| Event | Date |
|---|---|
| Open Date | 23-06-2026 , Tuesday |
| Close Date | 25-06-2026 , Thursday |
| Tentative Allotment | 29-06-2026 , Monday |
| Tentative Listing Date | 01-07-2026 , Wednesday |
| Retail Appl. Cut Off Time | 25-06-2026 , Thursday 05:00 PM |
| Non Retail Appl. Cut Off Time | 25-06-2026 , Thursday 04:00 PM |
| Anchor Allotment | 22-06-2026 , Monday |
| Initiation Of Refund | 30-06-2026 , Tuesday |
| Credit Of Share To Demat | 30-06-2026 , Tuesday |
Waterways Leisure Tourism Limited is a cruise tourism company operating under the Cordelia Cruises brand. The company is engaged in cruise lines, shipping, organising and conducting cruises, tours, holidays and providing related leisure tourism services.
| Particulars | Details |
|---|---|
| Issue Type | 100% book-built issue |
| Fresh Issue | Up to Rs. 5,850.00 million |
| Offer for Sale | Not applicable |
| Face Value | Rs. 10 per equity share |
| Proposed Listing | BSE and NSE |
| Designated Stock Exchange | BSE |
| Anchor Investor Date | June 22, 2026 |
| Issue Opens | June 23, 2026 |
| Issue Closes | June 25, 2026 |
Waterways Leisure Tourism Limited was originally incorporated as Waterways Leisure Tourism Private Limited on November 2, 2020. The company was later converted into a public limited company and renamed Waterways Leisure Tourism Limited.
The company’s registered and corporate office is located at A-1601, Marathon Futurex, NM Joshi Marg, Lower Parel, Delisle Road, Mumbai, Maharashtra.
The promoters of the company are Global Shipping and Leisure Limited and Rajesh Chandumal Hotwani.
The company operates under the Cordelia Cruises brand. Cordelia Cruises is positioned as a premium cruise holiday brand focused on Indian customers.
The brand tries to combine hotel-style hospitality, entertainment, food, travel and destination experience inside a cruise package.
The company provides cruise vacation experiences. Its cruise offerings include cabin stay, meals at selected onboard restaurants, onboard entertainment, public lounges, swimming pool access, fitness centre access, live performances, specialty dining, shore excursions, Wi-Fi packages, spa services and children’s activities.
Cruise ticket sales are the company’s largest revenue source. In FY2026, cruise ticket sales contributed 91.22% of revenue from operations.
Onboard revenue includes paid services used by passengers during the cruise, such as specialty dining, spa, Wi-Fi, shore excursions and activities.
Commission income is earned from shore excursion services where the company acts as a collecting agent on behalf of operators.
The company is highly dependent on ticket revenue, while onboard revenue can improve revenue per passenger if executed well.
| Revenue Stream | FY2026 Rs. million | % | FY2025 Rs. million | % | FY2024 Rs. million | % |
|---|---|---|---|---|---|---|
| Cruise Ticket Sales | 5,288.56 | 91.22% | 5,287.93 | 89.53% | 3,883.29 | 87.45% |
| Onboard Revenue | 505.76 | 8.72% | 533.73 | 9.04% | 510.43 | 11.49% |
| Income from Lease of Vessel | - | - | 75.06 | 1.27% | 19.50 | 0.44% |
| Commission Income | 3.13 | 0.05% | 9.33 | 0.16% | 27.38 | 0.62% |
| Total | 5,797.45 | 100.00% | 5,906.05 | 100.00% | 4,440.60 | 100.00% |
The company currently operates through a single cruise vessel, MV Empress. This is a major business strength and also a major risk.
It is a strength because the company has built its cruise operations and customer experience around one known vessel. It is a risk because any disruption to MV Empress can affect the entire business.
The company’s growth strategy depends on adding new vessels. The RHP mentions two new cruise vessels: Norwegian Sky and Norwegian Sun.
| Vessel | Expected Commercialisation / Delivery | Investor Meaning |
|---|---|---|
| Norwegian Sky | FY2027 / September 30, 2026 delivery date as per RHP table | Capacity expansion and route growth opportunity. |
| Norwegian Sun | FY2028 / November 2027 delivery date as per RHP table | Further scale-up opportunity but also higher lease and execution risk. |
Cruise business is capacity-driven. A cruise company has high fixed costs. Therefore, higher occupancy is very important. If the ship sails with low occupancy, revenue may fall but many fixed costs may continue.
