Waterways Leisure Tourism opens cruise IPO subscription in India

Waterways Leisure Tourism opened subscription for its initial public offering on June 23, 2026, bringing the Cordelia Cruises operator to the public market with a fresh issue of up to Rs 585 crore.

The IPO closes on June 25 and is priced in a band of Rs 769 to Rs 808 per equity share. The minimum application size is 18 shares, with bids allowed in multiples of 18 thereafter.

The company is being marketed as India's largest cruise operator and runs voyages under the Cordelia Cruises brand. Coverage says it serves domestic routes and also sails to select overseas destinations, including Sri Lanka and Singapore.

IPO timeline

Waterways Leisure Tourism first came into public view last year when The Economic Times reported that it had filed a draft red herring prospectus in June 2025 to raise Rs 727 crore through an IPO.

In June 2026, reporting said the company had fixed the issue at a smaller size than the earlier DRHP figure, with the final public offer now set at up to Rs 585 crore.

The company announced the price band on June 18, and subscription opened on June 23.

What the company is raising money for

According to market coverage, the proceeds are intended for subsidiary lease payments and general corporate purposes. ET also reported that promoter holding would fall from 99.3% to 89.3% after the issue.

That structure puts the balance-sheet implications of the listing in focus, because the business has reported negative operating cash flow in FY26, largely due to lease payments.

Risks investors are watching

The listing comes with the usual IPO demand test, but the company also faces business-specific risks.

Market reporting said around two-thirds of its passengers come from Mumbai, leaving the business exposed to concentration in one city. Coverage also flagged rising employee attrition, which increased to 43% in FY26 from 33% in FY24.

A modest grey market premium of about 2% was reported before the issue opened, suggesting cautious sentiment ahead of subscription.

What happens next

Investors will now watch subscription data through June 25, along with any anchor-demand updates, brokerage commentary and changes in grey market pricing.

After the issue closes, the next milestones will be allotment and the listing schedule.

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