Waterways Leisure Tourism IPO
Grey Market Premium (GMP)
GMP applies before listing only. This IPO has listed — see Listing Performance below for the actual debut.
Subscription Status
| Category | Subscription |
|---|---|
| QIB | 0.72x |
| NII | 1.23x |
| Retail (RII) | 4.4x |
| Total | 1.53x |
Bidding day 3 · final figures at close of bidding: 15 Jul 2026, 12:00 am IST
IPO Details
- Open Date
- 23 Jun 2026
- Close Date
- 25 Jun 2026
- Listing Date
- 1 Jul 2026
- Face Value
- ₹10
- Fresh Issue
- ₹585 Cr
- OFS
- ₹0 Cr
- Listing On
- NSE, BSE
- Registrar
- —
Lot Size & Application Amounts
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 18 | ₹14,544 |
| Retail (Max) | 14 | 252 | ₹2,03,616 |
| B-HNI (Min) | 69 | 1,242 | ₹10,03,536 |
Issue Reservation
| Investor category | Shares offered | % of issue |
|---|---|---|
| Anchor | 32,58,045 | 45% |
| QIB (ex-anchor) | 21,72,031 | 30% |
| NII | 10,86,014 | 15% |
| — sNII (< ₹10L) | 3,62,005 | 5% |
| — bNII (> ₹10L) | 7,24,009 | 10% |
| Retail | 7,24,009 | 10% |
| Total | 72,40,099 | 100% |
The anchor portion is carved out of the QIB quota. Percentages are of the total shares offered.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2024 | 452.15 | -122.73 | 111.15 | -118.07 | 399.2 | 5.18 | — |
| FY 2025 | 597.68 | 168.19 | 215.46 | 32.78 | 247.37 | 30.44 | — |
| FY 2026 | 586.99 | 52.14 | 117.48 | 80.2 | 341.78 | 101.9 | 8 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March.
KPIs & Valuation
- P/E (pre-issue)
- 100.96x
- P/E (post-issue)
- 112.18x
- RoNW
- 92.7%
- RoE
- 0.92%
- RoCE
- 1.14%
- Debt / Equity
- 1.27
- EPS (pre-issue)
- ₹8
- EPS (post-issue)
- ₹7.2
- EBITDA Margin
- 0.2%
- PAT Margin
- 0.09%
- P/BV
- 65.64x
- NAV / share
- ₹12.31
- Market Cap
- ₹5,849.48 Cr
As of 31 Mar 2026 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Objects of the Issue
| Purpose | Est. Amount |
|---|---|
| Payment towards deposit/ advanced lease rental and monthly lease payments to stepdown subsidiary, Baycruise Shipping and Leasing (IFSC) Pvt.Ltd. (Baycruise IFSC). | ₹480.01 Cr |
| General Corporate Purposes | ₹76.63 Cr |
| Issue Expenses | ₹28.36 Cr |
Net-proceeds utilisation as disclosed in the offer document.
Issue Expenses
| Purpose | Est. Amount |
|---|---|
| BRLM’s fees and commissions (including underwriting commission, brokerage and selling commission), Commission/ Processing fee for SCSBs and Bankers to the Issue and fees payable to the Sponsor Banks for Bids made by UPI Bidders. Brokerage, selling commission and bidding charges for the members of the Syndicate, Registered Brokers, RTAs and CDPs | ₹8.87 Cr |
| Fees payable to the Registrar to the Issue | ₹0.75 Cr |
| Fees payable to the other parties to the Issue, including, Statutory Auditors, Independent Chartered Accountant, industry report provider, Monitoring Agency and the fees payable to legal counsel | ₹8.23 Cr |
| Others: (a) Listing fees, SEBI fees, upload fees, BSE and NSE processing fees, book building software fees and other regulatory expenses | ₹2.37 Cr |
| Others: (b) Printing and stationery expenses | ₹0.45 Cr |
| Others: (c) Advertising and marketing expenses for the Issue | ₹4.5 Cr |
| Others: (d) Miscellaneous | ₹3.19 Cr |
Promoters & Shareholding
Promoters: Global Shipping & Leisure Ltd. and Rajesh Chandumal Hotwani
- Holding (pre-issue)
- 99.27%
- Holding (post-issue)
- 89.35%
- Dilution
- 9.92%
Anchor Investors
| Investor | Category | Shares | Price | Amount ₹Cr | Allocation |
|---|---|---|---|---|---|
| NOVA GLOBAL OPPORTUNITIES FUND PCC-TOUCHSTONE | FII/FPI | 6,31,188 | ₹808 | 51 | 19.37% |
| CULLINAN OPPORTUNITIES FUND VCC-CULLINAN OPPORTUNITIES INCORPORATED VCC SUB FUND 1 | Other | 6,21,945 | ₹808 | 50.25 | 19.09% |
| ZEAL GLOBAL OPPORTUNITES FUND | FII/FPI | 6,18,804 | ₹808 | 50 | 18.99% |
| M7 GLOBAL FUND PCC-CELL DEWCA FUND | FII/FPI | 6,18,804 | ₹808 | 50 | 18.99% |
