Cordelia operator Waterways Leisure heads into IPO Day 3 at 51% subscribed, retail book 2.34x
Waterways Leisure Tourism, owner of Cordelia Cruises with 65% share of India's cruise market, enters final day of its ₹585 crore IPO at price band ₹769-808. Retail portion is 2.34x covered while GMP holds at just ₹5. Management plans to scale capacity from 796 to 2,800 rooms via Norwegian Sky and Sun acquisitions.
What happened
Waterways Leisure Tourism, operator of Cordelia Cruises with 65% share of India's cruise market, enters final day of its ₹585 crore IPO at 51% subscription.
Key facts
- ₹585 crore IPO
- price band ₹769-₹808
- 51% subscribed Day 2
- retail 2.34x
- GMP ₹5
- anchor ₹263.25 crore
- 65% India cruise market share
- FY24 revenue ₹442.11 crore
- 9M PAT ₹139.25 crore
Why this matters
The Norwegian Sky and Sun acquisitions reshape India's cruise M&A landscape, narrowing the window for competitors to secure secondhand tonnage before Cordelia consolidates supply at 2,800 rooms.
What to watch
- Final QIB multiple at 5pm Day 3 close
- GMP trajectory in 48 hours pre-listing
- Norwegian Sky/Sun acquisition closing timeline and financing structure
- Cruise occupancy and ARR disclosures in RHP addenda
- Competitive entry signals from MSC, Costa, or domestic players targeting India
- Monsoon season impact on Q2 cruise bookings
- Track QIB subscription hourly on Day 3 close - this is the swing variable
- Monitor GMP movement; if it collapses below ₹0 pre-listing, short-term flip thesis dies
- Read anchor allocation list for quality of institutional backing
- Model debt load post-Norwegian acquisitions vs EBITDA from 2,800-room run-rate