Cruise tourism is an experience business. The company must manage cabin comfort, food quality, entertainment, safety, cleanliness, crew service, itinerary quality, destination appeal, customer support and onboard activities.
India’s cruise tourism market is still at an early stage compared to mature global cruise markets. The industry opportunity is linked to rising disposable income, interest in experiential travel, domestic tourism growth, better port infrastructure and increasing awareness of cruise holidays.
For Indian customers, cruise holidays are still relatively new. This gives the company an opportunity to build a strong early brand in the domestic cruise market.
Waterways Leisure Tourism is different from many traditional IPO businesses because it is an asset-heavy leisure business.
The business is not like a software company where growth can happen with limited physical assets. Cruise operations require vessels, crew, maintenance, port permissions, safety systems, hospitality management and operational discipline.
The IPO is a Fresh Issue, so the company will receive the net proceeds after issue expenses. As per the RHP, the company proposes to use the proceeds for business purposes including funding part of lease-related payments for new vessels, marketing initiatives, general corporate purposes and other disclosed objects.
The company’s revenue from operations increased from 4,440.60 in FY2024 to 5,906.05 in FY2025. In FY2026, revenue from operations was 5,797.45.
The company’s revenue base has improved compared to FY2024. However, investors should study profitability, cash flows, debt, lease obligations and auditor observations carefully.
Passenger load factor means the percentage of available passenger capacity that is actually filled. Higher passenger load factor generally means better revenue utilisation.
Average ticket price shows how much revenue the company earns per passenger ticket. If ticket prices rise without hurting occupancy, revenue quality can improve.
Passenger cruise days represent the number of days passengers spend on the cruise vessel. This metric helps measure actual utilisation of cruise capacity.
Revenue per passenger includes ticket revenue and onboard spending. This is important because passengers may spend additional money after boarding the cruise.
Fuel cost is a major variable cost in cruise operations. Higher fuel prices can affect margins.
Cabin capacity indicates the total available accommodation capacity across the cruise vessel or fleet.
Waterways Leisure Tourism operates in a relatively underpenetrated cruise tourism market in India.
Cruise holidays combine travel, hotel stay, food, entertainment and destination experience.
Cordelia Cruises is one of the more visible cruise brands in India.
The IPO is a pure fresh issue with no OFS, so net proceeds are meant for company purposes.
Norwegian Sky and Norwegian Sun can increase capacity and support growth if demand remains strong.
Specialty dining, entertainment, spa, Wi-Fi, excursions and activities can improve revenue per passenger.
The company currently operates through MV Empress. Any disruption to this vessel can materially affect operations.
More than 90% of FY2026 revenue came from cruise ticket sales. Any decline in ticket sales can impact the business.
Cruise operations involve vessel lease, fuel, crew, maintenance, port charges and hospitality costs.
New vessels can create growth, but delays, lease payment pressure or low occupancy can hurt profitability.
Cruise holidays are discretionary spending and can be affected by weak consumer sentiment or travel restrictions.
Adverse weather, port issues or regulatory restrictions can force itinerary changes or cancellations.
Operations depend on third-party service providers for technical, hospitality, logistics and entertainment services.
The RHP mentions certain auditor remarks, emphasis of matters and qualifications. Investors should read these carefully.
The company operates as the vessel operating entity, while vessel ownership is through a subsidiary structure.
The final IPO decision should depend heavily on price band, valuation, peer comparison and growth assumptions.
Waterways Leisure Tourism is an interesting IPO because it brings a differentiated consumer travel theme to the Indian market. Cruise tourism is still underdeveloped in India, and Cordelia Cruises has built early brand recognition.
The biggest positive is the uniqueness of the business. Most Indian IPO investors rarely get exposure to a pure cruise tourism company. The company is operating in a premium leisure category where customers pay not only for travel but also for experience.
The second positive is the fresh issue structure. There is no OFS. The company will receive IPO proceeds, which can support expansion and business requirements.
The third positive is the expansion plan. If Norwegian Sky and Norwegian Sun are introduced successfully and demand remains strong, the company can grow beyond its current single-vessel model.
However, the biggest concern is risk concentration. Currently, the business depends heavily on MV Empress and cruise ticket sales. This means any vessel-level disruption, weak occupancy or ticket demand decline can directly affect the business.
The second concern is cost structure. Cruise business can be attractive when occupancy is high, but it can be painful when occupancy falls because fixed costs remain high.
