WATERWAYS LEISURE TOURISM IPO OPENS JUNE 23: PRICE BAND, KEY DATES AND ISSUE DETAILS

Mumbai | June 18, 2026 

Waterways Leisure Tourism Limited, the company behind Cordelia Cruises, has set a price band of ₹769 to ₹808 per share for its initial public offering, due to open for subscription on June 23. 

WHAT IS THE PRICE BAND AND ISSUE SIZE? 

The IPO is a book-built issue worth ₹585 crore, comprising entirely a fresh issue of shares with no offer-for-sale component. At the upper end of the band, the company is expected to command a post-listing valuation of ₹5,849.48 crore. 

The company’s DRHP discloses that shares were allotted to existing shareholders at a weighted average cost of ₹10 per share during both the past one year and the preceding three years. 

WHAT ARE THE KEY IPO DATES TO TRACK? 

The issue follows a tight one-week window from anchor bidding to listing. 

WHAT IS THE LOT SIZE AND MINIMUM INVESTMENT? 

Retail investors must apply in lots of 18 shares, with separate lot requirements for non-institutional categories. 

ABOUT WATERWAYS LEISURE TOURISM AND ITS CORDELIA CRUISES BUSINESS 

Incorporated in November 2020, Waterways Leisure Tourism is one of India’s leading domestic ocean cruise operators, running luxury cruise experiences built around Indian culture, hospitality, entertainment, and cuisine. Its flagship vessel, MV Empress, sails to Mumbai, Goa, Kochi, Chennai, Lakshadweep, Visakhapatnam, and Puducherry, along with international routes to Sri Lanka, Thailand, Singapore, and Malaysia. 

As of March 31, 2026, more than 730,000 guests had sailed with the company, covering over 321,000 nautical miles. The company held approximately 79 per cent market share by value in India’s domestic ocean cruise industry in FY2025, up from around 65 per cent in FY2024. 

MV Empress has 796 cabins across suites, ocean-view cabins, and interior staterooms, with nightly pricing ranging from ₹25,230 to ₹1,15,536. Onboard amenities include restaurants, entertainment shows, a casino, spa, fitness centre, swimming pools, a gaming arcade, a children’s academy, and MICE and wedding facilities. The company runs an asset-light model, outsourcing food and beverage, housekeeping, crewing, and entertainment functions, with a majority of bookings made directly through its website, mobile app, and call centres. As of March 31, 2026, it had 245 permanent employees. 

EXPANSION PLANS AND GROWTH DRIVERS 

The company plans to add two vessels, Norwegian Sky and Norwegian Sun, with guest capacities of 2,004 and 1,936 respectively. It also intends to introduce new itineraries and strengthen onboard offerings through upgraded dining options, modernised cabins, and international entertainment programmes. 

During the redevelopment of the Mumbai International Cruise Terminal, the company developed and operated a temporary cruise terminal at Green Gate, Mumbai Port, maintaining continuity of operations through the transition. 

OUTLOOK 

Waterways Leisure Tourism’s shares are scheduled to list on the BSE and NSE on July 1, 2026, following anchor bidding on June 22 and a three-day subscription window from June 23 to 25. Allotment is expected to be finalised on June 29, with refunds and share credit on June 30. 

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