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Waterways Leisure Tourism, the operator of Cordelia Cruises, has filed its DRHP with SEBI to raise ₹727 crore through an initial public offering.
Founded in Mumbai, the company operates India’s only domestic ocean cruise service, with one vessel, MV Empress, sailing to destinations like Mumbai, Goa, Lakshadweep, and even international ports like Sri Lanka and Malaysia.
The deets: the entire issue is a fresh offering. Around ₹552 crore will go toward lease payments to its step-down unit Baycruise IFSC, with the rest for general corporate purposes.
Worth noting: since launch, Cordelia has hosted over 5.5 lakh guests and sailed 2.25 lakh+ nautical miles, making it a first-of-its-kind IPO play in Indian cruise tourism.
Zoom out: India’s cruise tourism is still early-stage, but with rising middle-class incomes and demand for domestic travel experiences, the space is ripe for growth.
Cordelia’s listing could pave the way for a broader wave of leisure travel companies entering the public markets.
