Cordelia Cruises parent Waterways Leisure opens ₹585 cr IPO at 101x P/E
Waterways Leisure Tourism, operator of Cordelia Cruises with 65% share of India's cruise market, opens its ₹585 crore IPO June 23-25 at ₹769-808. Anchors took ₹263 crore. Post-listing m-cap pegs at ₹5,849 crore on FY24 revenue of ₹442 crore. Plans two Norwegian vessel additions; Swastika flags 101x earnings as stretched.
What happened
Cordelia Cruises operator Waterways Leisure Tourism opens ₹585 crore IPO June 23-25 at ₹769-808 band, raised ₹263 crore from anchors. Company holds 65% of India
Key facts
- ₹585 crore IPO size
- ₹263.25 crore anchor raise
- price band ₹769-₹808
- post-listing m-cap ₹5,849.48 crore
- FY24 revenue ₹442.11 crore
- 9M PAT ₹139.25 crore
- 65% India cruise market share
- 101x P/E
Why this matters
Waterways' 65% share and ₹5,849 cr post-listing m-cap establish the benchmark for any inbound consolidation or partnership play in India's nascent cruise vertical.