Waterways Leisure Tourism IPO
Bookbuilding IPO | ₹585.00 Cr | Listing at BSE, NSE
Closed
IPO Open
Tue, Jun 23, 2026
IPO Close
Thu, Jun 25, 2026
Price Band
₹769.00 to ₹808.00
Market Cap (Pre-IPO)
-
IPO Details
| IPO Date | Jun 23, 2026 to Jun 25, 2026 |
| Listing Date | Tentative: Jul 01, 2026 |
| Face Value | ₹10.00 per share |
| Price Band | ₹769.00 to ₹808.00 |
| Lot Size | 18 Shares (Minimum: ₹14,544.00) |
| Sale Type | Fresh Issue |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Issue Size | ₹585.00 Crores |
| Total Shares Offered | 7,240,099 shares |
| Fresh Issue | 7,240,099 shares |
| Offer For Sale | 7,240,099 shares |
Waterways Leisure Tourism IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | Not less than 75% of the Issue |
| Retail Shares Offered | Not more than 10% of the Issue |
| NII Shares Offered | Not more than 15% of the Issue |
Waterways Leisure Tourism IPO Lot Size
Investors can bid for a minimum of 18 shares and in multiples thereof.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 18 | ₹14,544 |
| Retail (Max) | 13 | 234 | ₹189,072 |
| S-HNI (Min) | 14 | 252 | ₹203,616 |
| S-HNI (Max) | 68 | 1,224 | ₹988,992 |
| B-HNI (Min) | 69 | 1,242 | ₹1,003,536 |
Waterways Leisure Tourism Financial Information (Restated Consolidated)
Waterways Leisure Tourism Ltd.'s revenue decreased by 2% and profit after tax (PAT) dropped by 69% between the financial year ending with March 31, 2026 and March 31, 2025.
| Period Ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 341.78 | 247.37 | 399.20 |
| Total Income | 586.99 | 597.68 | 452.15 |
| Profit After Tax | 52.14 | 168.19 | -122.73 |
| EBITDA | 117.48 | 215.46 | 111.15 |
| NET Worth | 80.20 | 32.78 | -118.07 |
| Reserves and Surplus | 15.05 | -31.90 | -182.75 |
| Total Borrowing | 101.90 | 30.44 | 5.18 |
Amount in ₹ Cr
Key Performance Indicators
As of Tuesday, March 31, 2026| KPI | Values |
|---|---|
| ROE (Return on Equity) | 0.92% |
| ROCE (Return on Capital Employed) | 1.14% |
| Debt/Equity | 1.27 |
| RoNW (Return on Net Worth) | 92.70% |
| PAT Margin (Profit After Tax Margin) | 0.09% |
| EBITDA Margin | 0.20% |
| Price to Book Value | 65.64 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS Rs | 8.00 | - |
| P/E (x) | 100.96 | - |
| Promoter Holding | 99.27% | 89.35% |
Company Promoters
- Global Shipping and Leisure Limited and Rajesh Chandumal Hotwani
Company Overview
Waterways Leisure Tourism – Company Overview
- Incorporated in November 2020, Waterways Leisure Tourism Limited is one of India's leading ocean cruise operators, offering luxury cruise experiences focused on Indian culture, hospitality, entertainment, and cuisine.
- The company operates the cruise vessel MV Empress, providing domestic and international cruise services across destinations such as Mumbai, Goa, Kochi, Chennai, Lakshadweep, Visakhapatnam, Puducherry, Sri Lanka, Thailand, Singapore, and Malaysia.
- As of March 31, 2026, more than 730,000 guests had travelled on its cruises, covering over 321,000 nautical miles.
- The company held approximately 79% market share by value in India's domestic ocean cruise industry during FY 2025.
- MV Empress features 796 cabins, including suites, ocean-view cabins, and interior staterooms, along with facilities such as restaurants, entertainment shows, casino, spa, fitness centre, swimming pools, gaming arcade, children's academy, and MICE & wedding venues.
