Waterways Leisure Tourism IPO
- Issue price
- ₹808
- Listing price
- ₹690
- -14.60%
- Current price
- ₹100.8
- -87.52%
- Subscribed
- 1.53x
- Issue size
- ₹585 Cr
- Listed on
- 1 Jul 2026
IPO timeline
- Opens23 JunTue
- Closes25 JunThu
- Allotment29 JunMon
- Refunds30 JunTue
- Demat credit30 JunTue
- Listing1 JulWed
Issue details
- Price band
- ₹769 – ₹808 per share
- Issue size
- ₹585 Cr
- Fresh issue
- ₹585 Cr · 0.72 Cr shares
- Offer for sale
- None
- Issue type
- —
- Face value
- —
- Lot size
- 18 shares
- Minimum investment
- ₹14,544
- Listing on
- BSE, NSE
- Exchange code
- CORDELIA.BO · 7788
Lot size and investment
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 18 | ₹14,544 |
| Retail (Max) | 13 | 234 | ₹1,89,072 |
| S-HNI (Min) | 14 | 252 | ₹2,03,616 |
| B-HNI (Min) | 69 | 1,242 | ₹10,03,536 |
Allotment status
The allotment for this IPO is final. Check whether you received shares on the registrar's website using your PAN, application number or demat account (DP / Client ID).
Check allotment on MUFG Intime India- 1Open the registrar's allotment page and select this IPO from the list.
- 2Enter your PAN, application number or DP / Client ID.
- 3Submit to see the number of shares allotted, if any.
- Basis of allotment
- 29 Jun 2026
- Refunds initiated
- 30 Jun 2026
- Shares credited to demat
- 30 Jun 2026
- Listing
- 1 Jul 2026
Grey market premium (GMP)
- Current GMP
- ₹-51
- -6.30%
- Estimated listing price
- ₹757
- Issue price ₹808
- Highest
- ₹24
- 20 Jun
- Lowest
- ₹-51
- 30 Jun
GMP by day (₹ per share)
Day-wise GMP table
| Date | GMP | Premium | Est. listing |
|---|---|---|---|
| 1 Jul 2026 | ₹-51 | -6.30% | ₹757 |
| 30 Jun 2026 | ₹-51 | -6.30% | ₹757 |
| 29 Jun 2026 | ₹-47 | -5.80% | ₹761 |
| 28 Jun 2026 | ₹-46 | -5.70% | ₹762 |
| 27 Jun 2026 | ₹-46 | -5.70% | ₹762 |
| 26 Jun 2026 | ₹-36 | -4.50% | ₹772 |
| 25 Jun 2026 | ₹-28 | -3.50% | ₹780 |
| 24 Jun 2026 | ₹5 | +0.60% | ₹813 |
| 23 Jun 2026 | ₹6 | +0.70% | ₹814 |
| 22 Jun 2026 | ₹12 | +1.50% | ₹820 |
| 21 Jun 2026 | ₹10 | +1.20% | ₹818 |
| 20 Jun 2026 | ₹24 | +3.00% | ₹832 |
| 19 Jun 2026 | ₹16 | +2.00% | ₹824 |
| 18 Jun 2026 | ₹20 | +2.50% | ₹828 |
GMP is an unofficial indicator from an unregulated market. It is shown for information only and is not a prediction of the listing price or a recommendation to apply.
Subscription status
- QIB0.72x
- NII (HNI)1.23x
- Retail4.4x
| Category | Shares offered | Shares bid for | Subscribed |
|---|---|---|---|
| Qualified Institutional Buyers (QIB) | 22,82,184 | 16,43,172 | 0.72x |
| Non-Institutional Investors (NII) | 11,41,092 | 14,03,543 | 1.23x |
| bNII — bids above ₹10 Lakh | 7,60,728 | 7,15,084 | 0.94x |
| sNII — bids ₹2 Lakh to ₹10 Lakh | 3,80,364 | 6,96,066 | 1.83x |
| Retail Individual Investors (RII) | 7,60,728 | 33,47,203 | 4.4x |
| Total | 41,84,004 | 64,01,526 | 1.53x |
Financials
- P/E (pre-issue)
- 101.06
- P/E (post-issue)
- 112.28
- EPS (₹)
- 8.00
- RoCE
- 1.14%
- RoNW
- 92.70%
- PAT Margin
- 0.09%
Pre-issue P/E uses the shares outstanding before the IPO; post-issue P/E includes the new shares. Calculated by Be IPO Ready at the issue price on profit for the FY ended 31 Mar 2026 .
