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Waterways Leisure Tourism Limited IPO
Status: Upcoming
Overview
IPO date
23 Jun 2026 to 25 Jun 2026
Face value
₹ 0 per share
Price
₹ 769 to ₹808 per share
Issue Size
7,240,099 shares
(aggregating up to ₹ 585 Cr)
(aggregating up to ₹ 585 Cr)
Allotment Date
29 Jun 2026
Listing at
NSE
Issue type
Book Building
Sector
Hotels & Restaurants
Unlock Stock of the Month
T&C*
Strengths vs Risks of Waterways Leisure Tourism Limited
Know the pros & cons
Strengths
- Pioneer in the ocean cruise tourism in India, well-positioned to capitalize on industry tailwinds.
- India-focused cruise experience with diverse amenities.
- Significant direct bookings optimizing margins.
- Outsourced critical cruise operations enhancing efficiency and scalability.
- Seasoned management team delivering financial growth.
Risks
- We currently undertake our operations through a single cruise vessel, the `MV Empress'. Any disruption to our cruise vessel could lead to operational disruptions and adversely impact our business, results of operations, financial condition and cash flows.
- A significant portion of our revenue is derived from our cruise ticket sales, which accounted for 91.22%, 89.53% and 87.45% of our revenue from operations in Fiscals 2026, 2025 and 2024, respectively. A decline in our cruise ticket sales may adversely impact our business, financial condition, results of operations, cash flows and prospects.
- Our Company operates as the vessel operating entity, while the vessel owning entity is Bay Cruise Investment Inc. Any legal, financial, or regulatory issues faced by Bay Cruise Investment Inc. could indirectly impact our business and results of operations.
- Our growth strategy relies on the acquisition of new vessels to expand our operations. Our inability to expand our operations by acquiring new vessels could significantly impact our business, financial condition, and results of operations.
- Our Statutory Auditors have included certain adverse remarks, emphasis of matters and qualifications in their auditor's report. In particular, our Statutory Auditors included a remark in the audit report for Fiscal 2024 pertaining to the material uncertainty related to going concern.
- An increase in cruise capacity without a corresponding increase in demand and infrastructure could adversely affect our business, results of operations, financial condition and cash flows.
- Our cruise operations depend on limited third-party service providers for critical services and amenities, including technical and crew management, hospitality management, general purchasing and logistics management and entertainment. Any disruption in the services offered by these third-party service providers may adversely impact our business, results of operations, financial condition and cash flows.
- We have a limited operating history and our historical performance may not be indicative of our future growth or financial results.
- Our inability to ensure high cruise occupancy rates could result in significant financial losses and adversely impact our business, results of operations, financial condition and cash flows.
- We have in the past entered into related party transactions and may continue to do so in the future, which may potentially involve conflicts of interest with the equity shareholders.
- Our business and results of operations are significantly dependent on our "Cordelia" brand and any dilution or damage to our brand in any manner may adversely affect our business reputation, results of operations, financial condition and cash flows.
- We have acquired two new cruise vessels on lease and our inability to adhere to the terms of the lease agreements (including our inability to pay the lease rentals) could lead to the termination of agreements which could have an adverse impact on our business, results of operations, financial condition and cash flows.
- Adverse incidents involving the operation of our cruise vessel, including adverse weather conditions or other natural disasters, may require us to alter our itineraries or cancel existing cruises which could have an adverse impact on our business, results of operations, financial condition and cash flows.
- We have incurred losses in the past and we may continue to incur losses in the future. We reported a profit of ? 1,681.85 million for Fiscal 2025 which is significantly higher than the profits reported during the preceding three Fiscals, primarily due to the recognition of exceptional items during the period. As such exceptional items are non-recurring in nature and do not arise from our core operating activities, such financial performance may not be indicative of our historical operating performance or future results of operations.
- Any significant malfunction or breakdown of our cruise vessel may cause interruptions to our cruise operations and may involve high repair and maintenance costs, both of which could have an adverse impact on our business, financial condition, results of operations and cash flows.
- Our operating costs may increase as our cruise vessel ages and we may have to make unexpected capital expenditures in order to maintain our fleet or comply with evolving regulatory requirements.
- Our cruises rely on access to ports of call in India. The availability and suitability of these ports can be affected by a variety of factors, which may negatively impact our operations and guest experience. A significant majority of our passenger bookings and port calls originate from or depend on Mumbai, Maharashtra. Any prolonged disruption that specifically affects Mumbai would disproportionately reduce our occupancy rates which in turn would impact our business, results of operations, financial condition and cash flows.
