Waterways Leisure Tourism IPO Opens Today: GMP at ₹12

23 Jun 2026 , 11:52 AM

The initial public offering (IPO) of Waterways Leisure Tourism Limited has opened for subscription on June 23, 2026, and will remain open until June 25, 2026. The company, known for operating luxury ocean cruises in India, is seeking to raise ₹585 crore through a fresh issue of shares.

With India’s cruise tourism industry still in its early growth phase, Waterways Leisure Tourism is positioning itself as a leading player in a niche segment. Here’s a detailed look at the IPO, company profile, financial performance, grey market premium (GMP), and key investment considerations.

Waterways Leisure Tourism IPO Details

Particulars	Details
IPO Open Date	June 23, 2026
IPO Close Date	June 25, 2026
Allotment Date	June 29, 2026
Listing Date	July 1, 2026
Issue Type	Book Built Issue
Issue Size	₹585 Crore
Fresh Issue	72,40,099 Shares
Price Band	₹769 – ₹808 per Share
Face Value	₹10 per Share
Lot Size	18 Shares
Minimum Investment	₹14,544
Listing Exchange	NSE & BSE
Lead Manager	Centrum Broking Ltd.
Registrar	MUFG Intime India Pvt. Ltd.

The IPO consists entirely of a fresh issue, meaning the proceeds raised will be utilized by the company for business purposes rather than providing an exit to existing shareholders.

About Waterways Leisure Tourism Limited

Incorporated in November 2020, Waterways Leisure Tourism Limited has emerged as one of India’s leading domestic ocean cruise operators. The company offers premium cruise experiences tailored to Indian consumers, combining hospitality, entertainment, cuisine, and cultural experiences.

Its flagship vessel, MV Empress, operates across multiple domestic destinations including Mumbai, Goa, Kochi, Chennai, Lakshadweep, Visakhapatnam, and Puducherry. The company also serves select international destinations such as Sri Lanka, Thailand, Singapore, and Malaysia.

As of March 31, 2026:

• More than 730,000 guests had sailed with the company.
• Cruises covered over 321,000 nautical miles.
• The company commanded approximately 79% market share by value in India’s domestic ocean cruise segment.
• It employed 245 permanent staff members.

MV Empress features 796 cabins and offers a wide range of amenities including restaurants, entertainment shows, casino facilities, spa services, swimming pools, fitness centers, children’s activities, gaming zones, and event spaces for weddings and corporate gatherings.

Business Model

One of the distinguishing features of Waterways Leisure Tourism is its asset-light operating model.

The company outsources several operational functions such as:

• Food and beverage services
• Housekeeping
• Entertainment management
• Crewing operations

This strategy enables management to focus on customer experience, marketing, route expansion, and operational efficiency while reducing fixed costs.

Additionally, a significant portion of bookings are generated directly through the company’s website, mobile application, call centers, and customer service channels, helping improve margins by reducing dependency on third-party travel platforms.

Industry Opportunity

Cruise tourism remains underpenetrated in India compared to global markets. Rising disposable incomes, growing interest in experiential travel, and increasing domestic tourism are creating opportunities for organized cruise operators.

Waterways Leisure Tourism plans to strengthen its position through fleet expansion, including the proposed addition of Norwegian Sky and Norwegian Sun, which could significantly increase passenger capacity and route offerings.

Financial Performance

Financial Summary (₹ Crore)

Particulars	FY26	FY25	FY24
Total Income	586.99	597.68	452.15
EBITDA	117.48	215.46	111.15
Profit After Tax	52.14	168.19	-122.73
Assets	341.78	247.37	399.20
Net Worth	80.20	32.78	-118.07
Borrowings	101.90	30.44	5.18

The company has shown a significant turnaround from losses in FY24 to profitability in FY25 and FY26. However, investors should note that profit after tax declined considerably in FY26 compared to FY25, while borrowings increased substantially.

Key Performance Indicators

KPI	FY26
ROE	0.92%
ROCE	1.14%
Debt/Equity	1.27
RoNW	92.70%
EPS	₹8.00
P/E Ratio	100.96x
Price to Book Value	65.64x

The IPO is being offered at a relatively high valuation, with a P/E ratio exceeding 100 times earnings at the upper price band.

Objectives of the IPO

The company plans to utilize the net proceeds primarily for:

1. Lease Payments and Deposits – ₹480.01 Crore

The majority of the funds will be used for payment towards deposits, advance lease rentals, and monthly lease payments to its step-down subsidiary, Baycruise Shipping and Leasing (IFSC) Pvt. Ltd.

2. General Corporate Purposes

The remaining proceeds will be used for routine corporate requirements and operational needs.

Unlike some growth-focused IPOs, a substantial portion of the issue proceeds is earmarked for lease-related obligations rather than direct expansion projects.

Shareholding Pattern

Category	Pre-Issue	Post-Issue
Promoters	99.27%	89.35%

Promoters will continue to hold a significant majority stake in the company after the IPO.

Grey Market Premium (GMP) Trend

The IPO has witnessed a relatively modest GMP ahead of subscription.

Date	GMP
June 18, 2026	₹20
June 19, 2026	₹16
June 20, 2026	₹24
June 21, 2026	₹10
June 22, 2026	₹12
June 23, 2026	₹12

At the upper price band of ₹808, the latest GMP of ₹12 indicates an estimated listing price of around ₹820, suggesting a premium of approximately 1.5%.

While GMP should not be considered a guarantee of listing performance, it offers a snapshot of prevailing market sentiment toward the issue.

Key Strengths

• Dominant player in India’s domestic ocean cruise market.
• Strong brand focused on Indian hospitality and entertainment.
• Asset-light operating model supporting scalability.
• Extensive direct booking network.
• Growing demand for experiential tourism.
• Expansion plans through additional cruise vessels.
• Diverse onboard offerings catering to leisure, family, corporate, and event travelers.

Key Risks

• Profitability declined sharply in FY26 compared to FY25.
• Rising debt levels could impact future earnings.
• Cruise operations are sensitive to economic conditions, fuel costs, and travel demand.
• High valuation leaves limited margin for error.
• Majority of IPO proceeds are allocated toward lease-related payments rather than growth initiatives.
• Relatively weak GMP indicates moderate listing expectations.

 

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