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HomeIPOCordelia Cruises (Waterways Leisure Tourism)

About Cordelia Cruises (Waterways Leisure Tourism)

Waterways leisure tourism operates in cruise tourism and hospitality under its flagship brand Cordelia Cruises — India's only premium cruise line. Presently, it operates 'MV Express' cruise vessel that chiefly sails to domestic destinations like Mumbai (Maharashtra), Goa, Kochi (Kerala), Chennai (Tamil Nadu), Lakshadweep, Visakhapatnam (Andhra Pradesh), and Puducherry. It also offers international itineraries, including Hambantota, Trincomalee and Jaffna (Sri Lanka) and have also sold cruise tickets for our first time sail to destinations such as Phuket (Thailand), Singapore, Kuala Lumpur and Langkawi (Malaysia). WLTPL boasts a vibrant cruise culture, blending international standards with Indian tastes in terms of cuisine, hospitality, and entertainment.

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National Stock Exchange of India logo

National Stock Exchange of India

Mainboard
Open  Close17th Sep 2026 - 21st Sep 2026
Issue Size22561.57 Cr
Min. Qty8 Shares
Issue Price₹ 1700.00
Live IPO
Antala Industries logo

Antala Industries

SME
Open  Close29th Oct 2026 - 5th Nov 2026
Issue Size22.98 Cr
Min. Qty2000 Shares
Issue Price₹ 62.00
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National Stock Exchange of India logo

National Stock Exchange of India

Mainboard
17th Sep 2026 - 21st Sep 202622561.57 Cr8 Shares₹ 1700.00
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Antala Industries

SME
29th Oct 2026 - 5th Nov 202622.98 Cr2000 Shares₹ 62.00
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Cordelia Cruises (Waterways Leisure Tourism)

Cordelia Cruises (Waterways Leisure Tourism)

Open Date

Jun 23, 2026

Close Date

Jun 25, 2026

listed

Min Investment

₹14,544

Lot Size

18 Shares

Issue Size

₹585 Cr

Price Range

₹769 - ₹769

Listing Date

Jul 1, 2026

IPO Doc

RHP PDF

Revenue Growth

Company Valuation

Earning Expansion

The investment checklist helps you understand a company's financial health at a glance and identify quality investment opportunities easily.

₹51(-6.31%)GMP
6.31%Prediction Listing Gain

Grey Market Premium (GMP) Trend

Cordelia Cruises (Waterways Leisure Tourism) IPO - Issue Objectives

₹480.01 crore will be utilized for lease deposits and rental payments to Baycruise IFSC. Up to 25% of the gross proceeds will be used for general corporate purposes.

Lease deposit & rental payments

82.1%

General corporate purposes

17.9%

1

Lease deposit & rental payments

₹480.01 crore will be utilized for lease deposits and rental payments to Baycruise IFSC.

82.10%
2

General corporate purposes

Up to 25% of the gross proceeds will be used for general corporate purposes.

17.90%

IPO Subscription Status

QIB
1.06x
NII
1.23x
Individual
4.40x
Total
1.72x

Times subscribed by category (bars capped at 10x for readability). Dashed line marks 1.0x (fully subscribed).

Financials of Cordelia Cruises (Waterways Leisure Tourism)

In Cr.

Key Performance Indicator31-Dec-24 (In Cr.)31-Mar-24 (In Cr.)31-Mar-23 (In Cr.)31-Mar-22 (In Cr.)
Revenue414.21450.20486.22136.75
EBITDA
Expenses
Profit After Tax139.25-119.9655.31-114.98
Assets243.79327.93307.0257.80
Net Worth24.38-114.775.19-114.85
Reserves-40.26-179.51-59.55-114.87
Borrowing4.400.000.0073.51

Cordelia Cruises (Waterways Leisure Tourism) - Promoter(s)

Global Shipping and Leisure Limited

Rajesh Chandumal Hotwani

Pre Issue Share Holding

N/A

Post Issue Share Holding

N/A

About Strength & Risks

Why this IPO looks interesting

Key positives investors may want to consider before applying.

01

Unique position in an expanding, emerging market

Monopolistic dynamics of India’s one and only large-scale operator in domestic ocean cruises with expected market growth of 20 to 25% CAGR to reach ₹1,820-2,250 crore by FY31 due to highly complex regulations and capital intensity that act as entry barriers.

02

Curated India experience

Revenue per head showed a positive trend going up from ₹10,524 in FY24 to ₹12,036 in FY26 on the strength of effective onboard monetisation and India-centric experience. The ticket price has also increased from ₹9,244 to ₹10,980 in the two-year period.

03

High share of direct cabin bookings

In excess of 62% of all cabins are booked via the website/app/call centre team of 148 operators, thus avoiding agent commission and ensuring better customer information through direct booking. Direct cabin numbers increased from 36,769 in FY24 to 47,895 in FY26 (+30% in two years).

What investors should watch closely

Risk factors and possible pressure points around the offer.

01

Concentration of revenue

All the revenue generated is currently channelled via one ship named MV Empress, and any mechanical issues, accidents or even regulatory issues leading to the grounding of such a vessel can disrupt all activities without a second ship to absorb such shocks.

02

Concentration of cruise ticket revenue

The bulk of the revenue for the business is derived from cruise ticket purchases amounting to 91.22%. Thus, the business will be extremely vulnerable to changes in economic conditions, pandemics or competitive threats from new entrants.

Contact Details

Cordelia Cruises (Waterways Leisure Tourism)

A-1601, Marathon Futurex, NM Joshi Marg, Lower Parel, Delisle Road, Mumbai, Maharashtra, 400013

+9102271541821
cs@waterways-leisure.com
http://www.cordeliacruises.com/

Registrar Contact Details

MUFG Intime India Pvt Ltd

+91-22-4918 6270
waterwaysleisure.ipo@in.mpms.mufg.com
https://in.mpms.mufg.com/Initial_Offer/public-issues.html

Cordelia Cruises (Waterways Leisure Tourism) IPO - FAQs

Cordelia Cruises (Waterways Leisure Tourism) IPO is a Mainboard IPO. The issue is priced at 769-₹808. The minimum order quantity is 18 Shares. The IPO opens on 23 Jun, and closes on 25 Jun. MUFG Intime India Pvt Ltd is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.

IPO Timeline

  • Pre Apply2026-06-19
  • Bidding Starts2026-06-23
  • Bidding Ends2026-06-25
  • Allotment Finalisation2026-06-29
  • Release of Funds2026-06-30
  • Demat Transfer2026-06-30
  • Listing2026-07-01
04

Asset light model through outsourcing

The firm is able to circumvent the pitfall of high cost structure through full-time employment by outsourcing activities like food and beverages, housekeeping, manning, technical management, and entertainment to specialised vendors. Overall third-party service provider expenditure stood at ₹120.9 crore in FY26 for three main vendors.

03

Hefty lease payments due to ship expansion

The business is fully committed to paying $16.1 million every year for the first two years following delivery of each vessel. This translates to annual lease payments of over $32 million after delivery of both vessels, considering the fact that the EBITDA earned by the business stood at only ₹117.48 crore in FY26.

04

Mumbai port dependency

Over 67% of all passenger embarkations take place at Mumbai, resulting in significant risk of a negative incident – natural disaster, port closure, regulation, or a localised public health crisis – that could lead to plummeting occupancy company-wide.