Cordelia Cruises operator Waterways Leisure opens Rs 585 cr IPO at Rs 769-808, eyes Rs 5,850 cr valuation
Waterways Leisure Tourism, holding 79% of India's domestic ocean cruise market, launches its Rs 585 crore IPO with anchor raise of Rs 263 crore. FY25 revenue hit Rs 597.68 crore with Rs 168 crore profit. GMP muted at Rs 10-12; brokerages split between long-term subscribe and avoid on stretched valuations. Lists July 1.
Cordelia Cruises operator Waterways Leisure Tourism opens Rs 585 crore IPO at Rs 769-808 band, valuing it at Rs 5,850 crore. Holds 79% share in India's domestic ocean cruise market; brokerages split between subscribe-for-long-term and avoid on rich valuations.
Why this matters
Cordelia's parent commands 79% of India's ocean cruise market but enters markets at 101x P/E and 112x FY26 earnings, drawing split broker views and muted GMP despite strong FY25 profitability.
Retail-company signals steady at 3,482 over 90 days, reflecting consistent IPO and corporate action flow.