Waterways Leisure Tourism Ltd., operating under the Cordelia Cruises brand, launched its initial public offering on June 23 and the subscription period concluded today, June 25, with the issue fully subscribed by around 2 pm on Thursday. According to latest reports from Business Standard, the shares are scheduled to list on both the BSE and NSE on July 1. The domestic ocean cruise operator has set the price band between ₹769 and ₹808 per share for this book build issue. The Waterways Leisure Tourism IPO is a book build issue of ₹585 crore, comprising a fresh issue of over 72 lakh shares with no offer-for-sale component. The basis of allotment for the Waterways Leisure Tourism IPO is likely to be finalized on June 29, with shares expected to be credited to successful applicants' demat accounts on June 30, 2026. The Waterways Leisure Tourism IPO received bids for 69.84 lakh shares against 41.84 lakh shares on offer, resulting in an overall subscription of 1.67 times.
The Waterways Leisure Tourism IPO achieved full subscription on the final day, with retail investors leading demand at 4.19 times subscription. As reported by Business Standard, the subscription pattern shows retail individual investors leading with 4.19 times subscription, while non-institutional investors subscribed 1.30 times and qualified institutional buyers subscribed 1.01 times. According to NSE data, the IPO received bids for 69.84 lakh shares against 41.84 lakh shares on offer as of 3 PM on June 25. The grey market premium (GMP) stands at ₹2 for the issue, indicating modest investor sentiment ahead of listing. With a price band of ₹808, the estimated listing price is ₹813, representing a potential gain of around 0.62% per share. Swastika Investmart has assigned a "Neutral" rating to the IPO, citing aggressive valuations. At the upper end of the price band, the company was expected to be valued at ₹5,849.48 crore post listing.
As per latest reports, Waterways Leisure Tourism Limited (Cordelia Cruises) successfully raised ₹263.25 crore from 11 anchor investors at ₹808 per share on June 22, 2026. According to The Hindu BusinessLine, the anchor book included Baroda BNP Paribas Mutual Fund, Cullinan Opportunities Fund, Zeal Global Opportunities Fund, M7 Global Fund, Nova Global Opportunities Fund, Stellar Growth Fund, ASAS Global Fund and Maybank Securities. Foreign portfolio investors dominated the anchor book, with Nova Global, Cullinan Opportunities, Zeal Global, and M7 Global each receiving close to 19% allocation. The grey market premium (GMP) is currently at ₹2, indicating expected listing price of approximately ₹813 based on the upper price band of ₹808, representing a potential gain of around 0.62% per share.
According to the reports, the Waterways Leisure Tourism IPO is a book build issue of ₹585 crore, comprising a fresh issue of over 72 lakh shares. To participate in the IPO, retail investors must bid for a single lot size of 18 shares, requiring an investment of ₹14,544. The maximum retail application of 13 lots translates to an investment of ₹1,89,072. Centrum Broking Ltd. serves as the book running lead manager, while MUFG Intime India Pvt. acts as the registrar for the issue. The proceeds from the offering will primarily be used to meet lease-related obligations, including deposits, advance rentals, and recurring lease payments for its subsidiary, Baycruise Shipping and Leasing (IFSC). The subsidiary is focused on expanding its fleet through the acquisition of additional cruise vessels, with the remaining funds allocated for general corporate purposes. The company proposed to use ₹480 crore from the net proceeds to make lease payments to its step-down subsidiary.
Waterways Leisure Tourism, operating under the Cordelia Cruises brand, is India's only domestic ocean cruise operator, offering multi-day itineraries along the Indian coastline and neighbouring international destinations aboard its vessel MV Empress, a 2,005-guest capacity ship with 796 cabins. Incorporated in 2020 and operational since September 2021, the company has rapidly established itself as the category creator in Indian ocean cruising, commanding approximately 79% market share in value terms as of FY25. Its customer base spans leisure travellers, MICE corporates, destination weddings, and school groups, supporting average ticket prices of ₹10,980 per passenger and revenue per passenger per day (APD) of ₹12,036 in FY26. The company has served more than 7.3 lakh passengers since commencing operations and plans to expand its fleet by inducting Norwegian Sky in FY27 and Norwegian Sun in FY28 under long-term lease arrangements. As of March 2026, more than 7.3 lakh guests have sailed with Cordelia Cruises, making it one of the largest players in India's cruise tourism sector.
