Waterways Leisure Tourism IPO
ListedMainboardOpens 23 June 2026Closes 25 June 2026
Waterways Leisure Tourism Limited, incorporated in November 2020, is India's leading domestic ocean cruise holiday operator, managing high-end luxury hospitality and cruise line voyages under its premium flagship brand…
Waterways Leisure Tourism Limited, incorporated in November 2020, is India's leading domestic ocean cruise holiday operator, managing high-end luxury hospitality and cruise line voyages under its premium flagship brand 'Cordelia Cruises'. The company operates the upscale cruise vessel *MV Empress*, managing domestic destination routes across Mumbai, Goa, Kochi, Chennai, Lakshadweep, Puducherry, and Visakhapatnam, along with exclusive international voyages connecting Sri Lanka, Thailand, Singapore, and Malaysia. WLTPL commands a dominant 79% market share by value in India's ocean cruise tourism sector, executing an asset-light framework by outsourcing intensive marine engineering, F&B catering, and crew logistics to specialized vendors while generating high-margin direct customer bookings via integrated digital portals.
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Key ratios
As per RHP / filingsTimeline
IPO Opens
23 Jun
IPO Closes
25 Jun
Allotment
29 Jun
Listing
1 Jul
IPO Timeline & Listing Details
| Event | Date |
|---|---|
| IPO Open Date | 23 June 2026 |
| IPO Close Date | 25 June 2026 |
| Allotment Date | 29 June 2026 |
| Listing Date | 1 July 2026 |
Investment Categories
| Category | Lots | Amount |
|---|---|---|
Retail (Min) | 1 | ₹14,544 |
Retail (Max)Just less than ₹2,00,000 | 13 | ₹1,89,072 |
SHNI (Min)Just above ₹2,00,000 | 14 | ₹2,03,616 |
SHNI (Max)Below ₹10,00,000 | 68 | ₹9,88,992 |
BHNIAbove ₹10,00,000 | 69 | ₹10,03,536 |
IPO Reservation Details
| Category | Reservation |
|---|---|
| QIB (Qualified Institutional Buyer) | 75.00% |
| NII (Non-Institutional Investor) | 15.00% |
| SHNI (Small Non-Institutional Investor) | 5.00% |
| BHNI (Big Non-Institutional Investor) | 10.00% |
| Retail | 10.00% |
| Total | 100.00% |
IPO Objectives
- Payment towards upfront deposit, advanced lease rental commitments, and monthly lease deployment pipelines to its stepdown corporate subsidiary, Baycruise Shipping and Leasing (IFSC) Private Limited (₹480.01 Cr).
- General Corporate Purposes.
Strengths
- The company commands a Monopolistic Market Position, holding a formidable 79% domestic market share by value, operating as India's premier high-volume luxury ocean cruise line.
- It achieves Premium Phygital Direct Sourcing, capturing optimal operating margins by bypassing traditional intermediary commissions and driving the majority of user conversions via proprietary web apps.
- The business demonstrates Integrated Customer Traction, successfully onboarding over 730,000 corporate and retail guests across 321,000 logged nautical miles of luxury hospitality voyages.
- The firm relies on clear Fleet Scaling Pipelines, leveraging well-defined expansion blueprints tracking the integration of additional cruise liners (*Norwegian Sky* and *Norwegian Sun*) to tap rising discretionary leisure trends.
Weaknesses
- The business suffers from Severe Core Profit De-acceleration, with financial highlights revealing acute pressure as net profit after tax plunged sharply by 69% to ₹52.14 Cr in FY26 due to escalating fuel and marine overheads.
- It is bound by a Highly Restrictive Retail Allocation, where operating as a historically loss-making tech-leisure entity mandates that retail allocations are compressed to just 10%, leading to heavy lottery scaling risks.
- The company carries Substantial Balance Sheet Leverage, managing an elevated debt footprint with a debt-to-equity layer standing at 1.27, showing an increasing reliance on external borrowing facilities.
- The issue faces a Muted Early Gray Market Reception, with unofficial gray market premiums indicating highly conservative participant interest, opening flat with a minor tracking quote of ₹16 per share.
Financial Performance
| Period Ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets (₹ Cr.) | 341.78 | 247.37 | 399.2 |
| Revenue (₹ Cr.) | 586.99 | 597.68 | 452.15 |
| PAT (₹ Cr.) | 52.14 | 168.19 | -122.73 |
| Net Worth (₹ Cr.) | 80.2 | 32.78 | -118.07 |
Peer Comparison
| Company | P/B Ratio | P/E Ratio | RONW (%) | Net Worth (₹ Cr.) |
|---|---|---|---|---|
| Waterways Leisure Tourism | 65.64 | 100.96 | 0.92% | 80.2 |
| Wonderla Holidays Limited | 1.7 | 37.34 | 4.55% | 1,724.01 |
| Chalet Hotels Limited | 4.59 | 26.33 | 17.45% | 3,046.83 |
Subscription Details
Daily Bids Status
| Category | Day 1 | Day 2 | Day 3 |
|---|---|---|---|
| QIB | 0x | 0x | 0.72x |
| NII | 0.04x | 0.33x | 1.23x |
| S-HNI | 0.11x | 0.56x | 1.83x |
| B-HNI | 0.01x | 0.22x | 0.94x |
| RII | 1.06x | 2.49x | 4.4x |
| Total | 0.2x | 0.54x | 1.53x |
Overall Subscription Statistics
| Category | Shares Offered | Shares Bid | Bid Amount (₹ Cr) |
|---|---|---|---|
| QIB | 21,72,029 | 15,65,262 | 126.47 |
| NII | 10,86,015 | 13,40,730 | 108.33 |
| Small NII | 3,62,005 | 6,61,518 | 53.45 |
| Big NII | 7,24,010 | 6,79,212 | 54.88 |
| RII | 7,24,010 | 31,87,908 | 257.58 |
| Total | 39,82,054 | 60,93,900 | 492.39 |
Company Details
- Waterways Leisure Tourism Ltd.
- A-1601, Marathon Futurex, NM Joshi Marg, Lower Parel, Delisle Road, Mumbai, Maharashtra, 400013
- +91 022 71541821
- cs@waterways-leisure.com
- https://www.cordeliacruises.com/
Registrar Details
- MUFG Intime India Pvt.Ltd.
- +91-22-4918 6270
- waterwaysleisure.ipo@in.mpms.mufg.com
- https://in.mpms.mufg.com/
Frequently Asked Questions
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Sources
We match Waterways Leisure Tourism IPO IPO numbers with official sources. For final dates and allotment results, double-check the registrar or exchange.
- SEBIRules for IPO allotment and disclosures in India
- NSEExchange notices, bidding data, and listing updates
- BSEExchange notices and IPO allotment check tools
- RHP / Offer DocumentCheck the company RHP on NSE/BSE or the IPO detail page
- MUFG Intime India Pvt.Ltd.Official site to check allotment status for this IPO
Also read our Editorial Policy, How GMP is calculated, How allotment chances work, and IPO fund allocation.
Reviewed by
Dinesh Agrawal · Lead IPO Analyst
15+ years in Indian markets and IPO research. He reviews IPO dates and key details before they go live.