Waterways Leisure Tourism (the operator of Cordelia Cruises) listed at a discount of 16% in its stock market debut on Wednesday. The stock opened at Rs 681.00 on the NSE and Rs 690 on the BSE. The issue price was Rs 808.
The initial public offering of Cordelia Cruises operator Waterways Leisure Tourism Ltd sailed through on the last day of bidding driven by retail investors. The IPO was overall booked 1.46 times. The company's Rs 585-crore IPO received bids for 60,93,900 shares against 41,84,004 shares on offer, as per the NSE data.
The retail portion was subscribed 4.19 times and the quota for non-institutional investors received 1.17 times subscription. The Qualified Institutional Buyers' (QIBs) category, however, was booked only 69%
Waterways Leisure Tourism raised Rs 263.25 crore from anchor investors.
Waterways Leisure Tourism Financials
The company plans to utilise the proceeds towards lease payments for its step-down subsidiary, Baycruise Shipping and Leasing (IFSC) Pvt Ltd, and for general corporate purposes.
About The Company
Waterways Leisure Tourism, operating under the Cordelia Cruises brand, is India's only domestic ocean cruise operator, offering multi-day itineraries along the Indian coastline and neighbouring international destinations aboard its vessel MV Empress, a 2,005-guest capacity ship with 796 cabins.
Incorporated in 2020 and operational since September 2021, the company has rapidly established itself as the category creator in Indian ocean cruising, commanding approximately 79% market share in value terms as of FY25. Its customer base spans leisure travellers, MICE corporates, destination weddings, and school groups, a diversified demand mix that has supported average ticket prices of Rs 10,980 per passenger and revenue per passenger per day (APD) of Rs 12,036 in FY26.
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