Waterways Leisure Tourism Limited, the operator of Cordelia Cruises, has filed its Draft Crimson Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an Preliminary Public Providing (IPO) to boost INR 727 crore. The problem is solely a contemporary supply and doesn’t embrace an offer-for-sale part.
As of December 2024, the corporate stays India’s solely home ocean cruise operator, with a big 65 per cent market share in worth phrases, based on a CRISIL report. Waterways Leisure operates the MV Empress, crusing primarily from Mumbai and Chennai, and overlaying home and choose worldwide locations.
The IPO proceeds shall be used predominantly to satisfy lease-related obligations of its subsidiary Baycruise Shipping and Leasing (IFSC) Pvt Ltd, with INR 552.53 crore earmarked for this goal. Remaining funds will go in the direction of basic company functions. The problem follows the book-building course of, with 75 per cent allotted to certified institutional consumers, and the rest divided amongst non-institutional and retail buyers.
Since launch, MV Empress has served over 5.49 lakh visitors and coated over 2.25 lakh nautical miles. The ship options 796 cabins in varied classes, with nightly fares beginning at INR 25,230 for inside rooms and going as much as INR 1.15 lakh for the Chairman Suite. The corporate additionally plans to develop its fleet with two new vessels: Norwegian Sky and Norwegian Solar, which could have capacities of two,004 and 1,936 visitors respectively.
Waterways Leisure posted INR 442.11 crore in income for FY24, and INR 409.45 crore for the 9 months ending December 2024. Revenue after tax for the nine-month interval stood at INR 139.25 crore.
The corporate’s operations span ports akin to Goa, Kochi, Chennai, Lakshadweep, and Visakhapatnam, with worldwide routes together with Sri Lanka, Thailand, Singapore, and Malaysia. The cruise expertise contains numerous F&B choices, reside reveals impressed by Indian cinema, kids’s zones, spas, a on line casino, and providers for weddings and MICE occasions.
Centrum Capital, Intensive Fiscal Companies, and Motilal Oswal are the lead book-running managers for the IPO. Shares shall be listed on NSE and BSE.
