Waterways Leisure Tourism IPO: Check IPO Date, Live Subscription and Key Details
Waterways Leisure Tourism Limited, incorporated in November 2020, is India's leading domestic ocean cruise holiday operator, managing high-end luxury hospitality and cruise line voyages under its premium flagship brand 'Cordelia Cruises'. The company operates the upscale cruise vessel *MV Empress*, managing domestic destination routes across Mumbai, Goa, Kochi, Chennai, Lakshadweep, Puducherry, and Visakhapatnam, along with exclusive international voyages connecting Sri Lanka, Thailand, Singapore, and Malaysia. WLTPL commands a dominant 79% market share by value in India's ocean cruise tourism sector, executing an asset-light framework by outsourcing intensive marine engineering, F&B catering, and crew logistics to specialized vendors while generating high-margin direct customer bookings via integrated digital portals.
Price Range
₹769.0 - ₹808.0
Issue Size
₹585 Cr
Lot Size
18 shares
IPO Type
Mainboard
GMP
₹6(+0.74%)
Est. Listing Price
₹814
Estimate Profit
₹108
Retail Portion
10.00%
Key Metrics
Check Live GMPGMPFace Value
₹10
EPS
8.02
P/E Ratio
100.96
RoNW
92.7%
ROE
0.92%
Debt to Equity
1.27
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Timeline
IPO Opens
23 Jun
IPO Closes
25 Jun
Allotment
29 Jun
Listing
1 Jul
IPO Timeline & Listing Details
| Event | Date | Details |
|---|---|---|
| IPO Open Date | 23 June 2026 | Subscription starts |
| IPO Close Date | 25 June 2026 | Subscription ends |
| Allotment Date | 29 June 2026 | Allotment |
| Listing Date | 1 July 2026 | Listing |
Investment Categories
| Category | Lots | Amount |
|---|---|---|
Retail (Min) | 1 | ₹14,544 |
Retail (Max)Just less than ₹2,00,000 | 13 | ₹1,89,072 |
SHNI (Min)Just above ₹2,00,000 | 14 | ₹2,03,616 |
SHNI (Max)Below ₹10,00,000 | 68 | ₹9,88,992 |
BHNIAbove ₹10,00,000 | 69 | ₹10,03,536 |
IPO Reservation Details
| Category | Reservation |
|---|---|
| QIB (Qualified Institutional Buyer) | 75.00% |
| NII (Non-Institutional Investor) | 15.00% |
| SHNI (Small Non-Institutional Investor) | 5.00% |
| BHNI (Big Non-Institutional Investor) | 10.00% |
| Retail | 10.00% |
| Total | 100.00% |
IPO Objectives
- Payment towards upfront deposit, advanced lease rental commitments, and monthly lease deployment pipelines to its stepdown corporate subsidiary, Baycruise Shipping and Leasing (IFSC) Private Limited (₹480.01 Cr).
- General Corporate Purposes.
Strengths
- The company commands a Monopolistic Market Position, holding a formidable 79% domestic market share by value, operating as India's premier high-volume luxury ocean cruise line.
- It achieves Premium Phygital Direct Sourcing, capturing optimal operating margins by bypassing traditional intermediary commissions and driving the majority of user conversions via proprietary web apps.
- The business demonstrates Integrated Customer Traction, successfully onboarding over 730,000 corporate and retail guests across 321,000 logged nautical miles of luxury hospitality voyages.
- The firm relies on clear Fleet Scaling Pipelines, leveraging well-defined expansion blueprints tracking the integration of additional cruise liners (*Norwegian Sky* and *Norwegian Sun*) to tap rising discretionary leisure trends.
Weaknesses
- The business suffers from Severe Core Profit De-acceleration, with financial highlights revealing acute pressure as net profit after tax plunged sharply by 69% to ₹52.14 Cr in FY26 due to escalating fuel and marine overheads.
- It is bound by a Highly Restrictive Retail Allocation, where operating as a historically loss-making tech-leisure entity mandates that retail allocations are compressed to just 10%, leading to heavy lottery scaling risks.
- The company carries Substantial Balance Sheet Leverage, managing an elevated debt footprint with a debt-to-equity layer standing at 1.27, showing an increasing reliance on external borrowing facilities.
- The issue faces a Muted Early Gray Market Reception, with unofficial gray market premiums indicating highly conservative participant interest, opening flat with a minor tracking quote of ₹16 per share.
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Financial Performance
| Period Ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets (₹ Cr.) | 341.78 | 247.37 | 399.2 |
| Revenue (₹ Cr.) | 586.99 | 597.68 | 452.15 |
| PAT (₹ Cr.) | 52.14 | 168.19 | -122.73 |
| Net Worth (₹ Cr.) | 80.2 | 32.78 | -118.07 |
Peer Comparison
| Company | P/B Ratio | P/E Ratio | RONW (%) | Net Worth (₹ Cr.) |
|---|---|---|---|---|
| Waterways Leisure Tourism | 65.64 | 100.96 | 0.92% | 80.2 |
| Wonderla Holidays Limited | 1.7 | 37.34 | 4.55% | 1,724.01 |
| Chalet Hotels Limited | 4.59 | 26.33 | 17.45% | 3,046.83 |
Subscription Details
Daily Bids Status
| Category | Day 1 |
|---|---|
| QIB | 0x |
| NII | 0.04x |
| S-HNI | 0.11x |
| B-HNI | 0.01x |
| RII | 1.06x |
| Total | 0.2x |
Overall Subscription Statistics
| Category | Shares Offered | Shares Bid | Bid Amount (₹ Cr) |
|---|---|---|---|
| QIB | 21,72,029 | 0 | 0 |
| NII | 10,86,015 | 46,782 | 3.78 |
| Small NII | 3,62,005 | 40,554 | 3.28 |
| Big NII | 7,24,010 | 6,228 | 0.5 |
| RII | 7,24,010 | 7,67,394 | 62.01 |
| Total | 39,82,054 | 8,14,176 | 65.79 |
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Company Details
- Waterways Leisure Tourism Ltd.
- A-1601, Marathon Futurex, NM Joshi Marg, Lower Parel, Delisle Road, Mumbai, Maharashtra, 400013
- +91 022 71541821
- cs@waterways-leisure.com
- https://www.cordeliacruises.com/
Registrar Details
- MUFG Intime India Pvt.Ltd.
- +91-22-4918 6270
- waterwaysleisure.ipo@in.mpms.mufg.com
- https://in.mpms.mufg.com/
Frequently Asked Questions
What does Waterways Leisure Tourism do?
Waterways Leisure Tourism operates cruise tourism and hospitality services in India through its Cordelia Cruises brand, offering leisure cruises, holiday packages, corporate events, and travel experiences.
What are the IPO dates for Waterways Leisure Tourism IPO?
The Waterways Leisure Tourism IPO will open for subscription on June 23, 2026, and close on June 25, 2026.
What is the price band and minimum investment for Waterways Leisure Tourism IPO?
The IPO price band is fixed at ₹769 to ₹808 per share. Retail investors need to apply for a minimum of 1 lot (18 shares), requiring an investment of ₹14,544 at the upper price band.
What is the Grey Market Premium (GMP) of Waterways Leisure Tourism IPO today?
As of June 19, 2026, the Grey Market Premium (GMP) of Waterways Leisure Tourism IPO is around ₹16 per share, indicating an estimated listing price of about ₹824.
Where will Waterways Leisure Tourism IPO be listed?
Waterways Leisure Tourism IPO is proposed to be listed on both BSE and NSE, with the tentative listing date set for July 1, 2026.
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