- We have experienced negative cash flows from operating activities in Fiscal 2026. We may continue to have negative cash flows in the future.
- Our business is susceptible to negative publicity and reputational damage, which can impact consumer confidence and the demand for our cruises and adversely affect our results of operations and financial performance.
- Our Registered and Corporate Office and all our branches are leased. If we fail to renew these leases on competitive terms or if we are unable to manage our rental costs, our business and results of operations would be materially and adversely affected.
- We require certain licenses, permits and approvals in the ordinary course of business, and the failure to obtain or retain them in a timely manner may materially adversely affect our operations.
- We depend on our senior management and employees, and if we are unable to recruit and retain such personnel, our business, results of operations, financial condition and cash flows may be adversely affected.
- Our Company, Subsidiaries, Promoters, Directors, Key Managerial Personnel and Senior Management are involved in certain legal and regulatory proceedings. Any adverse decision in such proceedings may have an adverse effect on our business, financial condition, cash flows and results of operations.
- Disease outbreaks or pandemics have had, and in the future could have, a significant impact on the cruise industry generally and on our business and results of operations.
- Changes in fuel prices would affect the cost of our cruise operations, which could have an adverse impact on our business, results of operations, financial condition and cash flows. Further, we depend on a limited number of suppliers for our fuel requirements. Any interruption in the availability of fuel could adversely affect our business, results of operations, cash flows and financial condition.
- A portion of our cabin bookings originate from travel agents (37.75%, 37.02% and 40.04% of our total cabins sold in Fiscal 2026, Fiscal 2025 and Fiscal 2024 was through travel agents). In the event such companies continue to gain market share compared to direct booking channels, we may be required to incur higher commission charges due to which our business and results of operations may be adversely affected.
- Security threats, regional conflicts, and terrorist activities and piracy in or around India could disrupt our cruise operations and adversely affect the demand for cruises.
- We are subject to various laws and regulations, including environmental laws and regulations, which could adversely affect our operations and any changes in the current laws and regulations could adversely impact our business.
- Any strike, work stoppage or increased wage demand by our employees or any other kind of disputes with our employees could adversely affect our business, financial condition, results of operations and cash flows.
- Intensifying competition from new domestic entrants and established international cruise lines could erode our market share, pricing power and profitability.
- Our business is subject to fluctuations in the Indian economy, including factors such as economic downturns, increased competition, changes in consumer preferences, health and safety concerns, geopolitical instability, and environmental regulations, all of which can significantly impact consumer spending, cruise ticket sales, and our overall financial performance.
- The cruise tourism in India is still nascent. Any shortfall in consumer uptake, infrastructure delivery or regulatory support could adversely impact our business, results of operations, financial condition and cash flows.
- Any failure to protect our intellectual property rights could adversely affect our competitive position, business, financial condition and results of operations.
- If we inadvertently infringe on the intellectual property rights of others, our business and results of operations may be adversely affected.
- Our operations could be impaired by breaches in data security or other disturbances to our information technology systems and networks, which could adversely affect our business, financial condition and results of operations.
- We are one of the domestic ocean cruise operators in India, however, there are no direct Indian listed industry peers of our Company. Prospective investors must undertake their own independent assessment of our Company without the benefit of direct Indian listed peer comparisons typically available in other sectors.
- We are subject to various safety, health, environmental, labour, workplace and related laws and regulations which may increase our compliance costs and as such adversely affect our business, results of operations and financial condition.
- Our Company does not have any direct comparable Indian listed peers and therefore, it may be difficult to benchmark and evaluate our key performance indicators against other listed companies.
- Internal or external fraud or misconduct or misrepresentation or mis-selling by our employees could adversely affect our reputation and our results of operations.
- We have incurred indebtedness and are required to comply with certain restrictive covenants under our financing agreements. Any non-compliance under such agreements and an inability to comply with repayment and other covenants in our financing agreements could adversely affect our business, results of operations, cash flows and financial condition.
- Exchange rate fluctuations may adversely affect our business, results of operations, financial conditions and cash flows.
- Our insurance coverage may not adequately protect us against all losses or the insurance cover may not be available for all the losses as per the insurance policy, which could adversely affect business, results of operations and financial condition.