The third concern is execution. Adding new vessels is not enough. The company must fill those vessels, maintain service quality, manage lease rentals and control fuel, crew and maintenance costs.
A cruise tourism company operates ships that carry passengers for leisure travel. Customers stay on the ship, eat onboard, enjoy entertainment and visit destinations as part of the itinerary.
Cruise ticket revenue is the money earned from selling cruise tickets. This usually includes cabin stay, selected meals, access to public areas and basic entertainment.
Onboard revenue is money earned from paid services used by passengers during the cruise, such as specialty dining, spa, Wi-Fi and excursions.
Passenger load factor means how much of the ship’s passenger capacity is filled. If a ship can carry 2,000 passengers and 1,600 passengers travel on it, the passenger load factor is 80%.
Passenger cruise days means the total number of days passengers spend onboard. If 1,000 passengers travel for 3 days, passenger cruise days are 3,000.
Average ticket price means average revenue earned per passenger ticket.
Revenue per passenger includes ticket revenue plus onboard spending.
Single vessel risk means the company depends on one cruise vessel for operations. If that vessel faces disruption, the entire business can be affected.
Fresh Issue means the company issues new shares and receives money from the IPO. Waterways Leisure Tourism IPO is a Fresh Issue and has no OFS.
OFS means Offer for Sale. In OFS, existing shareholders sell their shares and the money goes to those selling shareholders.
Waterways Leisure Tourism Limited is a differentiated cruise tourism company with the Cordelia Cruises brand. The business is linked to premium leisure travel, customer experience and India’s growing appetite for experiential holidays.
The IPO has a strong theme because cruise tourism is still at an early stage in India. The company also has expansion plans through additional vessels, which can increase capacity and growth potential.
However, this is not a low-risk business. It is asset-heavy, operationally complex and currently dependent on one vessel. Revenue is highly dependent on cruise ticket sales, and profitability depends on occupancy, ticket pricing, fuel cost, lease rentals and service quality.
This content is prepared only for educational and informational purposes for IPORupee users. It is not investment advice, stock recommendation, IPO recommendation, research report, buy/sell/hold advice or any form of financial advisory.
IPO investments involve market risk, business risk, valuation risk, liquidity risk, regulatory risk and listing risk. Investors should read the full RHP, risk factors, financial statements, objects of the issue, basis for issue price and all official disclosures before making any investment decision.
We are not SEBI registered investment advisors.
| Category | Percentage | No. of Shares Offered | Amount |
|---|---|---|---|
QIB | 75.00 % | 54,30,076 | 438.75 Cr |
Retail | 10.00 % | 7,24,009 | 58.50 Cr |
Total HNI | 15.00 % | 10,86,014 | 87.75 Cr |
SHNI | 5.00 % | 3,62,005 | 29.25 Cr |
BHNI | 10.00 % | 7,24,009 | 58.50 Cr |
| Application | Discount | Qty (Lot) | Total |
|---|---|---|---|
Retail MIN | - | 18 (1) | ₹ 14,544 |
Retail MAX | - | 234 (13) | ₹ 1,89,072 |
SHNI MIN | - | 252 (14) | ₹ 2,03,616 |
SHNI MAX | - | 1224 (68) | ₹ 9,88,992 |
BHNI MIN | - | 1242 (69) | ₹ 10,03,536 |
| Objective | No Of Shares | Amount |
|---|---|---|
Fresh Issue | 72,40,099 | 585.00 Cr |
| Name | Contact Person | Telephone | Website | |
|---|---|---|---|---|
Centrum Broking Limited | Pooja Sanghvi/ Sooraj Bhatia | +91 22 4215 9000 | wltl.ipo@centrum.co.in | www.centrumbroking.com |
Understand company details, IPO size, price band, lot size, exchange listing, fresh issue and Offer for Sale (OFS) in simple language for retail investors.
This IPO is of Waterways Leisure Tourism Ltd. The issue is scheduled to open on Tuesday, 23 June 2026 and closes on Thursday, 25 June 2026.
After the IPO process is completed, the shares are proposed to be listed on both NSE and BSE.
IPO size means the total amount the company plans to raise through the public issue.
For Waterways Leisure Tourism Ltd IPO, the total issue size is Rs 585 crore, consisting of a fresh issue of Rs 585 crore.
Price band is the price range within which investors can bid for shares in a book-built IPO.
