Cordelia Cruises Files DRHP For Rs 727 Crore IPO

Mumbai, June 16, 2025: Waterways Leisure Tourism Limited, the owner of Cordelia Cruises, has filed its Draft Red Herring Prospectus (DRHP) on June 13, 2025, proposing a public issue worth ₹727 crore. The upcoming IPO comprises a 100% fresh equity issue, with no offer-for-sale (OFS) component included.

The company intends to list its shares on both major stock exchanges — BSE and NSE.

IPO Objective: Funding Future Expansion and More

Funds raised through the public issue will primarily be directed toward lease payments to Baycruise Shipping and Leasing (IFSC) Private Limited, which operates as a step-down subsidiary. A portion of the capital will also be allocated to general corporate activities.

Cordelia Cruises Brand Leading the Voyage

Operating under its flagship brand, Cordelia Cruises, the company currently manages a single cruise ship, ‘MV Empress’. As of December 31, 2024, Waterways Leisure had served a total of 549,051 guests, offering sailings to a mix of domestic destinations like Mumbai, Goa, Kochi, and Chennai, and international locations including Thailand, Sri Lanka, Malaysia, and Singapore.

With new additions to its fleet planned, the company aims to tap into the rising popularity of cruise tourism in India.

Cruise Tourism Market Set for a High Tide

As per insights from a CRISIL study, India’s coastal and ocean cruise segment is on track to expand significantly — expected to rise from ₹8,905 million in FY25 to ₹40,000–48,000 million by FY30, achieving a CAGR of 35–40%.

Turnaround Story: From Losses to Profits in FY25

Waterways Leisure has delivered a strong financial comeback, turning profitable in FY25 after recording back-to-back losses in earlier years.

Key Financial Highlights

Note: FY refers to the financial year ending March 31.

Promoters & Key Personnel

Waterways Leisure Tourism is promoted by Global Shipping and Leisure Ltd and Rajesh Chandumal Hotwani, who collectively control 99.27% of the pre-issue equity share capital. This holding is expected to be diluted post-issue, with precise details to follow in the final Red Herring Prospectus.

Key executives steering the company include CEO Jurgen Bailom and CFO Nishikant Upadhyay.

Lead Managers and Registrar

The IPO is being led by the following merchant bankers:

• Centrum Capital Ltd
• Intensive Fiscal Services Pvt Ltd
• Motilal Oswal Investment Advisors Ltd

MUFG Intime India Pvt Ltd has been appointed as the registrar for the offering.

What Makes This IPO Worth Watching

• India’s first indigenous ocean cruise brand with a first-mover edge
• Firm growth plans backed by lease agreements for two additional vessels
• Successful financial turnaround in FY25
• Industry poised for sustained demand, supported by better port infrastructure
• Rising middle-class disposable income fuelling interest in luxury cruise holidays

With its distinctive business model and robust sector outlook, Waterways Leisure Tourism’s IPO could draw significant investor interest. Final details regarding price band, lot size, and opening/closing dates are expected to be unveiled shortly.

REF: https://nsearchives.nseindia.com/corporate/Registration_14062025231659_Annexure1DRHP.pdf

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