Mumbai-based cruise operator Waterways Leisure Tourism has set the price band for its upcoming initial public offering (IPO), which shall open for bidding on June 23. Cordelia Cruise-parent has fixed the band at Rs 769-808 per equity share and investors can bid for a minimum of 18 shares and in multiples thereafter.

The IPO is entirely a fresh issue of shares worth Rs 585 crore, with no offer for sale (OFS) component. At the upper end of the price band, the company is expected to be valued at Rs 5,849.48 crore after listing. The issue will close on June 25, while the anchor investor portion will open on June 22.

Of the total issue size, 75 per cent equity has been reserved for qualified institutional buyers, 15 per cent  for non-institutional investors and 10 per cent  for retail investors. Waterways Leisure Tourism operates under the Cordelia Cruises brand and provides domestic ocean cruise services along with select international routes.

It currently operates the cruise vessel MV Empress under the Cordelia Cruises brand. As of December 31, 2024, the vessel had hosted 5,49,051 guests and covered more than 2,25,079 nautical miles across the Indian coastline and nearby islands. Cordelia Cruises offers 796 cabins across multiple categories, with dynamic pricing ranging from Rs 25,230 to Rs 1,15,536 per night.

As part of its expansion strategy, it plans to add two vessels, Norwegian Sky and Norwegian Sun, with capacities of 2,004 and 1,936 guests, respectively. In FY24, Waterways Leisure Tourism accounted for around 65 per cent of India’s cruise market by value. It plans to introduce new itineraries and enhance onboard services through upgraded dining options, modernised cabins and international entertainment offerings.

During the redevelopment of the Mumbai International Cruise Terminal, Cordelia developed and operated a temporary cruise terminal at Green Gate, Mumbai Port. For FY24, Waterways Leisure Tourism reported revenue of Rs 442.11 crore. For the nine months ended December 31, 2024, revenue stood at Rs 409.45 crore, while profit after tax came in at Rs 139.25 crore.

Centrum Broking is sole the book-running lead manager to the issue, while MUFG Intime India is the registrar.  Waterways Leisure Tourism's shares are proposed to be listed on the NSE and BSE with July 1, 2026 (Wednesday) as the tentative date of listing.