Waterways Leisure Tourism, the Mumbai-based operator behind Cordelia Cruises, has submitted a Draft Red Herring Prospectus with India’s SEBI, seeking to raise ₹727 crore (~US$84.5 million) via a fresh‐issue offering.
The majority of the proceeds—approximately ₹552.5 crore—will be dedicated to lease obligations for new vessels through its subsidiary, Baycruise Shipping and Leasing, with the remainder earmarked for general corporate use.
The company, which commands a leading 65% share of India’s ocean‐cruise market, currently runs the Cordelia Empress, serving domestic ports—Mumbai, Goa, Kochi, Chennai, Lakshadweep, Visakhapatnam, Puducherry—as well as destinations in Sri Lanka, Thailand, Singapore, and Malaysia.
Cordelia plans to expand its fleet through time‑charter agreements for two NCL's ships - Norwegian Sky (by fiscal 2026) and Norwegian Sun (by 2027).
Financially, its FY 2024 revenue declined to ₹442.1 crore from ₹481.9 crore in FY 2023, with a net loss of ₹119.9 crore. However, operations rebounded in the nine months to December 2024, yielding ₹409.5 crore in revenue and a profit after tax of ₹139.3 crore. The 9-month occupancy improved significantly during this period.
The IPO (initial public offering) will be book‑built, with 75% allocated to institutional investors and the remainder to non‑institutional and retail subscribers. Promoted by Global Shipping and Leisure Limited alongside Rajesh Chandumal Hotwani, the pre‑IPO promoters held 99.27% of equity. The shares are expected to list on both NSE and BSE.
This funding aims to nearly double the fleet’s capacity, enabling operational efficiencies through scale, while acknowledging risks tied to the current single‐vessel model. The move reflects confidence in India’s cruising outlook amid growing middle‑class demand and rising disposable incomes.