The initial public offering (IPO) of Waterways Leisure Tourism kicks-off for bidding on Tuesday, June 23. The Cordelia Cruise operator shall be selling is shares in the range of Rs 769-808 apiece and investors can apply for a minimum of 18 equity shares and its multiples thereafter. The issue can be subscribe till Thursday, June 25.

Waterways Leisure Tourism (WLT) is eyeing to raise a total of Rs 585 crore from its IPO, which is entirely a fresh share sale of 72,40,099 equity shares. The net proceeds from the issue shall be utilized towards deposit/advanced lease rental and monthly lease payments to step-down subsidiary, Baycruise Shipping and Leasing (IFSC) and general corporate purposes.

Incorporated in November 2020, Mumbai-based Waterways Leisure Tourism among India’s leading domestic ocean cruise operators, offering luxury cruise experiences focused on Indian culture, hospitality, entertainment, and cuisine. It held nearly 79 per cent market share by value in India’s domestic ocean cruise industry in Fiscal 2025. 

It operates the cruise vessel MV Empress, which sails to destinations including Mumbai, Goa, Kochi, Chennai, Lakshadweep, Visakhapatnam, Puducherry, and select international destinations such as Sri Lanka, Thailand, Singapore, and Malaysia. As of March 31, 2026, over 730,000 guests had sailed on its cruises, covering more than 321,000 nautical miles. 

Ahead of its IPO, Cordelia Cruise raised Rs 263.25 crore from anchor investors as it allocated 32,58,045 equity shares at Rs 808 apiece. Its anchor book included names like Cullinan Opportunities Fund VCC, Zeal Global Opportunities Fund, M7 Global Fund, Nova Global Opportunities Fund, Stellar Growth Fund, Baroda BNP Paribas Mutual Funds, Maybank Securities and more.

Waterways Leisure Tourism clocked a net profit of Rs 52.14 crore with a revenue of Rs 586.99 crore for the period on December 31, 2025. It reported a net profit of Rs 168.19 crore with a revenue of Rs 597.68 crore for the financial year ended March 31, 2025. At the current valuations, the company commands a market capitalization of Rs 5,850 crore.

Waterways Leisure Tourism has reserved 75 per cent for the qualified institutional bidders (QIBs), while non-institutional investors will get 15 per cent of allocations. Retail investors have a 10 per cent of allocation in the IPO. Ahead of its IPO, Cordelia Cruise was commanding a grey market premium of Rs 10-12 apeice, suggesting a flat listing gains for the investors.

Centrum Broking is the sole book running lead manager for Waterways Leisure Tourism IPO and MUFG Intime India is the registrar of the issue. Shares of the company shall be listed on both BSE and NSE, with July 1 as the tentative date of listing. Here's what a host of brokerage firms say about the IPO of Waterways Leisure Tourism:

DR Choksey Finserv
Rating: Subscribe
FY27 is unambiguously a transition year; fixed charter obligations of $16 million per vessel per annum are front-loaded relative to new ship revenue, and we model Ebitda margins compressing to 18-22 per cent before recovering toward 26-28% by FY29 as fleet utilisation stabilises and operating leverage asserts itself, said DR Choskey Finserv.

"India's sub-1 per cent cruise penetration provides a credible long-runway demand thesis, but the near-term revenue bridge is volume-led. We view Cordelia as a 3-5 year compounding opportunity contingent on disciplined fleet execution; the load factor trajectory on Norwegian Sky in its first three operational quarters post-delivery remains the critical monitorable," it added with a 'subscribe' tag.

SBI Securities
Rating: Subscribe for long-term
WLT is one of India’s leading cruise operators and a good proxy to the Indian Ocean and Coastal Cruise industry. The industry is likely to grow at 20-25 per cent CAGR over the next 5 years, recovering from a tepid FY26 which was marred by a volatile global backdrop. It aims to add two new vessels - Norwegian Sky in FY27 and Norwegian Sun to its fleet, which would help cater rising industry demand, said SBI Securities.

The current high overhead costs will get absorbed once the two vessels will get commissioned. The issue is valued at a P/E & EV/EBITDA of 112.2 times/48.6 times respectively based on FY26 on a post-issue basis. Given its improved profit growth outlook, market leadership and robust industry growth expectations," it said with a 'subscribe for long-term' rating.

Swastika Investmart
Rating: Neutral
Waterways Leisure Tourism operates Cordelia Cruises and enjoys a strong position in India's fast-growing cruise tourism market. The business has maintained healthy occupancy levels and strong passenger demand, reflecting growing acceptance of cruise tourism in India. At around 101 times P/E, the IPO appears aggressively priced, said Swastika Investmart.

"While it has turned profitable, Ebitda margins have declined recently and the business remains exposed to fuel costs, occupancy fluctuations, and operational disruptions. Despite strong industry tailwinds and growth potential, the valuation leaves limited margin of safety. We assign a 'neutral' rating—suitable for long-term investors, but not particularly attractive for listing gains," it said.

Ventura Securities
Rating: Subscribe
Waterways Leisure Tourism serves India’s expanding overnight ocean and coastal cruise industry, supported by government initiatives. The IPO proceeds will be used to expand the fleet, with the ‘Norwegian Sky’ expected by Fiscal 2027 and the ‘Norwegian Sun’ by FY28, capturing rising demand for premium vacations, said Ventura.

Investors face significant risks, including negative cash flows from operating activities of Rs 96.44 crore in FY26 and contingent liabilities exceeding Rs 37.5 crore related to port facilitation charges and tax demands. 67 per cent of passengers originate from Mumbai, making the business highly susceptible to any localized disruptions in that region," it said with a 'subscribe' tag.

BP Equities
Rating: Avoid
The issue is valued at a P/E multiple of 100.7 times based on FY26 diluted earnings of Rs 8 per share, which appears expensive, said BP Equities. "We recommend an 'avoid' to the issue at current valuations and instead monitor the company post-listing for potential investment opportunities as its expansion plans translate into earnings growth," it added.