Waterways Leisure Tourism IPO
Waterways Leisure Tourism IPO — date, price band, GMP & allotment 2026
Waterways Leisure Tourism IPO will open for subscription from 23 June 2026 to 25 June 2026. Incorporated to operate and expand cruise tourism in India, the company runs the popular Cordelia Cruises brand and follows a cruise-based leisure travel business model. It generates revenue through cruise ticket sales, onboard hospitality, entertainment and related services. Headquartered in Mumbai, the company has a strong presence across domestic and select international cruise routes, making it a key player in India's growing cruise tourism industry.
Stock price
Waterways Leisure Tourism is listed — here is the live share price.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 16 September.
- Open 23 Jun 2026
- Close 25 Jun 2026
- Allotment 29 Jun 2026
- Refund/credit 30 Jun 2026
- Listing 01 Jul 2026
Issue summary
The terms of the offer, as filed.
| IPO Dates | 23 to 25 Jun, 2026 |
|---|---|
| Price Band | ₹769 – ₹808 |
| Face Value | ₹TBA |
| Lot Size | 18 Shares |
| Issue Size | ₹585 Cr |
| Listing On | BSE, NSE |
| Registrar | MUFG Intime India Private Limited |
| Min Investment | ₹ 14,544 |
What will it cost me?
Bidding is in multiples of 18 shares at the ₹808 cut-off. Drag to size your application.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 18 | ₹14,544 |
| Retail (max) | 13 | 234 | ₹1,89,072 |
| S-HNI (min) | 14 | 252 | ₹2,03,616 |
| S-HNI (max) | 68 | 1,224 | ₹9,88,992 |
| B-HNI (min) | 69 | 1,242 | ₹10,03,536 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 5
- 01Leading Cruise Brand in India – The company operates Cordelia Cruises, one of the most recognized cruise tourism brands in the country.
- 02Growing Tourism Industry – Rising disposable incomes and increasing demand for experiential travel support long-term growth prospects.
- 03Diversified Revenue Streams – Revenue is generated from cruise ticket sales, onboard hospitality, entertainment, retail sales, and excursion packages.
- 04Strong Brand Positioning – The company has established a strong presence in the emerging Indian cruise tourism segment with a loyal customer base.
- 05First-Mover Advantage – Limited competition in the domestic cruise market provides an opportunity to capture a larger share of the growing industry.
Risks · 5
- 01High Capital-Intensive Business – Cruise operations require significant investment in vessels, maintenance, upgrades, and compliance costs.
- 02Dependence on Consumer Spending – Demand for cruise vacations is discretionary and may decline during economic slowdowns.
- 03Exposure to Fuel Price Fluctuations – Rising fuel costs can adversely affect operating margins and profitability.
- 04Regulatory and Safety Risks – Cruise operations are subject to maritime regulations, environmental standards, and safety requirements across multiple jurisdictions.
- 05Business Concentration Risk – A significant portion of revenue is dependent on cruise tourism operations, making the company vulnerable to disruptions from pandemics, adverse weather conditions, geopolitical events, or travel restrictions.
Three years of numbers
All figures in ₹ crore, as reported in the Waterways Leisure Tourism offer document.
| Metric | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Revenue | 586.99 | 597.68 | 452.15 |
| EBITDA | 117.48 | 215.46 | 111.15 |
| Net Profit | 52.14 | 168.19 | -122.73 |
| Debt | 101.90 | 30.44 | 5.18 |
| Assets | 341.78 | 247.37 | 399.20 |
See how this IPO compares — view listing performance of all mainboard IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the Waterways Leisure Tourism RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
Waterways Leisure Tourism IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Post-Issue |
|---|---|
| EPS (₹) | ₹8.00 |
| P/E Ratio (x) | 100.96 |
| Market Cap at Offer Price (₹ Cr) | ₹5,266.14 |
Pre-issue figures use the shareholding reported in the RHP; post-issue figures use the shareholding once the fresh issue has created new shares. The two differ because of that dilution and because post-issue earnings per share are often annualised, so the change can run in either direction. Market capitalisation is calculated at the ₹808 offer price. Compare the post-issue P/E against listed peers before deciding — a premium there is growth you are paying for in advance.
Where the money goes
₹480.01 Cr of the issue is earmarked to named objects.
About the company
The company offers cruise vacations featuring accommodation, dining, live entertainment, recreational activities and destination-based travel experiences. Promoted by experienced professionals associated with the travel and hospitality sector, Waterways Leisure Tourism follows an integrated business model that generates revenue from ticket sales, onboard hospitality services, entertainment offerings, retail purchases and excursion packages. Its operations cover various domestic and international routes, positioning the company as a key participant in India's growing leisure travel and tourism industry.
Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.
+9102271541821
The bankers & the filings
Who is running the book, and the documents this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
Centrum Capital Ltd.
2 issues handled2 of their issues have listed so far, and 2 opened above the issue price (average +22.1%). That is too small a sample to read as a hit rate.
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Company contact
Frequently asked
What is the GMP of Waterways Leisure Tourism?
The current Grey Market Premium is ₹-51, or -6.3% over the issue price.
What is the Waterways Leisure Tourism IPO price band?
₹769 to ₹808.
When is the allotment?
The basis of allotment is 29 June 2026, with listing on 1 July 2026.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — MUFG Intime India Private Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every Mainboard and SME issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