For this IPO, the lower price band is Rs 769 per share and the upper price band is Rs 808 per share.
Lot size is the minimum number of shares an investor must apply for in an IPO. IPO applications are usually made in fixed lot multiples.
For Waterways Leisure Tourism Ltd IPO, the minimum lot size is 18 shares. At the upper price band of Rs 808 per share, the minimum application amount is Rs 14,544. Applications must be made in multiples of 18 shares.
Fresh Issue means the company issues new shares to investors and receives money from that part of the IPO.
For Waterways Leisure Tourism Ltd IPO, the Fresh Issue size is Rs 585 crore. The company can use these funds for purposes mentioned in the IPO documents, such as business growth, repayment of borrowings, working capital, capital expenditure, or general corporate purposes.
Understand the important IPO dates, allotment process, refund schedule and listing timeline in a retail-friendly format.
The IPO opening date is the first day on which investors can apply for the public issue.
For Waterways Leisure Tourism Ltd IPO, the IPO opens on Tuesday, 23 June 2026.
The IPO closing date is the last day on which investors can submit, modify, or cancel their IPO applications.
Waterways Leisure Tourism Ltd IPO closes on Thursday, 25 June 2026.
The tentative allotment date is the expected date on which the registrar finalizes the share allotment for valid IPO applications.
For Waterways Leisure Tourism Ltd IPO, the tentative allotment date is Monday, 29 June 2026.
The tentative listing date is the expected date on which IPO shares begin trading on the stock exchanges.
Waterways Leisure Tourism Ltd IPO is expected to list on Wednesday, 01 July 2026.
After allotment, funds are unblocked or refunds are initiated for non-allotted investors, while allotted shares are credited to investors' demat accounts before listing.
For Waterways Leisure Tourism Ltd IPO, refund initiation is expected on Tuesday, 30 June 2026, and credit of shares to demat accounts is expected on Tuesday, 30 June 2026.
Understand IPO category-wise reservation, QIB quota, retail quota, HNI allocation, shareholder reservation and the meaning of structure columns in a simple format.
IPO structure shows how shares are divided among different categories of investors, such as QIB, Retail, NII/HNI, Employees, and Shareholders.
For Waterways Leisure Tourism Ltd IPO, the available categories in the structure table include QIB, Retail, Non-Institutional Investors (NII/HNI). The NII/HNI category includes SHNI and BHNI sub-categories. Investors can use this table to understand category-wise allocation before applying.
QIB stands for Qualified Institutional Buyers. This category includes mutual funds, banks, insurance companies, and other large financial institutions.
In Waterways Leisure Tourism Ltd IPO, 75% shares are reserved under the QIB category, with 54,30,076 shares offered, and an allocation amount of ₹438.75 crore.
The Retail category is reserved for individual investors and HUFs applying for up to Rs 2 lakh within the retail investment limit allowed under IPO rules.
In Waterways Leisure Tourism Ltd IPO, 10% shares are reserved under the Retail category, with 7,24,009 shares offered, and an allocation amount of ₹58.50 crore.
NII/HNI stands for Non-Institutional Investors / High Net-Worth Individuals. This category generally includes investors applying for more than Rs 2 lakh, above the retail investment limit.
In Waterways Leisure Tourism Ltd IPO, 15% shares are reserved under the NII/HNI category, with 10,86,014 shares offered, and an allocation amount of ₹87.75 crore.
SHNI stands for Small HNI. It is a sub-category within the NII/HNI category and generally refers to applications for more than Rs 2 lakh but not exceeding Rs 10 lakh.
In Waterways Leisure Tourism Ltd IPO, 5% shares are reserved under the SHNI sub-category, with 3,62,005 shares offered, and an allocation amount of ₹29.25 crore.
BHNI stands for Big HNI. It is a sub-category within the NII/HNI category and generally refers to applications for more than Rs 10 lakh.
In Waterways Leisure Tourism Ltd IPO, 10% shares are reserved under the BHNI sub-category, with 7,24,009 shares offered, and an allocation amount of ₹58.50 crore.
Understand retail lot size, HNI application limits, employee category, shareholder category and investment amount calculations using the IPO lot table.
Lot size is the minimum number of shares an investor must apply for in an IPO. IPO applications are usually made in fixed lot multiples.
For Waterways Leisure Tourism Ltd IPO, the minimum lot size is 18 shares. At the upper price band of Rs 808 per share, the minimum application amount is Rs 14,544. Applications must be made in multiples of 18 shares.
