Waterways Leisure Tourism IPO: Cordelia Cruises operator files DRHP to raise ₹727 crore via public offer

Upcoming IPO: Waterways Leisure Tourism, which operates Cordelia Cruises, has filed a draft red herring prospectus (DRHP) for an initial public offering (IPO) with the stock market regulator Securities and Exchange Board of India (SEBI).

The Mumbai-based cruise operator, Waterways Leisure Tourism, is the only domestic ocean cruise operator in India as of December 31, 2024, as per a CRISIL Report. It operates the only domestic cruise line, Cordelia Cruises, mainly from Mumbai and Chennai. 

The company offers luxurious and inherently Indian experiences.

Waterways Leisure Tourism IPO Details

Waterways Leisure Tourism intends to raise ₹727 crore via the initial share sale. 

Waterways Leisure Tourism IPO is entirely a fresh issue of shares of face value of ₹10. The offering by Waterways Leisure Tourism does not have any offer-for-sale component. This means all the funds raised from the share sale will be received by the company.

Waterways Leisure Tourism IPO Objective

Waterways Leisure Tourism plans to utilise the proceeds from the fresh issue to the extent of ₹552.53 crores for payment towards deposit and advanced lease rental and monthly lease payments to its step-down subsidiary, Baycruise Shipping and Leasing (IFSC) Private Limited (“Baycruise IFSC”). The rest of the amount from the planned raising of ₹727 crore will be utilised for general corporate purposes by Waterways Leisure Tourism.

As per the DRHP filed by Waterways Leisure Tourism Limited, the registrar for its initial public offering, or IPO, is MUFG Intime India Private Limited, which formerly was also known as Link Intime India Private Limited.

The book-running lead managers for IPO include Centrum Capital Limited, Intensive Fiscal Services Private Limited, and Motilal Oswal Investment Advisors Limited.

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