Updated on 18.06.2026|9:08 PM
Waterways Leisure Tourism Limited is preparing to launch its Initial Public Offering (IPO). It is the parent company of the prominent domestic ocean cruise operator "Cordelia Cruises,".
The subscription period for the public issue will remain open from Tuesday, June 23, 2026, to Thursday, June 25, 2026.
Through this 100% book-built fresh issue, the company intends to raise approximately ₹585.00 Crores at the price band of ₹769 – ₹808 per share. Track all the latest IPOs of 2026 at our upcoming and Live IPO calendar 2026 which is updated daily.
The proceeds are specifically designated to fund the acquisition of two new luxury vessels, the Norwegian Sky and Norwegian Sun.
The article provides information on Cordelia Cruises IPO GMP today, subscription progress, allotment date, price band, and a detailed review of the public issue.
Briefs of Cordelia Cruises IPO Details:
- Price Band: ₹769 – ₹808 per equity share
- Face Value: ₹10 per share
- IPO Open / Close Dates: June 23, 2026 – June 25, 2026
- Lot Size: 18 Shares (Note: Retail Minimum Application is 1 Lot / 18 Shares)
- Issue Size: 72,40,099 Equity Shares / ~₹585.00 Crores
- Fresh Issue: 100% Fresh Issue
- Registrar: MUFG Intime India Pvt. Ltd.
- Listing Exchange: BSE, NSE
A total of 72,40,099 shares are being offered under the issue, with the allocation breakdown provided below:
- QIB Portion: A minimum of 75% of the Net Issue is earmarked for this segment, with Anchor Investors eligible to receive up to 60% of the allocated portion.
- NII (HNI) Portion: Not more than 15% of the Net Issue.
- Retail (RII) Portion: Not more than 10% of the Net Issue.
What is the Current IPO GMP for Cordelia Cruises?
The GMP for this IPO, along with other issues, can be viewed on our GMP hub page.
Disclaimer: Grey Market Premium is subject to daily fluctuations and reflects unofficial market activity. Since it is not regulated by SEBI, NSE, or BSE, investors should use it only as a reference and not as the primary factor in making investment choices.
What is the Complete Timeline, including Important Dates and Allotment Details, for the Cordelia Cruises IPO?
This timeline shows key dates for planning your investment.
- IPO Open Date: Tuesday, June 23, 2026
- IPO Close Date: Thursday, June 25, 2026
- Basis of Allotment Date: Monday, June 29, 2026
- Refund Initiation Date: Tuesday, June 30, 2026
- Credit of Shares: Tuesday, June 30, 2026
- Listing Date: Wednesday, July 1, 2026
What Are The Objectives of Cordelia Cruises IPO?
The business plans to use the Net Proceeds from the New Issue for the following strategic objectives:
- Fleet Acquisition (Lease Payments): A massive ₹480.01 Crores will be directed to its subsidiary, Baycruise IFSC, to fund deposits and advance lease rentals for acquiring the Norwegian Sky and Norwegian Sun. This expansion is central to scaling operations and passenger capacity.
- General Corporate Purposes: The remaining money, which is limited to 25% of gross proeeds, will be used for marketing, strategic business initiatives, and continuing operating contingencies.
How is The Financial Performance of Cordelia Cruises?
The following table summarizes the financial performance of the company:
(Figures in ₹ Crores)
Period Ended | FY 2025-26 | FY 2024-25 | FY 2023-24 |
Total Income | 58.70 | 59.77 | 45.22 |
Profit After Tax (PAT) | 5.21 | 16.82 | (12.27) |
EBITDA | 11.75 | 21.55 | 11.12 |
Total Borrowing | 101.90 | 30.44 | 5.18 |
Assets | 341.78 | 247.37 | 399.20 |
Source: RHP
Financial Analysis & Observations:
Total Income:
The company demonstrated steady revenue generation, recovering well from post-pandemic lows.
- Total income rose from ₹45.22 Crores in FY24 to stabilize around ₹58.70 Crores in FY26.
- This growth is underpinned by strong domestic demand for cruise tourism and the company's monopoly-like position.
- Direct consumer bookings (over 62% in FY26) helped maximize overall revenue realization.
· Profit After Tax (PAT):
The profitability trajectory showed significant volatility due to exceptional items.
- The company reported a severe loss of ₹(12.27) Crores in FY24 before surging to a PAT of ₹16.82 Crores in FY25.
- The massive FY25 profit was artificially inflated by a non-recurring lease derecognition gain, normalizing back to ₹5.21 Crores in FY26.
- True operational profitability remains a critical metric to watch as the new vessels are deployed.
·EBITDA:
Operating efficiency peaked in FY25 before normalizing, reflecting the capital-intensive nature of the cruise business.
- EBITDA jumped to ₹21.55 Crores in FY25, supported by the aforementioned lease accounting gains.
- The normalized EBITDA of ₹11.75 Crores in FY26 indicates the base-level cash generation capability of its single operational vessel, MV Empress.
Total Borrowing:
To fund its aggressive fleet expansion strategy, the company has rapidly accumulated debt.
- Total borrowings skyrocketed from a mere ₹5.18 Crores in FY24 to ₹101.90 Crores by FY26.
- This exponential increase in leverage highlights the heavy capital requirements needed to secure large cruise liners.
- The IPO proceeds are vital to support this leverage and fund the necessary lease payments without exhausting internal liquidity.
·Assets:
The asset base has experienced significant fluctuations related to lease accounting and vessel acquisitions.
- Total assets stood at ₹341.78 Crores in FY26, down from the FY24 peak of ₹399.20 Crores.
