Waterways Leisure Tourism files DRHP for ₹727 crore IPO; check details here

Waterways Leisure Tourism IPO is entirely a fresh issue of shares up to ₹27 crore with no offer for sale (OFS) component

Upcoming IPO: Waterways Leisure Tourism, operator of Cordelia Cruises, has filed its Draft Red Herring Prospectus (DRHP) with the markets regulator, the Securities and Exchange Board of India (SEBI) to raise ₹727 crore through an initial public offering (IPO). 

 

The Mumbai-based cruise operator's IPO, with a face value of ₹10, is entirely a fresh issue of shares up to ₹727 crore with no offer for sale (OFS) component. 

Waterways Leisure Tourism IPO details

According to the DRHP, from the net issue proceeds, the company plans to use ₹552.53 crore for payment towards deposit/advanced lease rental and monthly lease payments to its step-down subsidiary Baycruise Shipping and Leasing (IFSC) (Baycruise IFSC) and general corporate purposes.

 

 

The company has allocated at least 75 per cent of the issue to qualified institutional buyers (QIBs), and not more than 15 per cent for non-institutional investors (NIIs) and 10 per cent for retail individual bidders. 

 

MUFG Intime India, formerly Link Intime is the registrar of the issue. Centrum Capital, Intensive Fiscal Services and Motilal Oswal Investment Advisors are the book-running lead managers.

 

The equity shares are proposed to be listed on the National Stock Exchange of India (NSE) and BSE. 

About Waterways Leisure Tourism

Waterways Leisure Tourism is the only domestic ocean cruise operator in India as of December 31, 2024, according to a Crisil report. Currently, it operates a cruise vessel, the MV Empress, under the brand name Cordelia Cruises. Since its launch, 5,49,051 guests have sailed on its cruise vessel, which has covered more than 2,25,079.53 nautical miles along the Indian coastline and surrounding islands as of December 31, 2024, the company said in the draft papers.  The company's cruise vessel primarily sails to domestic destinations such as 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 has also sold cruise tickets for its first-time sail to destinations such as Phuket (Thailand), Singapore, Kuala Lumpur and Langkawi (Malaysia).