Cordelia Cruises operator Waterways Leisure files DRHP to raise Rs 727 crore via IPO

Waterways Leisure Tourism, the operator of India’s only domestic ocean cruise brand Cordelia Cruises, has filed its draft red herring prospectus (DRHP) with the capital markets regulator Sebi to raise Rs 727 crore through an initial public offering (IPO). The Mumbai-based company plans to issue entirely fresh shares, with no offer-for-sale component.

According to the DRHP, the company plans to utilize Rs 552.53 crore from the IPO proceeds to make lease-related payments to its step-down subsidiary, Baycruise Shipping and Leasing (IFSC) Pvt Ltd. The remaining funds will be used for general corporate purposes.

The IPO is being launched through the book-building route, with at least 75% of the issue reserved for qualified institutional buyers (QIBs), and the remaining 15% and 10% allocated to non-institutional investors and retail investors, respectively.

Waterways Leisure operates the MV Empress—India’s only premium cruise liner under the Cordelia brand. Since its launch, the ship has hosted over 5.49 lakh guests and covered more than 2.25 lakh nautical miles along Indian coasts and international destinations. It offers 796 cabins, with pricing ranging from Rs 25,230 per night for interior rooms to Rs 1.15 lakh per night for the luxurious Chairman’s Suite, depending on demand and seasonal factors.

In FY24, Cordelia Cruises held a 65% market share in value terms within India’s ocean cruise sector, according to a CRISIL report. Its itineraries span major Indian ports such as Mumbai, Goa, Kochi, Chennai, Visakhapatnam, and Lakshadweep, along with international routes to Sri Lanka, Malaysia, Singapore, and Thailand.

To expand its fleet and capacity, the company plans to induct two new cruise ships — Norwegian Sky and Norwegian Sun — with guest capacities of 2,004 and 1,936, respectively.Cordelia Cruises is known for blending luxury with Indian cultural themes. It offers a range of experiences, including diverse cuisine, live Bollywood-inspired performances, and amenities such as gaming zones, pools, rock climbing walls, spas, and a casino. The cruise line also caters to weddings, conferences, and corporate events under its MICE (Meetings, Incentives, Conferences, and Exhibitions) services.In FY24, the company reported revenue of Rs 442.11 crore, with Rs 409.45 crore already clocked in the first nine months of FY25, and a net profit of Rs 139.25 crore.

Centrum Capital, Intensive Fiscal Services, and Motilal Oswal are acting as the book-running lead managers for the IPO. The equity shares will be listed on both NSE and BSE.