Waterways Leisure Tourism Limited

About the company

Waterways Leisure Tourism is one of the prominent domestic ocean cruise operators in India. The company provides vacation cruises that emphasise Indian culture, hospitality, food, and entertainment. As of FY25, the firm has captured around 79% market share in value terms in India’s overnight ocean and coastal cruise segment. The company provides domestic cruise packages, including trips to various destinations, namely Mumbai, Goa, Kochi, Chennai, Lakshadweep, Visakhapatnam, and Puducherry. The company’s international routes comprise Sri Lanka, Thailand, Singapore, and Malaysia. The company provides 2-night cruises ranging from 2 nights up to 10-night cruises. The company’s main stream of income comes from selling cruise tickets, which provided 91.22% of FY26 revenue, and additional sources of income came from passengers' onboard spending, including speciality dining, excursions, Wi-Fi usage, spa, gambling, and entertainment costs. Pricing of the tickets was based on a dynamic pricing model. The company established a robust sales strategy with direct access to customers through its website, mobile app, and call centre. Direct sales constituted 62.25% of all cabin sales during FY26, which helped the company minimise expenses related to travel agency fees and increase profitability. The company employs a group of 148 cruise holiday specialists for direct customer sales. As on March 31, 2026, the company owned one cruise vessel known as MV Empress, which has hosted over 730,819 passengers and covered over 321,292 nautical miles from the date of its launch. The MV Empress accommodates a total of 2,005 guests, and has a total of 796 rooms. This vessel is well equipped with various facilities for use by its clients. These include restaurants, bars, casinos, swimming pools, spas, and entertainment areas. This company stands out because it provides cruise tourism tailored to Indian tourists. The company provides meals of Indian, international, and pan-Asian cuisines. The entertainment provided includes shows based on Indian Bollywood culture. These include Indian Cinemagic, Balle Balle, Romance in Bollywood, and Razzmatazz. Other amenities offered include children's activity zones, arcades, a spa and salon, retail, a casino, a swimming pool and rock climbing. The firm adopts an asset-light and scalable business model through outsourcing of essential operational functions like hospitality services, food and beverage management, housekeeping, technical management, crew management, logistics, procurement, and entertainment. Management can thus concentrate on acquiring customers, enhancing the customer experience and expanding the business. The company is planning to grow its fleet capacity through the addition of two more cruise ships, namely Norwegian Sky and Norwegian Sun, with passenger carrying capacities of around 2,004 and 1,936, respectively. The company will use Norwegian Sky in FY27 and Norwegian Sun in FY28. The overnight ocean and coastal cruises sector in India had a market size of about ₹830 crore in FY25 and is expected to rise to ₹1,820–2,250 crore by FY31, signifying a CAGR of 20–25%. The cruise penetration in India is very low at about 0.01% compared to that in developed countries, which signifies great potential for future growth. The government's efforts to promote cruise tourism through initiatives like the Cruise Bharat Mission and other initiatives can help drive future growth in the industry. Waterways Leisure Tourism is strategically placed to capitalise on these positive trends in the industry due to its Cordelia Cruises brand, which has an estimated around 79% market share in India’s overnight ocean and coastal cruises sector. Moreover, the firm will benefit from consumers’ inclination towards premium travel and experiential tourism due to increased income levels, increased awareness of cruises and improvements in port infrastructure. In addition, the expansion of its fleet and diversified routes will help it capture the growing demand for cruise tourism, thus making it an even stronger leader in the cruise market in India. Now, Waterways Leisure Tourism is launching its initial public offering (IPO), which consists of a fresh issue of ₹585 crore only. Its shares will be listed on the NSE and BSE. ### **How to pre-apply for Waterways Leisure Tourism IPO?** You can pre-apply for Waterways Leisure Tourism IPO on Upstox. The pre-application for this IPO, which means the pre-apply open date, usually begins a day before the IPO opens for subscription. Follow these steps to pre-apply for the IPO: - Login to your Upstox account, using your six-digit PIN - After successfully logging in, click on ‘Discover’ - On the Discover tab, you will find the ‘Invest in IPO’ section - Under the Invest in IPO section, look for the ‘Waterways Leisure Tourism IPO’ tab and click on it - Now fill in all the required information, like ‘bid price’ and ‘lot size’ - Confirm and click on ‘Pre-Apply’ - Accept the mandate on your UPI app ### **How to apply for Waterways Leisure Tourism IPO?** If you are interested in this investment opportunity but unsure how to apply for Waterways Leisure Tourism IPO, here are the steps that you need to follow. When the public issue opens for subscription, one can follow this step-by-step guide on how to apply for Waterways Leisure Tourism IPO on Upstox: - Log in to your Upstox account, using your six-digit PIN - After logging in, click on ‘Discover’ - On the ‘Discover’ tab, you will find the ‘Invest in IPO’ section - Under the Invest in IPO section, look for the ‘Waterways Leisure Tourism IPO’ tab and click on it - Now fill in all the required information, like ‘bid price’ and ‘lot size’ - Confirm and click on ‘Apply’ - Accept the mandate on your UPI app ### **How to check the Waterways Leisure Tourism IPO allotment status? ** When the allotment process is completed, you can check the status of your application on the Upstox app. Share allotment is generally completed on the next working day after an IPO closes. Here’s a step-by-step guide on how to check the Waterways Leisure Tourism IPO allotment status: - Login to your Upstox account, using your six-digit PIN - After logging in, click on ‘Discover’ - On the ‘Discover’ page, you will find the ‘Invest in IPO’ section - Under the Invest in IPO section, you will find the ‘View all’ option - Once you click on ‘View all’, you will be directed to the ‘IPO’ tab - In the ‘IPO’ tab, click on ‘My applications’ - In ‘My applications’, under the History section, your Waterways Leisure Tourism IPO allotment status will be mentioned

GMP trend (Grey Market Premium by date)

Financial performance (₹ Cr)

Subscription breakup (final, times)

IPO Roadmap / Timeline

1. IPO Opens

   Completed
   23 Jun 2026

   Bidding starts for all investor categories

2. IPO Closes

   Completed
   25 Jun 2026

   Last day to place your bid

3. Basis of Allotment

   Completed
   29 Jun 2026

   Share allotment finalised

4. Refund Initiation

   Completed
   30 Jun 2026

   Refunds credited for non-allottees

5. Credit to Demat

   Completed
   30 Jun 2026

   Allotted shares credited to demat account

6. Listing on Exchange

   Completed
   01 Jul 2026

   Shares list on NSE / BSE

Post-close dates are indicative as per SEBI T+3 listing framework and may change per registrar updates.