Waterways Leisure Tourism(Cordelia Cruises) IPO
Price band
₹769 – ₹808
Lot size
18 shares
Min investment
₹14,544
Issue size
₹585 Cr
IPO schedule
| Open date | 23 Jun 2026 |
| Close date | 25 Jun 2026 |
| UPI mandate cut-off | 25 Jun 2026 |
| Allotment finalisation | 29 Jun 2026 |
| Refund initiation | 30 Jun 2026 |
| Shares credited to demat | 30 Jun 2026 |
| Listing date | 1 Jul 2026 |
| Mandate end date | 10 Jul 2026 |
| Anchor lock-in (50%) | 28 Jul 2026 |
| Anchor lock-in (remaining) | 26 Sept 2026 |
About Waterways Leisure Tourism(Cordelia Cruises)
Waterways Leisure Tourism Limited operates cruise tourism services in India under the “Cordelia Cruises” brand. The company currently conducts its cruise operations through the vessel MV Empress. It offers cruise vacations that include accommodation, meals at select onboard restaurants, entertainment, and access to various onboard facilities. Its business is primarily focused on operating and managing cruise voyages for leisure travellers. The company generates most of its revenue from cruise ticket sales, which contributed over 91% of revenue from operations in Fiscal 2026. In addition, it earns onboard revenue from speciality dining, paid entertainment, shore excursions, Wi-Fi packages, spa and salon services, adventure activities, and other guest services offered during cruises. The company also earns limited commission income from certain shore excursion services. As of the date of the RHP, it operates one cruise vessel and plans to expand its fleet by leasing additional vessels to support future growth.
Strengths
- Operates the Cordelia Cruises brand in India’s ocean cruise tourism market.
- Generates the majority of its revenue from cruise ticket sales, providing a focused revenue stream.
- Offers multiple onboard services and experiences that create additional revenue opportunities.
- Has plans to expand capacity through the introduction of two additional cruise vessels.
- Led by an experienced senior management team with backgrounds in the cruise, shipping, and tourism industries.
Risks
- The company currently relies on a single operating cruise vessel, MV Empress.
- A significant portion of revenue comes from cruise ticket sales, making earnings sensitive to demand fluctuations.
- Cruise operations depend on third-party service providers for key functions such as vessel management and hospitality services.
- Expansion plans depend on successfully acquiring and operating additional cruise vessels.
- The cruise tourism industry in India is still at a nascent stage and faces infrastructure and regulatory challenges.
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