Cordelia Cruises parent Waterways Leisure opens Rs 585 cr IPO at Rs 769-808 band
Waterways Leisure Tourism, operator of Cordelia Cruises and India's only domestic ocean cruise player with 79% FY25 market share, launches Rs 585 crore IPO. Lot size 18 shares (Rs 14,544 min), pegging market cap at Rs 5,850 crore and EV/EBITDA at a steep 50.6x. Lists July 1 on BSE/NSE.
Cordelia Cruises parent Waterways Leisure Tourism opens Rs 585 crore IPO at Rs 769-808 band. India's only domestic ocean cruise operator with 79% market share lists July 1 on BSE/NSE; consumer-facing leisure retail play.
Why this matters
Waterways Leisure's IPO marks India's first cruise line listing, with GMP signalling a muted 1.24% pop and valuations at 101x P/E drawing scrutiny despite Cordelia's 79% FY25 share of the domestic ocean cruise market.
Retail-company activity holding steady with 3,478 signals over the past 90 days.