- The company follows an asset-light business model, outsourcing key operations such as food & beverage services, housekeeping, crewing, and entertainment to enhance efficiency and scalability.
- A significant portion of bookings is generated directly through its website, mobile application, call centres, and customer service channels.
- Waterways Leisure Tourism plans to expand its cruise operations through the addition of Norwegian Sky and Norwegian Sun to its fleet.
- As of March 31, 2026, the company had 245 permanent employees.
Company Strengths
- Leading domestic ocean cruise operator in India with strong market share.
- Pioneer in India-focused luxury cruise tourism.
- Unique blend of Indian culture, cuisine, and entertainment experiences.
- Diverse onboard amenities catering to families, leisure travelers, and corporate groups.
- Strong direct booking network supporting higher margins.
- Asset-light model through outsourced cruise operations.
- Expansion plans with additional cruise vessels and destinations.
Use of Proceeds
| 1) | Payment towards deposit/ advanced lease rental and monthly lease payments to stepdown subsidiary, Baycruise Shipping and Leasing (IFSC) Pvt.Ltd. (Baycruise IFSC). | 480.01 |
| 2) | General Corporate Purposes | |
| Total | 480.01 |
Objectives
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
Waterways Leisure Tourism IPO Peer Comparison
| Company Name | EPS (Basic) | EPS (Diluted) | NAV (per share) (Rs) | P/E (x) | RoNW (%) | P/BV Ratio | Financial statements |
|---|---|---|---|---|---|---|---|
| Waterways Leisure Tourism | 8.02 | 8.02 | 12.31 | - | 92.70 | - | Consolidated |
| Chalet Hotels | 29.50 | 29.46 | 168.83 | 25.73 | 19.40 | 25.73 | Consolidated |
| Lemon Tree Hotels | 2.87 | 2.87 | 26.25 | 40.98 | 11.73 | 40.98 | Consolidated |
| Juniper Hotels | 6.36 | 6.36 | 128.91 | 31.90 | 5.06 | 31.90 | Consolidated |
| Samhi Hotels | 25.61 | 25.47 | 98.24 | 6.19 | 34.07 | 6.19 | Consolidated |
| Taj GVK Hotels & Resorts | 65.31 | 65.31 | 226.37 | 4.97 | 39.48 | 4.97 | Consolidated |
| Wonderla Holidays | 12.89 | 12.83 | 283.33 | 40.98 | 4.64 | 40.98 | Consolidated |
| Imagica World Entertainment | 0.01 | 0.01 | 22.16 | 4,544.00 | 0.10 | 4,544.00 | Consolidated |
Quick Info
| Sector | Travel and Tourism and Hospitality |
| Exchange | BSE, NSE |
Important Dates
| IPO Open | Jun 23, 2026 |
| IPO Close | Jun 25, 2026 |
| Allotment Date | Jun 29, 2026 |
| Credit to Demat | Jun 30, 2026 |
| Listing Date | Tentative: Jul 01, 2026 |
Lead Manager(s)
Centrum Broking Ltd.
Registrar
Description
- IPO Type: Book build issue aggregating to ₹585.00 crores.
- Issue Structure: Entirely a fresh issue of 0.72 crore shares totaling ₹585.00 crores.
- IPO Dates: The issue opens on June 23, 2026 and closes on June 25, 2026.
- Allotment Date: Expected to be finalized on June 29, 2026.
- Listing Details: Shares are proposed to be listed on National Stock Exchange of India (NSE) and BSE Limited (BSE) with a tentative listing date of July 1, 2026.
- Retail Investment Requirement: Minimum 1 lot (18 shares) amounting to approximately ₹14,544 (at the upper price band).
- sNII Investment Requirement: Minimum 14 lots (252 shares) totaling around ₹2,03,616.
- bNII Investment Requirement: Minimum 69 lots (1,242 shares) totaling around ₹10,03,536.
- IPO Price Band: ₹769 to ₹808 per equity share.
- Lot Size: 18 shares per lot.
This IPO offers investors an opportunity to participate in the leisure, tourism, and hospitality sector, subject