- The planned acquisition of the Norwegian Sky and Norwegian Sun will drastically expand the total asset base post-listing.
What Are The P/E Ratio and Peer Comparison?
We examine the Price-to-Earnings (P/E) ratio computed at the top price band in order to figure out the valuation.
- Issue Price (Upper Band): ₹808
- EPS (FY26): ₹8.02
- P/E Ratio: ~100.74x
Peer Comparison Table (FY 2025-26 Data):
Company | P/E Ratio | RoNW (%) | EPS (₹) | Total Revenue (₹ Cr) |
Waterways Leisure (Cordelia) | 100.74 | 92.70 | 8.02 | 57.98 |
Chalet Hotels Limited | 25.73 | 19.40 | 29.50 | 276.98 |
Lemon Tree Hotels | 40.98 | 11.73 | 2.87 | 144.45 |
Wonderla Holidays Limited | 40.98 | 4.64 | 12.89 | 51.88 |
Analysis:
Cordelia Cruises is entering the market at a P/E multiple of approximately 100.74x based on its FY26 EPS.
Because there are no direct listed ocean cruise operators in India, the company compares itself to a blended group of hotel and entertainment peers.
While this P/E is significantly higher than established hotel chains like Chalet Hotels (25.73x) and theme parks like Wonderla (40.98x), Cordelia boasts a massive, albeit skewed, Return on Net Worth (RoNW) of 92.70%.
This high multiple reflects the "scarcity premium" investors may place on India's sole domestic cruise operator, though it requires robust future earnings growth from the new vessels to justify.
What is The Industry Outlook of Cordelia Cruises?
Growth Potential: The Indian cruise tourism market is in its nascent stages but is projected to grow exponentially. Government initiatives under the "Cruise Bharat Mission" aim to develop port infrastructure and ease regulations to attract both domestic and international tourists.
Market Trends: Rising disposable incomes and a post-pandemic shift toward experiential leisure travel present a strong structural tailwind. Domestic cruises offer a relatively affordable, visa-free luxury vacation alternative for the Indian middle class.
What Are The Strengths and Risks of Cordelia Cruises IPO?
Strengths:
- Pioneer Advantage: As one of the only domestic ocean cruise operators, Cordelia enjoys a near-monopoly and strong brand recall in the Indian market.
- Fleet Expansion: The acquisition of two new vessels will triple capacity, providing immense revenue growth visibility.
- Direct Sales Model: With over 62% of bookings made directly, the company bypasses travel agent commissions, structurally improving gross margins.
Risks:
- Single Asset Dependency: Currently operating only the MV Empress, any technical failure or regulatory grounding would completely halt revenue generation.
- Financial Volatility: The company has a history of negative net worth and negative operating cash flows, relying heavily on accounting gains in FY25 to show profitability.
- Valuation & Dilution: The IPO is priced at a steep P/E multiple, and the limited retail allocation (10%) suggests high volatility and potential liquidity issues post-listing.
Key Considerations for Investors
Before investing, investors should understand the minimum investment structure prescribed for the issue.
- Minimum Application: The lot size is 18 Shares. Based on the data provided, the minimum application for Retail Individual Investors is 1 Lot (18 Shares), amounting to ₹14,544.
- Valuation vs. Risk: At ~100x P/E, the valuation is highly aggressive. Investors are paying a premium for the company's first-mover advantage and the anticipated revenue from the two un-deployed vessels.
- Retail Allocation: With only 10% reserved for retail investors, this issue is heavily skewed toward Qualified Institutional Buyers (QIBs), making allotment difficult for individual investors.
important IPO Resources:
2. IPO GMP vs Listing Accuracy Study 2026
3. Details of IPO Allotment status check
4. IPO Listing Performance Tracker 2026 – Complete Dataset of IPO Listing Gains in India
5. Daily subscription details of live IPOs
6. May 2026 IPO Subscription Review: 16 IPOs Data, Demand Patterns & Key Trends
Key Takeaways
- IPO Price: ₹808 per share (Upper Band).
- Min Investment: ₹14,544 (18 Shares).
- Valuation: P/E of ~100.74x (Premium Valuation).
- Financials: Revenue ₹58.70 Cr (FY26); High Leverage.
- Listing: BSE & NSE on July 1, 2026.
FAQs on Cordelia Cruises IPO
How much is the Cordelia Cruises IPO GMP trading at today?
As a market-driven indicator, the Grey Market Premium (GMP) fluctuates regularly based on investor sentiment. Readers can check our GMP section or reliable financial news sources for the most recent updates.
What are the lower and upper price limits of the Cordelia Cruises IPO price band?
Investors can bid for the IPO within the price band of ₹769 to ₹808 per equity share.
When will the allotment for the Cordelia Cruises IPO be finalised?
The allotment process for the issue is tentatively scheduled to be completed on Monday, June 29, 2026.
How to check Cordelia Cruises IPO allotment status?
Investors can find out if they got shares by visiting the registrar, MUFG Intime India Pvt. Ltd., or the official BSE and NSE websites.
When is the Cordelia Cruises IPO scheduled to list on the NSE and BSE?
The shares are expected to be listed on the stock exchanges on Wednesday, July 1, 2026.
Investment Perspective on Cordelia Cruises IPO
Cordelia Cruises offers a unique, high-growth opportunity as India's premier domestic cruise operator.
While the massive fleet expansion plan provides strong revenue visibility, the exorbitant valuation multiple, history of financial volatility, and single-asset dependency make this a high-risk proposition best suited for investors with a long-term horizon.
Disclaimer:
This material is only for educational purposes. Before making any investing decisions, please speak with an investment advisor who is registered with SEBI.
