Cordelia Cruises Operator Waterways Leisure Tourism Files DRHP To Raise Rs 727 Crore Through IPO
The equity shares are proposed to be listed on the National Stock Exchange of India Ltd and BSE Ltd.
Waterways Leisure Tourism Ltd. on Monday filed its preliminary papers with the capital markets regulator SEBI to raise funds via an initial public offering. The public offer will include fresh issues of shares worth Rs 727 crore.
The equity shares are proposed to be listed on the National Stock Exchange of India Ltd and BSE Ltd.
Centrum Capital Ltd., Intensive Fiscal Services Pvt. and Motilal Oswal Investment Advisors Ltd. are the book-running lead managers for the issue and MUFG Intime India Pvt. will be the registrar of the issue.
The proceeds from the fresh issue to the extent of Rs 552.53 crores will be used for payment towards deposit/ advanced lease rental and monthly lease payments to its step-down subsidiary Baycruise Shipping and Leasing Pvt. and general corporate purposes.
The Mumbai-based cruise operator currently operates a cruise vessel, the ‘MV Empress’, under the brand name ‘Cordelia Cruises’. It offers a variety of cabin options, including one chairman’s suite, five suites, 63 mini suites, 416 ocean-view staterooms, and 311 interior staterooms, totalling 796 cabins, with prices ranging from Rs 25,230 for interior rooms per night to Rs 1.15 lakh for Chairman suite per night, subject to dynamic pricing and load factor considerations.
The company plans to introduce two new cruise vessels, ‘Norwegian Sky’ and ‘Norwegian Sun’, each with a capacity of up to 2,004 and 1,936 guests respectively.
In fiscal 2024, it accounted for approximately 65% of the market share in value terms, according to a report by Crisil. Its cruise vessel primarily sails to domestic destinations such as Mumbai, Goa, Kochi, Chennai, Lakshadweep, Visakhapatnam, and Puducherry.
It also offers international itineraries, including Hambantota, Trincomalee, and Sri Lanka and has also sold cruise tickets for its first-time sail to destinations such as Phuket, Singapore, Kuala Lumpur and Malaysia.
It also intends to introduce new cruise itineraries and destinations tailored to various traveller segments, including families, couples, and corporate groups.
Waterways Leisure Tourism's revenue from operations stood at Rs 442.11 crore in fiscal 2024. For the nine months ended December 31, 2024, revenue from operations stood at Rs 409.45 crore, and profit stood at Rs 139.25 crore.
