Cordelia Cruises parent Waterways Leisure opens ₹585 cr IPO at 101x P/E
Waterways Leisure Tourism, operator of Cordelia Cruises with 65% share of India's cruise market, opens its ₹585 crore IPO June 23-25 at ₹769-808. Anchors took ₹263 crore. Post-listing m-cap pegs at ₹5,849 crore on FY24 revenue of ₹442 crore. Plans two Norwegian vessel additions; Swastika flags 101x earnings as stretched.
Cordelia Cruises operator Waterways Leisure Tourism opens ₹585 crore IPO June 23-25 at ₹769-808 band, raised ₹263 crore from anchors. Company holds 65% of India cruise market, plans to add two Norwegian vessels. Swastika rates Neutral citing 101x earnings valuation.
Why this matters
Marks India's first cruise line listing as Waterways Leisure leverages 65% market dominance. Earlier coverage flagged muted 1.24% GMP listing pop, raising questions on the 101x P/E valuation.
Retail-company activity steady with 3,467 signals over the past 90 days.