Cordelia Cruises to launch ₹585-crore IPO next week
Waterways Leisure Tourism Ltd, the operator of Cordelia Cruises, will launch its initial public offering next week, becoming the first Indian cruise line to go public.
The company fixed the price band ₹769-808 per share ₹585 core IPO. Issue involving the issuance of a new share of par value ₹It will be opened for subscription on June 23, 10 each, and will close on June 25. Its shares are scheduled to be listed on stock exchanges on July 1.
At the upper end of the price band, Waterways Leisure Tourism’s post-issuance market valuation is approximately ₹5,849.48 crore.
The company plans to use so far: ₹480 crore raised from the IPO was channeled into deposits, advance rentals and monthly rental payments to Baycruise Shipping and Leasing (IFSC) Pvt. Ltd (Baycruise IFSC), its shrinking subsidiary.
The cruise line, which operates primarily through Indian ports, has added two ships – Norwegian Sky and Norwegian Sun – to expand its fleet beyond its single operating ship, the MV Empress. The vessels are scheduled to enter service in FY27 and FY28 and will receive charter payments upon delivery.
Remaining revenues will be allocated to general corporate purposes.
According to the company’s draft 2025 red herring prospectus, ₹727 crore.
tourism boom
The company is investing in the affordable luxury trend to help increase demand for cruises in the country. “Today, 13% of Indians can easily afford to go on a cruise. That’s 200 million people,” President and CEO Jurgen Bailom said at a press conference on Thursday.
Passenger load factor (occupancy rate) fell to 84.99% in FY26 from 91.73% in the previous year due to the impact of travel disruptions due to India-Pakistan conflict and IndiGo crisis in 2025.
But Bailom, who previously served as chief operating officer of Royal Caribbean International, one of the world’s largest cruise operators by revenue, said the company was breaking even at a load factor of about 60%.
He added that the cruise line’s customers are a mix of retail and business customers. “(Approximately) 30% of our sales go to work and the rest are destination activities such as individual cruisers, corporate MICE (meetings, incentives, conferences, exhibitions) and weddings.”
The company, which holds an estimated 79% of the nation’s overnight oceanfront cruise market, according to Crisisl, has reported revenue so far: ₹579.7 crore and net profit ₹52.1 crore in FY26. Average ticket prices remained in February ₹10,979 while attrition increased to 43.02% from 32.52% in FY24.
The country’s overnight ocean and shore excursion industry is estimated to be: ₹830.1 crore in FY25, according to Crisil.
India’s cursed move
India has pledged to build 27 more cruise ports. Government initiatives to build maritime capacity, including the Sagarmala Project and the Cruise Bharat Mission, have encouraged Cordelia Cruises to add more ships to its roster.
The current cruise ship primarily sails to domestic destinations such as Mumbai, Goa, Kochi, Chennai, Lakshadweep, Visakhapatnam and Puducherry. It also offers international routes to Hambantota, Trincomalee and Jaffna (Sri Lanka); Phuket (Thailand); Kuala Lumpur and Langkawi (Malaysia); and Singapore.
According to the Press Information Bureau’s statement dated April 2025, India started implementing the Cruise Bharat Mission in October 2024 and will continue until March 2029. “The initiative aims to advance India’s vision of becoming a global hub for cruise tourism and promote the country as the leading global cruise destination,” the statement said.
“Cruise Bharat Mission will also lead to over 1.5 million river cruise passengers across over 5,000 kilometers of operational waterways in India.”
