Cordelia cruises operator sets Rs 769–808 IPO price band

Waterways Leisure Tourism has set a ₹769–₹808 IPO price band to raise ₹585 crore via fresh issue. Funds will support lease payments for cruise operations, as the company reports strong revenue growth and a turnaround to profitability

Mumbai: Waterways Leisure Tourism, the operator of Cordelia Cruises, on Thursday fixed a price band of Rs 769-808 for its initial public offering (IPO), which will open for subscription on June 23.

The IPO, which is looking to raise up to Rs 585 crore, will close on June 25, the company announced at a roadshow here. Investors can bid for a minimum of 18 equity shares and in multiples of 18 equity shares thereafter, it said.

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The IPO is a fresh issue of up to Rs 585 crore. The proceeds from the fresh issue to the extent of Rs 480 crore will be for payment towards deposit/advanced to lease rental and monthly lease payments its step-down subsidiary, Baycruise Shipping and Leasing (IFSC) Private Limited (Baycruise IFSC), while the balance proceeds will be utilised for general corporate purposes, the company said.

The company’s revenue from operations was Rs 580 crore during FY26 as against Rs 444 crore during FY24. Its net profit was Rs 52 crore during FY26 as against a loss of Rs 123 crores during FY24. The company offers international itineraries to Hambantota, Trincomalee, and Jaffna (Sri Lanka), Phuket (Thailand), Singapore, Kuala Lumpur, and Langkawi (Malaysia). Its itineraries are designed to showcase India’s coastal regions and cultural heritage In FY25, the company accounted for approximately 79 per cent of the market share in value terms, as per Crisil report.

Its cruise vessel primarily sails to domestic destinations such as Mumbai, Goa, Kochi, Chennai, Lakshadweep, Visakhapatnam and Puducherry.