- Our funding requirements and proposed deployment of the Net Proceeds are not appraised by any independent agency and are based on management estimates and may be subject to change based on various factors, some of which are beyond our control.
- Certain sections of this Red Herring Prospectus disclose information from the CRISIL Report which is a paid report and commissioned and paid for by us exclusively in connection with the Issue and any reliance on such information for making an investment decision in the Issue is subject to inherent risks.
- Our Promoters will continue to hold a significant equity stake in our Company after the Issue and their interests may differ from those of the other shareholders.
- Certain non-GAAP financial measures and certain other statistical information relating to our operations and financial performance such as EBITDA and EBITDA margin have been included in this Red Herring Prospectus. These non-GAAP financial measures are not measures of operating performance or liquidity defined by Ind AS and may not be comparable.
- Our ability to pay dividends in the future will depend upon our future earnings, financial condition, cash flows, working capital requirements and capital expenditures and the terms of our financing arrangements.
- We have issued Equity Shares during the preceding 12 months at prices that may be lower than the Issue Price.
- Some of our Promoters and Directors, could have interest in us other than normal remuneration benefits or reimbursements of expenses incurred.
- Certain of our Directors do not possess experience of being on the board of any listed company.
- The determination of the Price Band is based on various factors and assumptions and the Issue Price, enterprise value to EBITDA, price to earnings ratio and market capitalization to revenue multiple based on the Issue Price of our Company, may not be indicative of the market price of the Company on listing or thereafter.
- We have certain contingent liabilities that have been disclosed in the Restated Consolidated Financial Information, which if they materialize, may adversely affect our business, cash flows, financial condition and results of operations.
How to check the allotment status of Waterways Leisure Tourism Limited IPO?
Follow the steps
Open link to the registrar using this URL (https://evault.kfintech.com/ipostatus/).
Select company from dropdown menu.
Enter details- PAN, Application number or DP client ID
Get your allotment status
Open link to the registrar using this URL (https://evault.kfintech.com/ipostatus/).
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The IPO opens on 23 Jun 2026 & closes on 25 Jun 2026.
Waterways Leisure Tourism Limited IPO will close on 25 Jun 2026.
- Pioneer in the ocean cruise tourism in India, well-positioned to capitalize on industry tailwinds.
- India-focused cruise experience with diverse amenities.
- Significant direct bookings optimizing margins.
- Outsourced critical cruise operations enhancing efficiency and scalability.
- Seasoned management team delivering financial growth.
| S.No | Promoters Name | Pre Issue Shares | Pre Issue Percentage | Post Issue Shares | Post Issue Percentage |
|---|---|---|---|---|---|
| 1 | Global Shipping And Leisure Li | 64681880 | 99.27 | 64681880 | 89.35 |
| 2 | Rajesh Chandumal Hotwani | 100 | --- | 100 | --- |
- We currently undertake our operations through a single cruise vessel, the `MV Empress'. Any disruption to our cruise vessel could lead to operational disruptions and adversely impact our business, results of operations, financial condition and cash flows.
- A significant portion of our revenue is derived from our cruise ticket sales, which accounted for 91.22%, 89.53% and 87.45% of our revenue from operations in Fiscals 2026, 2025 and 2024, respectively. A decline in our cruise ticket sales may adversely impact our business, financial condition, results of operations, cash flows and prospects.
- Our Company operates as the vessel operating entity, while the vessel owning entity is Bay Cruise Investment Inc. Any legal, financial, or regulatory issues faced by Bay Cruise Investment Inc. could indirectly impact our business and results of operations.
- Our growth strategy relies on the acquisition of new vessels to expand our operations. Our inability to expand our operations by acquiring new vessels could significantly impact our business, financial condition, and results of operations.
- Our Statutory Auditors have included certain adverse remarks, emphasis of matters and qualifications in their auditor's report. In particular, our Statutory Auditors included a remark in the audit report for Fiscal 2024 pertaining to the material uncertainty related to going concern.
- An increase in cruise capacity without a corresponding increase in demand and infrastructure could adversely affect our business, results of operations, financial condition and cash flows.
- Our cruise operations depend on limited third-party service providers for critical services and amenities, including technical and crew management, hospitality management, general purchasing and logistics management and entertainment. Any disruption in the services offered by these third-party service providers may adversely impact our business, results of operations, financial condition and cash flows.
- We have a limited operating history and our historical performance may not be indicative of our future growth or financial results.
