Waterways Leisure Tourism Limited
IPO Snapshot
Key metrics and details at a glance.
Price Band
₹808
Per ShareLot Size
18 Shares
Minimum Investment
₹14,544
Issue Size
₹585 Cr
Face Value
₹10
Per ShareIPO Type
Book Building
Retail Quota
10%
QIB Quota
75%
NII Quota
15%
IPO Timeline
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Waterways Leisure Tourism Limited
Business model, operations, and market positioning.
About the Company
We are one of the domestic ocean cruise operators in India (Source: CRISIL Report), offering luxurious and inherent Indian experiences. We believe this enables us to set industry benchmarks, foster brand loyalty, and establish pricing standards, thereby strengthening our market presence and creating a strong competitive position. We currently operate a cruise vessel, the `MV Empress', and since our launch, 730,819 guests have sailed on our cruise vessel, which has covered more than 321,292.53 nautical miles along the Indian coastline and surrounding islands as of March 31, 2026. In Fiscal 2025, we accounted for approximately 79% of the market share in value terms. Our cruise vessel primarily sails to domestic destinations such as Mumbai (Maharashtra), Goa, Kochi (Kerala), Chennai (Tamil Nadu), Lakshadweep, Visakhapatnam (Andhra Pradesh), and Puducherry. We have in the past and continue to offer international itineraries to Hambantota, Trincomalee, and Jaffna (Sri Lanka), Phuket (Thailand), Singapore, Kuala Lumpur and Langkawi (Malaysia). Our itineraries are designed to showcase India's coastal regions and cultural heritage, providing guests with an enriching travel experience and establishing ourselves as the go-to choice for luxury and cultural cruising. Our cruise vessel `MV Empress' offers a variety of cabin options, including one chairman's suite, five suites, 63 mini suites, 416 ocean-view staterooms, and 311 interior staterooms, totaling 796 cabins, with prices ranging from Rs. 34,164 (interior rooms) per night to Rs. 151,111 (Chairman suite) per night, subject to dynamic pricing and load factor considerations.
Industry Overview
The overnight ocean and coastal cruise industry in India is estimated to be valued at Rs. 8,905 million in Fiscal 2025, compared to Rs. 5,764 million in Fiscal 2020, reflecting a CAGR of approximately 9% between Fiscal 2020 and Fiscal 2025, and is estimated to grow to Rs.40,000 to Rs. 48,000 million in Fiscal 2030, thereby registering a CAGR of 35% to 40%, driven by rising awareness, increasing number of domestic tourists seeking luxury vacations, a growing middle class with disposable income, a rising interest in international travel, improved domestic cruise accessibility, and favorable government support. This growth will be additionally driven by expansion plans by existing major domestic cruise operator in India, improving port infrastructure, increasing customer awareness about cruising, and government initiatives aimed at promoting cruise tourism and attracting foreign cruise operators.
Company History
Our Company was originally incorporated as "Waterways Leisure Tourism Private Limited", a private limited company under the provisions of the Companies Act, 2013 on November 2, 2020, pursuant to a certificate of incorporation dated November 5, 2020, issued by the Registrar of Companies, Delhi and Haryana at New Delhi. Our Company was subsequently converted from a private company to a public company, pursuant to a resolution passed by our Board on February 24, 2025, and by our Shareholders on February 25, 2025, consequent to which the name of our Company was changed to "Waterways Leisure Tourism Limited" and a fresh certificate of incorporation consequent upon conversion to public company was issued by the Registrar of Companies, Central Processing Unit, Manesar on March 12, 2025.
Growth Strategy
- Introduce new cruise vessels to meet growing demand.
- Broaden itineraries to cover domestic and international destinations.
Promoter Holding (Pre-Issue)
99.27%
Promoter Holding (Post-Issue)
89.35%
Issue Type
Book Building
ISIN
INE0LZF01013
Objects of the Issue
How the company plans to utilize IPO proceeds.
The funds raised through this IPO will be used for:
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. 808 per equity share (Including a Share Premium of Rs. 798 per Equity Share) ("Issue Price") aggregating up to Rs. 585.00 Crores (the "Issue"). Price Band: Rs. 808 per equity share of face value of Rs. 10 each. The floor 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.
*Subject to approvals and market conditions.
- 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.
- The company currently undertake its operations through a single cruise vessel, the `MV Empress'. Any disruption to the company cruise vessel could lead to operational disruptions and adversely impact its business, results of operations, financial condition and cash flows.
- A significant portion of the company revenue is derived from its cruise ticket sales, which accounted for 91.22%, 89.53% and 87.45% of the company revenue from operations in Fiscals 2026, 2025 and 2024, respectively. A decline in its cruise ticket sales may adversely impact the company business, financial condition, results of operations, cash flows and prospects.
- The 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 its business and results of operations.
- The company growth strategy relies on the acquisition of new vessels to expand its operations. The company inability to expand its operations by acquiring new vessels could significantly impact the company business, financial condition, and results of operations.
- The company Statutory Auditors has included certain adverse remarks, emphasis of matters and qualifications in their auditor's report. In particular, its Statutory Auditors included a remark in the audit report for Fiscal 2024 pertaining to the material uncertainty related to going concern.