| STELLAR GROWTH FUND VCC-SILVER CAPITAL MANAGEMENT INCORPORATED VCC SUB FUND | Other | 3,09,402 | ₹808 | 25 | 9.5% |
| BARODA BNP PARIBAS INDIA CONSUMPTION FUND | Other | 92,808 | ₹808 | 7.5 | 2.85% |
| BARODA BNP PARIBAS SMALL CAP FUND | Other | 92,808 | ₹808 | 7.5 | 2.85% |
| MAYBANK SECURITIES PTE.LTD.-ODI | Bank | 86,688 | ₹808 | 7 | 2.66% |
| BARODA BNP PARIBAS BUSINESS CYCLE FUND | Other | 61,866 | ₹808 | 5 | 1.9% |
| ASAS GLOBAL FUND INCORPORATED VCC SUB FUND | FII/FPI | 61,866 | ₹808 | 5 | 1.9% |
| STELLAR GROWTH FUND VCC-DELTA ASSET MANAGEMENT INCORPORATED VCC SUB FUND | Other | 61,866 | ₹808 | 5 | 1.9% |
Anchor bidding took place on 22 Jun 2026. Anchor lock-in: 50% of shares unlock on 28 Jul 2026, the remainder on 26 Sept 2026.
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | P/BV | Statements |
|---|---|---|---|---|---|---|
| Waterways Leisure Tourism | 8.02 | 12.31 | — | 92.7% | — | Consolidated |
| Chalet Hotels | 29.5 | 168.83 | 25.73x | 19.4% | 25.73x | Consolidated |
| Imagica World Entertainment | 0.01 | 22.16 | 4,544x | 0.1% | 4,544x | Consolidated |
| Juniper Hotels | 6.36 | 128.91 | 31.9x | 5.06% | 31.9x | Consolidated |
| Lemon Tree Hotels | 2.87 | 26.25 | 40.98x | 11.73% | 40.98x | Consolidated |
| Samhi Hotels | 25.61 | 98.24 | 6.19x | 34.07% | 6.19x | Consolidated |
| Taj GVK Hotels & Resorts | 65.31 | 226.37 | 4.97x | 39.48% | 4.97x | Consolidated |
| Wonderla Holidays | 12.89 | 283.33 | 40.98x | 4.64% | 40.98x | Consolidated |
Peer group as disclosed in the offer document, figures as of 31 Mar 2026. The issuer’s P/E is computed at the upper price band.
Lead Managers (BRLMs)
Tap a lead manager to see every IPO it has run and how those listings fared.
Broker Recommendations
| Reviewer | Verdict |
|---|---|
| Capital Market | Neutral |
Third-party analyst views on the Waterways Leisure Tourism IPO, aggregated for reference. ipostation does not rate IPOs — nothing here is investment advice.
Listing Performance
About the Waterways Leisure Tourism IPO
The Waterways Leisure Tourism mainboard IPO runs from 23 Jun 2026 to 25 Jun 2026, offered at a price band of ₹769–808 per share, and is set to list on NSE and BSE. The company is looking to raise ₹585 crore through the offer. Retail investors bid in lots of 18 shares, a minimum application of ₹14,544.
Issue structure
The IPO is structured entirely as a fresh issue of ₹585 crore, so the full proceeds flow to the company to fund its stated objects of the issue.
Objects of the issue
Per the offer document, the company intends to deploy the net proceeds primarily toward payment towards deposit/ advanced lease rental and monthly lease payments to stepdown subsidiary, baycruise shipping and leasing (ifsc) pvt.ltd. (baycruise ifsc). (₹480.01 crore), alongside general corporate purposes (₹76.63 crore). In all, 3 objects are disclosed — the full break-up is in the table above.
Financials
In FY2026, Waterways Leisure Tourism reported revenue of ₹586.99 crore and a net profit of ₹52.14 crore. Revenue grew from ₹452.15 crore in FY2024 to ₹586.99 crore in FY2026 (+30.0%). Net worth stood at ₹80.2 crore at the end of FY2026. At the upper band, that puts the issue at roughly 101.0× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 112.18× post-issue earnings and 65.64× book value, against a return on net worth of 92.7% and a debt-to-equity ratio of 1.27. These ratios come from the offer document and are for comparison, not a recommendation.
Peer comparison
The offer document names listed peers including Chalet Hotels and Imagica World Entertainment, with a median peer P/E of about 31.9×. The issue's own post-issue P/E works out to 112.18×.
Promoters
The promoters of the company are Global Shipping & Leisure Ltd. and Rajesh Chandumal Hotwani. Promoter holding stands at 99.27% before the issue and comes down to 89.35% after listing.