Retail minimum application shows the minimum application size for retail investors.
For Waterways Leisure Tourism Ltd IPO, the Retail minimum application is 18 shares (1 lot) for about Rs 14,544.
Retail maximum application shows the maximum application size generally available under the retail category.
For Waterways Leisure Tourism Ltd IPO, the Retail maximum application is 234 shares (13 lots) for about Rs 1,89,072.
SHNI minimum application shows the minimum application size for the Small HNI category.
For Waterways Leisure Tourism Ltd IPO, the SHNI minimum application is 252 shares (14 lots) for about Rs 2,03,616.
SHNI maximum application shows the maximum application size available under the Small HNI category, when provided.
For Waterways Leisure Tourism Ltd IPO, the SHNI maximum application is 1,224 shares (68 lots) for about Rs 9,88,992.
BHNI minimum application shows the minimum application size for the Big HNI category.
For Waterways Leisure Tourism Ltd IPO, the BHNI minimum application is 1,242 shares (69 lots) for about Rs 10,03,536.
Understand important financial figures in simple language using the financial statement data available for the IPO.
Financial Highlights show important numbers from the company's financial statements. These may include income, expenses, profit, assets, liabilities, cash flow and other financial information, depending on the data available for the IPO.
The table displays available financial data based on the IPO information currently available. Fields may differ from company to company depending on disclosures and reporting format.
Investors should read the table to understand the company's financial performance and financial position over different periods.
The table may help users review income, expenses, profitability, balance sheet position, cash movement or other financial information, depending on the available data.
Financial statement line items may differ because companies operate in different industries and may follow different reporting formats.
Some companies may provide detailed financial breakup, while others may present broader financial categories.
Investors should review income, expenses, profitability, debt position, asset base, liabilities and cash flow position together.
A single financial figure should not be used alone to judge the company.
Profit is important, but it does not show the full financial picture.
Investors should also review revenue quality, expenses, debt, assets, liabilities, cash flow, valuation and business risks.
Cash flow helps investors understand how money moves in and out of the business.
A company may report profit but still face cash flow pressure, so cash flow should be reviewed along with profit, debt and balance sheet information.
No. Financial Highlights are useful, but investors should also review valuation, peer comparison, KPI data, business risks, IPO pricing, management discussion and official offer documents such as the RHP or DRHP.
Understand how the company may be compared with similar businesses using the peer comparison data available for the IPO.
Peer Comparison means comparing the IPO company with businesses operating in a similar sector or industry.
It helps investors understand the company in a broader industry context.
Peer Comparison helps investors understand how the company can be compared with similar businesses using available financial or valuation metrics.
It is useful for context, but it should not be treated as a final investment conclusion.
Peer comparison metrics may differ depending on the companies selected, accounting format, business model and available public information.
Investors should compare only relevant and similar metrics.
Investors should use the peer comparison table as a reference point.
Available metrics should be read together with business model, scale, profitability, margins, debt, growth, valuation and IPO pricing.
No. Peer Comparison does not directly decide whether an IPO is good or bad.
It only provides context for comparison. Final analysis should include financial statements, KPI data, valuation, risk factors and official offer documents.
No. Peer Comparison is only one part of IPO analysis.
Investors should also review financial statements, KPI data, business risks, valuation, IPO pricing and company fundamentals.
Understand important KPI metrics in simple language using the key performance indicator data available for the IPO.
Key Performance Indicators, or KPIs, are financial and valuation metrics used to understand profitability, efficiency, leverage, return-based ratios and earnings performance.
They help investors understand the company beyond basic financial figures.
KPIs help investors assess profitability, capital efficiency, leverage, valuation and earnings quality.
They should be reviewed together with financial statements, peer comparison and IPO pricing.
KPI data may differ depending on the company, industry, financial disclosures and available offer document information.
Not every IPO may provide every KPI, and some metrics may not be applicable to every business.
Investors should read KPI metrics together instead of relying on one ratio.
A single KPI may not give the full picture unless it is reviewed with financial statements, peer comparison, business model and valuation.
No. High or low KPI values need context.
The meaning of a ratio may differ depending on industry, business model, debt level, growth stage, profitability and IPO valuation.
No. KPI data is useful, but it should not be used alone.
Investors should also review financial statements, peer comparison, business risks, valuation, IPO pricing and official offer documents such as the RHP or DRHP.