Cordelia Cruises Parent Files ₹727 Crore IPO Papers with SEBI

16 Jun 2025 , 10:27 PM

Waterways Leisure Tourism Ltd, the company behind Cordelia Cruises, has filed its draft red herring prospectus (DRHP) with capital markets regulator SEBI to launch an initial public offering (IPO) worth up to ₹727 crore. The entire issue will be a fresh issue of shares, with no offer-for-sale component, meaning all proceeds will go directly to the company.

According to the filing, a major portion of the net proceeds approximately ₹552.53 crore will be deployed towards payments related to lease deposits and rental obligations to its step-down subsidiary, Baycruise Shipping and Leasing (IFSC) Pvt Ltd, which handles its cruise leasing operations from India’s GIFT City.

The balance funds will be used for general corporate purposes, as the company looks to scale up operations and enhance its cruise offerings across domestic and international routes.

Waterways Leisure Tourism IPO: Allocation Breakdown

As per the DRHP, 75% of the issue will be reserved for qualified institutional buyers (QIBs), 15% for non-institutional investors, and the remaining 10% for retail individual investors, in line with SEBI norms.

Key Advisors

The IPO is being managed by Centrum Capital, Intensive Fiscal Services, and Motilal Oswal Investment Advisors as the book-running lead managers, while MUFG Intime India will act as the registrar for the issue.

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