by Suman Gupta
Waterways Leisure Tourism Limited operates the only domestic cruise line “Cordelia Cruises” which operates majorly from Mumbai and Chennai.
The IPO, with a face value of Rs 10, is entirely a fresh issue of shares up to Rs 727 crore with no offer-for-sale component.
The proceeds from the fresh issue to the extent of Rs 552.53 crores for payment towards deposit/ advanced lease rental and monthly lease payments to its step-down subsidiary, Baycruise Shipping and Leasing (IFSC) Private Limited (“Baycruise IFSC”) and general corporate purposes.
The Issue is being made through the book-building process, wherein at least 75% of the issue is allocated to qualified institutional buyers, and not more than 15% and 10% of the issue is assigned to non-institutional and retail individual bidders respectively.
Further, when the Mumbai International Cruise Terminal at Mumbai Port underwent redevelopment from 2023 to 2025, Waterways Leisure Tourism developed and operated a fully functional temporary cruise terminal at Green Gate, Mumbai Port.
Waterways Leisure Tourism Limited’s revenue from operations stood at Rs 442.11 crore in Fiscal 2024.
Centrum Capital Limited, Intensive Fiscal Services Private Limited and Motilal Oswal Investment Advisors Limited are the book-running lead managers and MUFG Intime India Private Limited is the registrar of the issue. The equity shares are proposed to be listed on the National Stock Exchange of India Limited and BSE Limited.