Grey market premium (GMP)
In the unofficial grey market, Waterways Leisure Tourism shares are quoted at a premium of ₹-51 implying an expected listing around ₹757, about -6.3% over the upper band. Grey market premium is a sentiment indicator set by private dealers, not the company or the exchange — it moves quickly and is not a reliable predictor of the actual listing price.
Subscription
The Waterways Leisure Tourism IPO was subscribed 1.53 times overall. The strongest demand came from retail investors at 4.4 times, with qualified institutional buyers (QIB) at 0.72× and non-institutional investors (NII) at 1.23×.
Listing performance
Waterways Leisure Tourism listed on 1 Jul 2026 at ₹690, a discount of -14.6% over the issue price of ₹808.
What to weigh
When evaluating the Waterways Leisure Tourism IPO, the data points most investors look at are the fresh-issue-versus-OFS split, the revenue and profitability trend, subscription demand across investor categories and the grey market premium. Grey market premium and subscription figures reflect short-term sentiment rather than long-term fundamentals; the figures on this page are for information only and are not investment advice.
About Waterways Leisure Tourism
Waterways leisure tourism operates in cruise tourism and hospitality under its flagship brand Cordelia Cruises — India’s only premium cruise line. It currently operates "MV Express" cruise vessel, primarily sails to domestic destinations like Mumbai (Maharashtra), Goa, Kochi (Kerala), Chennai (Tamil Nadu), Lakshadweep, Visakhapatnam (Andhra Pradesh), and Puducherry. It also offer international itineraries, including Hambantota, Trincomalee, and Jaffna (Sri Lanka) and have also sold cruise tickets for our first-time sail to destinations such as Phuket (Thailand), Singapore, Kuala Lumpur and Langkawi (Malaysia). WLTPL offers a vibrant cruise culture, blending international standards with Indian tastes — spanning across cuisine, hospitality, entertainment, etc. Competitive strengths Pioneer and well-positioned in the ocean cruise tourism in India India-focused cruise experience with diverse amenities Significant direct bookings optimizing margins Outsourced critical cruise operations for efficiency and scalability Seasoned management team delivering financial growth
Waterways Leisure Tourism — Contact Details
- Registered office
- A-1601, Marathon Futurex, NM Joshi Marg, Lower Parel, Delisle Road, Mumbai, Maharashtra, 400013
- Phone
- +9102271541821
- Website
- www.cordeliacruises.com/
- Registrar (IPO queries)
- waterwaysleisure.ipo@in.mpms.mufg.com
Frequently asked questions
- What is the Waterways Leisure Tourism IPO price band?
- The Waterways Leisure Tourism IPO price band is ₹769 to ₹808 per share, with a lot size of 18 shares.
- What was the Waterways Leisure Tourism IPO GMP before listing?
- The final grey market premium recorded before the Waterways Leisure Tourism IPO listed was ₹-51. The IPO listed on 1 Jul 2026 at ₹690, -14.6% against the issue price. GMP is an unofficial figure and was never a guarantee of the listing price.
- When does the Waterways Leisure Tourism IPO open and close?
- The Waterways Leisure Tourism IPO opens on 23 Jun 2026 and closes on 25 Jun 2026.
- When is the Waterways Leisure Tourism IPO allotment and listing date?
- Allotment is expected on 29 Jun 2026. The shares are scheduled to list on 1 Jul 2026 on NSE and BSE.
- How many times was the Waterways Leisure Tourism IPO subscribed?
- The Waterways Leisure Tourism IPO was subscribed 1.53 times in total across all investor categories.
- What is the reservation split in the Waterways Leisure Tourism IPO?
- Of the total shares offered, retail investors get 10%, QIBs 30% (plus 45% anchor), non-institutional investors 15%. The full category-wise break-up is in the Issue Reservation table on this page.
- Who are the promoters of Waterways Leisure Tourism and what is their holding?
- The promoters are Global Shipping & Leisure Ltd. and Rajesh Chandumal Hotwani. Promoter holding is 99.27% before the issue and 89.35% after listing.
- What is the P/E ratio of the Waterways Leisure Tourism IPO?
- At the upper price band, the Waterways Leisure Tourism IPO is valued at 100.96× pre-issue earnings and 112.18× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Waterways Leisure Tourism IPO?
- The net proceeds go primarily toward payment towards deposit/ advanced lease rental and monthly lease payments to stepdown subsidiary, baycruise shipping and leasing (ifsc) pvt.ltd. (baycruise ifsc)., among 3 disclosed objects. See the Objects of the Issue table for the full break-up.
- Who are the lead managers and registrar of the Waterways Leisure Tourism IPO?
- The book-running lead manager is Centrum Broking Ltd..
- Is Waterways Leisure Tourism a Mainboard or SME IPO?
- Waterways Leisure Tourism is a Mainboard IPO, listing on NSE and BSE.