- Our inability to ensure high cruise occupancy rates could result in significant financial losses and adversely impact our business, results of operations, financial condition and cash flows.
- We have in the past entered into related party transactions and may continue to do so in the future, which may potentially involve conflicts of interest with the equity shareholders.
- Our business and results of operations are significantly dependent on our "Cordelia" brand and any dilution or damage to our brand in any manner may adversely affect our business reputation, results of operations, financial condition and cash flows.
- We have acquired two new cruise vessels on lease and our inability to adhere to the terms of the lease agreements (including our inability to pay the lease rentals) could lead to the termination of agreements which could have an adverse impact on our business, results of operations, financial condition and cash flows.
- Adverse incidents involving the operation of our cruise vessel, including adverse weather conditions or other natural disasters, may require us to alter our itineraries or cancel existing cruises which could have an adverse impact on our business, results of operations, financial condition and cash flows.
- We have incurred losses in the past and we may continue to incur losses in the future. We reported a profit of ? 1,681.85 million for Fiscal 2025 which is significantly higher than the profits reported during the preceding three Fiscals, primarily due to the recognition of exceptional items during the period. As such exceptional items are non-recurring in nature and do not arise from our core operating activities, such financial performance may not be indicative of our historical operating performance or future results of operations.
- Any significant malfunction or breakdown of our cruise vessel may cause interruptions to our cruise operations and may involve high repair and maintenance costs, both of which could have an adverse impact on our business, financial condition, results of operations and cash flows.
- Our operating costs may increase as our cruise vessel ages and we may have to make unexpected capital expenditures in order to maintain our fleet or comply with evolving regulatory requirements.
- Our cruises rely on access to ports of call in India. The availability and suitability of these ports can be affected by a variety of factors, which may negatively impact our operations and guest experience. A significant majority of our passenger bookings and port calls originate from or depend on Mumbai, Maharashtra. Any prolonged disruption that specifically affects Mumbai would disproportionately reduce our occupancy rates which in turn would impact our business, results of operations, financial condition and cash flows.
- We have experienced negative cash flows from operating activities in Fiscal 2026. We may continue to have negative cash flows in the future.
- Our business is susceptible to negative publicity and reputational damage, which can impact consumer confidence and the demand for our cruises and adversely affect our results of operations and financial performance.
- Our Registered and Corporate Office and all our branches are leased. If we fail to renew these leases on competitive terms or if we are unable to manage our rental costs, our business and results of operations would be materially and adversely affected.
- We require certain licenses, permits and approvals in the ordinary course of business, and the failure to obtain or retain them in a timely manner may materially adversely affect our operations.
- We depend on our senior management and employees, and if we are unable to recruit and retain such personnel, our business, results of operations, financial condition and cash flows may be adversely affected.
- Our Company, Subsidiaries, Promoters, Directors, Key Managerial Personnel and Senior Management are involved in certain legal and regulatory proceedings. Any adverse decision in such proceedings may have an adverse effect on our business, financial condition, cash flows and results of operations.
- Disease outbreaks or pandemics have had, and in the future could have, a significant impact on the cruise industry generally and on our business and results of operations.
- Changes in fuel prices would affect the cost of our cruise operations, which could have an adverse impact on our business, results of operations, financial condition and cash flows. Further, we depend on a limited number of suppliers for our fuel requirements. Any interruption in the availability of fuel could adversely affect our business, results of operations, cash flows and financial condition.
- A portion of our cabin bookings originate from travel agents (37.75%, 37.02% and 40.04% of our total cabins sold in Fiscal 2026, Fiscal 2025 and Fiscal 2024 was through travel agents). In the event such companies continue to gain market share compared to direct booking channels, we may be required to incur higher commission charges due to which our business and results of operations may be adversely affected.
- Security threats, regional conflicts, and terrorist activities and piracy in or around India could disrupt our cruise operations and adversely affect the demand for cruises.
- We are subject to various laws and regulations, including environmental laws and regulations, which could adversely affect our operations and any changes in the current laws and regulations could adversely impact our business.
- Any strike, work stoppage or increased wage demand by our employees or any other kind of disputes with our employees could adversely affect our business, financial condition, results of operations and cash flows.
- Intensifying competition from new domestic entrants and established international cruise lines could erode our market share, pricing power and profitability.