| Period ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Revenue | 586.99 | 597.68 | 452.15 |
| OPM % | |||
| EBITDA | 117.48 | 215.46 | 111.15 |
| Net Profit | 52.14 | 168.19 | -122.73 |
| Debt | 101.90 | 30.44 | 5.18 |
| Assets | 341.78 | 247.37 | 399.20 |
Peer comparison
| Company | Issue size | P/E | RoNW | PAT margin | Subscribed | Listing gain |
|---|---|---|---|---|---|---|
| Waterways Leisure Tourism This IPO | ₹585 Cr | 100.96 | 92.70% | 0.09% | 1.53x | -14.60% |
| Silverstorm Parks & Resorts SME · listed 31 Jul 2026 | ₹82.44 Cr | 15.8 | 30.98% | 42.59% | 1.84x | -0.08% |
| Fly-Hi Maritime Travels SME · listed 8 Sep 2026 | ₹52.63 Cr | 17.17 | 44.08% | 7.59% | 2.07x | -20.00% |
| Vegorama Punjabi Angithi SME · listed 27 May 2026 | ₹38.38 Cr | 10.61 | 80.39% | 8.11% | 32.75x | +53.38% |
| UHM Vacation SME · listed 11 Jun 2026 | ₹36 Cr | 15.36 | 41.42% | 17.89% | 2.29x | -20.00% |
| Pind Hospitality SME · Closed | ₹17.82 Cr | 26.12 | 15.65% | 9.30% | 2.63x | — |
Peers are other recent IPOs from the same industry, closest in issue size. Ratios are as disclosed at the time of each issue. This is not the listed-peer table from the offer document.
About Waterways Leisure Tourism
Waterways Leisure Tourism Limited is one of India's leading cruise tourism companies and operates the well-known Cordelia Cruises brand. The company was established to develop and promote cruise-based holidays for Indian travellers, offering a unique blend of leisure, hospitality and entertainment experiences at sea. Over the years, it has played a significant role in expanding the domestic cruise tourism market by introducing world-class cruise services tailored to Indian customer preferences. The company offers cruise vacations featuring accommodation, dining, live entertainment, recreational activities and destination-based travel experiences. Promoted by experienced professionals associated with the travel and hospitality sector, Waterways Leisure Tourism follows an integrated business model that generates revenue from ticket sales, onboard hospitality services, entertainment offerings, retail purchases and excursion packages. Its operations cover various domestic and international routes, positioning the company as a key participant in India's growing leisure travel and tourism industry.
Strengths
- Leading Cruise Brand in India – The company operates Cordelia Cruises, one of the most recognized cruise tourism brands in the country.
- Growing Tourism Industry – Rising disposable incomes and increasing demand for experiential travel support long-term growth prospects.
- Diversified Revenue Streams – Revenue is generated from cruise ticket sales, onboard hospitality, entertainment, retail sales, and excursion packages.
- Strong Brand Positioning – The company has established a strong presence in the emerging Indian cruise tourism segment with a loyal customer base.
- First-Mover Advantage – Limited competition in the domestic cruise market provides an opportunity to capture a larger share of the growing industry.
Risks
- High Capital-Intensive Business – Cruise operations require significant investment in vessels, maintenance, upgrades, and compliance costs.
- Dependence on Consumer Spending – Demand for cruise vacations is discretionary and may decline during economic slowdowns.
- Exposure to Fuel Price Fluctuations – Rising fuel costs can adversely affect operating margins and profitability.
- Regulatory and Safety Risks – Cruise operations are subject to maritime regulations, environmental standards, and safety requirements across multiple jurisdictions.
- Business Concentration Risk – A significant portion of revenue is dependent on cruise tourism operations, making the company vulnerable to disruptions from pandemics, adverse weather conditions, geopolitical events, or travel restrictions.
Objects of the issue
- 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
Promoters and shareholding
- Promoter holding, pre-issue
- 99.27%
- Promoter holding, post-issue
- 89.35%
Registrar, lead managers and documents
Lead manager
Company contact
Waterways Leisure Tourism Ltd. Address A-1601, Marathon Futurex, NM Joshi Marg, Lower Parel, Delisle Road, Mumbai, Maharashtra, 400013
+9102271541821
cs@waterways-leisure.comWaterways Leisure Tourism IPO: common questions
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.
What is the price band of the Waterways Leisure Tourism IPO?
The price band is ₹769 – ₹808 per share, with a lot size of 18 shares and a minimum investment of ₹14,544.
What is the size of the Waterways Leisure Tourism IPO?
The issue size is ₹585 Cr.
What is the GMP of the Waterways Leisure Tourism IPO?
The last reported grey market premium is ₹-51 per share as of 01 Jul 2026, 08:00 AM IST. GMP is unofficial and changes frequently.
When is the Waterways Leisure Tourism IPO allotment?
The basis of allotment is expected on 29 Jun 2026. Allotment status can be checked with the registrar, MUFG Intime India Private Limited.
When will the Waterways Leisure Tourism IPO list?
The shares listed on 1 Jul 2026 on BSE, NSE.
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