Waterways Leisure Tourism Limited has fixed the price band of its initial public offering (IPO) at INR 769 to INR 808 per equity share with a face value of INR 10 each. The public issue will open for subscription on June 23, 2026, and close on June 25, 2026.
The IPO comprises a fresh issue of equity shares aggregating up to INR 585 crore. Investors can bid for a minimum of 18 equity shares and in multiples of 18 shares thereafter.
According to the company, proceeds from the issue amounting to INR 480 crore will be utilised towards deposits, advance lease rentals and monthly lease payments by its step-down subsidiary, Baycruise Shipping and Leasing (IFSC) Private Limited. The remaining funds will be used for general corporate purposes.
Waterways Leisure Tourism currently operates the cruise vessel MV Empress and is one of the leading players in India’s cruise tourism segment. As of March 31, 2026, more than 730,000 guests had travelled on the vessel, which has sailed over 321,000 nautical miles across Indian coastal routes and neighbouring international destinations.
The company cited a CRISIL report stating that it accounted for approximately 79 per cent market share by value in Fiscal 2025. Its domestic cruise network includes destinations such as Mumbai, Goa, Kochi, Chennai, Lakshadweep, Visakhapatnam and Puducherry. International itineraries cover ports in Sri Lanka, Thailand, Singapore and Malaysia.
MV Empress offers 796 cabins across multiple accommodation categories and can accommodate up to 2,005 guests. The company is also expanding its fleet through the addition of Norwegian Sky and Norwegian Sun. Together, the two vessels are expected to add nearly 1,970 cabins and capacity for close to 3,940 passengers, significantly increasing the company’s operational scale.
Beyond leisure travel, the company serves the meetings, incentives, conferences and exhibitions (MICE) segment and destination weddings through onboard event facilities, accommodation, catering and entertainment services.
Financially, the company reported revenue from operations of INR 580 crore in FY26, compared with INR 444 crore in FY24. It also recorded a net profit of INR 52 crore in FY26, reversing a net loss of INR 123 crore reported in FY24.
Waterways Leisure Tourism filed its Red Herring Prospectus with the Registrar of Companies on June 17, 2026, and is seeking to list its shares on Indian stock exchanges, subject to regulatory approvals and market conditions.