- Our business is subject to fluctuations in the Indian economy, including factors such as economic downturns, increased competition, changes in consumer preferences, health and safety concerns, geopolitical instability, and environmental regulations, all of which can significantly impact consumer spending, cruise ticket sales, and our overall financial performance.
- The cruise tourism in India is still nascent. Any shortfall in consumer uptake, infrastructure delivery or regulatory support could adversely impact our business, results of operations, financial condition and cash flows.
- Any failure to protect our intellectual property rights could adversely affect our competitive position, business, financial condition and results of operations.
- If we inadvertently infringe on the intellectual property rights of others, our business and results of operations may be adversely affected.
- Our operations could be impaired by breaches in data security or other disturbances to our information technology systems and networks, which could adversely affect our business, financial condition and results of operations.
- We are one of the domestic ocean cruise operators in India, however, there are no direct Indian listed industry peers of our Company. Prospective investors must undertake their own independent assessment of our Company without the benefit of direct Indian listed peer comparisons typically available in other sectors.
- We are subject to various safety, health, environmental, labour, workplace and related laws and regulations which may increase our compliance costs and as such adversely affect our business, results of operations and financial condition.
- Our Company does not have any direct comparable Indian listed peers and therefore, it may be difficult to benchmark and evaluate our key performance indicators against other listed companies.
- Internal or external fraud or misconduct or misrepresentation or mis-selling by our employees could adversely affect our reputation and our results of operations.
- We have incurred indebtedness and are required to comply with certain restrictive covenants under our financing agreements. Any non-compliance under such agreements and an inability to comply with repayment and other covenants in our financing agreements could adversely affect our business, results of operations, cash flows and financial condition.
- Exchange rate fluctuations may adversely affect our business, results of operations, financial conditions and cash flows.
- Our insurance coverage may not adequately protect us against all losses or the insurance cover may not be available for all the losses as per the insurance policy, which could adversely affect business, results of operations and financial condition.
- Our funding requirements and proposed deployment of the Net Proceeds are not appraised by any independent agency and are based on management estimates and may be subject to change based on various factors, some of which are beyond our control.
- Certain sections of this Red Herring Prospectus disclose information from the CRISIL Report which is a paid report and commissioned and paid for by us exclusively in connection with the Issue and any reliance on such information for making an investment decision in the Issue is subject to inherent risks.
- Our Promoters will continue to hold a significant equity stake in our Company after the Issue and their interests may differ from those of the other shareholders.
- Certain non-GAAP financial measures and certain other statistical information relating to our operations and financial performance such as EBITDA and EBITDA margin have been included in this Red Herring Prospectus. These non-GAAP financial measures are not measures of operating performance or liquidity defined by Ind AS and may not be comparable.
- Our ability to pay dividends in the future will depend upon our future earnings, financial condition, cash flows, working capital requirements and capital expenditures and the terms of our financing arrangements.
- We have issued Equity Shares during the preceding 12 months at prices that may be lower than the Issue Price.
- Some of our Promoters and Directors, could have interest in us other than normal remuneration benefits or reimbursements of expenses incurred.
- Certain of our Directors do not possess experience of being on the board of any listed company.
- The determination of the Price Band is based on various factors and assumptions and the Issue Price, enterprise value to EBITDA, price to earnings ratio and market capitalization to revenue multiple based on the Issue Price of our Company, may not be indicative of the market price of the Company on listing or thereafter.
- We have certain contingent liabilities that have been disclosed in the Restated Consolidated Financial Information, which if they materialize, may adversely affect our business, cash flows, financial condition and results of operations.
The Issue type of Waterways Leisure Tourism Limited is Book Building.
The minimum application for shares of Waterways Leisure Tourism Limited is 18.
The total shares issue of Waterways Leisure Tourism Limited is 7240099.
Initial public offering of up to 7,240,099 equity shares of face value of Rs. 10/- each ("Equity Shares") of Waterways Leisure Tourism Limited (the "Company" or the "Issuer") for cash at a price of Rs. 769-808 per equity share (Including a Share Premium of Rs. 759-798 per Equity Share) ("Issue Price") aggregating up to Rs. 585.00 Crores (the "Issue").
Price Band: Rs. 769 to Rs. 808 per equity share of face value of Rs. 10 each.
The floor price is 76.90 times the face value of the equity shares and the cap price is 80.80 times the face value of the equity shares.
Bids can be made for a minimum of 18 equity share of face value of Rs. 10 each and in multiples of 18 equity shares of face value of Rs. 10 each thereafter.