IFSC lease deposits.
What happened
Cordelia Cruises parent Waterways Leisure Tourism opens Rs 585 crore IPO June 23-25 at Rs 769-808 band, listing July 1. GMP a tepid 1.49%. FY26 revenue dipped
Key facts
- Rs 585 crore issue
- price band Rs 769-808
- GMP Rs 12 (1.49%)
- FY26 revenue Rs 579.75 cr (-1.84% YoY)
- FY26 profit Rs 52.14 cr (-69% YoY)
- Rs 480.01 cr to lease deposits
Why this matters
Waterways' aggressive IFSC expansion via Baycruise lease deposits creates a window for asset-light cruise partners or charter operators to negotiate capacity deals while the parent is capital-constrained post-listing.