Waterways Leisure Tourism Unveils Price Band for Upcoming IPO Set to Launch on June 23
Waterways Leisure Tourism has initiated the pricing for its upcoming IPO, setting a band of Rs 769-808 per equity share. This public issue, which opens for subscription from June 23 to June 25, is entirely a fresh issuance valued at up to Rs 585 crore. Investors will need to bid for a minimum of 18 shares, and subsequent bids must also be in multiples of this quantity. The firm plans to allocate approximately Rs 480 crore from the IPO proceeds towards critical expenses related to its step-down subsidiary, Baycruise Shipping and Leasing (IFSC), covering costs such as deposits and lease payments. The remaining funds will support general corporate purposes, providing the company with essential financial flexibility as it gears up for growth.
As the leading cruise operator in India, Waterways Leisure Tourism commands a significant market presence, holding approximately 79% market share as noted in a recent CRISIL report for FY25. Their flagship vessel, the MV Empress, has successfully hosted over 730,000 guests and navigated more than 321,000 nautical miles, establishing robust operational credentials. The cruise routes available include popular domestic locations such as Mumbai, Goa, and Chennai, along with international destinations including Sri Lanka and Thailand. Notably, the company is poised for expansion with the addition of vessels Norwegian Sky and Norwegian Sun, which will enhance its capacity by nearly 2,000 cabins and an ability to host over 3,900 additional passengers. Such strategic enlargement is expected to bolster future revenue streams, capitalizing on the growing demand for cruise experiences.
Financially, Waterways Leisure Tourism has shown a significant turnaround, reporting revenue from operations of Rs 580 crore for FY26, a marked increase from Rs 444 crore in FY24. The company also recorded a net profit of Rs 52 crore in FY26, compared with a net loss of Rs 123 crore in FY24, demonstrating a solid recovery trajectory and operational efficiency. This turnaround is particularly relevant as India’s cruise tourism industry is increasingly attractive, fueled by rising disposable incomes, improved port infrastructure, and a shift toward experiential travel among consumers.
The timing of the IPO is favourable, given the renewed interest in India’s cruise tourism sector. The demand for both leisure and MICE (meetings, incentives, conferences, and exhibitions) activities, along with the potential for integrated hospitality services onboard, positions Waterways Leisure Tourism as a key player in this growing market. Managed by Centrum Capital as the book-running lead manager, this IPO could offer Wealthova investors a promising opportunity to engage with a company that is not only entrenched in a burgeoning sector but also demonstrating promising financial metrics and growth aspirations.
Source: The Economic Times
(Expert Note: This report was prepared by the Wealthova team.)