Waterways Leisure Tourism Launches ₹585 Crore IPO; Price Band Fixed at ₹769-808
Jurgen Bailom: India’s Cruise Tourism Story Is Just Beginning as Waterways Leisure Opens IPO
Cordelia Cruises Operator Waterways Leisure Charts Expansion Course with ₹585 Crore IPO Waterways Leisure Bets on Fleet Expansion and Growing Cruise Demand Through Public Issue
Bilkul Bazaar
Ahmedabad | 20 June 2026
Waterways Leisure Tourism Limited, India’s leading domestic cruise operator and the company behind Cordelia Cruises, has announced the launch of its Initial Public Offering (IPO), with the issue set to open for subscription on June 23, 2026, and close on June 25, 2026. The company has fixed a price band of ₹769 to ₹808 per equity share.
On the occasion of the IPO announcement, Jurgen Bailom, Chairman, Executive Director & CEO, Waterways Leisure Tourism, and Nishikant Upadhyay, Chief Financial Officer, along with Tarun Parmani and Pranjal Srivastava from ECM Centrum, interacted with media representatives in Ahmedabad and shared the company’s growth journey, expansion plans, and future outlook.
The ₹585 crore IPO comprises a fresh issue of equity shares. The company plans to utilize ₹480 crore from the proceeds towards lease-related payments and deposits for its step-down subsidiary, Baycruise Shipping and Leasing (IFSC) Private Limited, while the remaining funds will be used for general corporate purposes.
Waterways Leisure Tourism currently operates the cruise vessel MV Empress, which has hosted more than 730,000 guests and covered over 321,000 nautical miles across Indian and international waters as of March 31, 2026. According to a CRISIL report, the company commanded approximately 79% market share in value terms in Fiscal 2025.
Speaking during the Ahmedabad interaction, Jurgen Bailom, Chairman, Executive Director & CEO, Waterways Leisure Tourism, said:
“India’s cruise tourism industry is at a transformative stage, and we are proud to have played a pioneering role in making cruise vacations accessible and aspirational for Indian travellers. The IPO marks an important milestone in our journey as we prepare to expand our fleet, enhance guest experiences, and contribute to the growth of India’s maritime tourism ecosystem.”
The company operates cruises to destinations including Mumbai, Goa, Kochi, Chennai, Lakshadweep, Visakhapatnam and Puducherry, while also offering international itineraries covering Sri Lanka, Thailand, Singapore and Malaysia.
Waterways Leisure Tourism is also preparing for a significant fleet expansion through the induction of Norwegian Sky and Norwegian Sun, which are expected to substantially increase passenger and cabin capacity and support future growth.
Commenting on the company’s financial performance and growth strategy, Nishikant Upadhyay, CFO, Waterways Leisure Tourism, said, “Our financial performance reflects the increasing acceptance of cruise tourism in India and the strength of our business model. With revenue growing to ₹580 crore in FY26 and profitability turning positive, we believe the proposed IPO will provide the financial flexibility required to support our next phase of expansion and create long-term value for stakeholders.”
The company reported revenue from operations of ₹580 crore in FY26, compared with ₹444 crore in FY24. Net profit stood at ₹52 crore in FY26, a significant turnaround from a loss of ₹123 crore reported in FY24.
Designed to cater to both Indian and international travellers, the company’s cruise offerings blend hospitality, entertainment, cuisine and cultural experiences. In addition to leisure travel, its vessels also host weddings, conferences, exhibitions and MICE events, positioning cruise tourism as an emerging segment within India’s travel and hospitality landscape.
The IPO proceeds will primarily be used for lease-related payments for fleet expansion through its subsidiary. The company currently operates the MV Empress and plans to strengthen its position with the addition of Norwegian Sky and Norwegian Sun. Waterways Leisure reported revenue of ₹580 crore and a net profit of ₹52 crore in FY26, reflecting growing demand for cruise tourism in India.
Disclaimer: This article is for information only and is not investment advice. Please read the IPO documents carefully before investing.
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