Waterways Sets Price Band for Rs 585 Crore IPO to Fund Fleet Growth
Norwegian Sky and Norwegian Sun would take Cordelia beyond its original one-ship operation, adding capacity for up to three thousand nine hundred forty guests.
Waterways Leisure Tourism, the parent company of Cordelia Cruises, set a price band of Rs. 769 to Rs. 808 per equity share for its maiden initial public offering, with subscriptions scheduled to run from June 23 to June 25, 2026. The fresh issue totals up to Rs. 585 crore and is largely tied to lease-related funding for the Indian cruise operator’s fleet expansion.
Norwegian Sky and Norwegian Sun are expected to add a combined 1,970 cabins and capacity for up to 3,940 guests. In fiscal 2025, Waterways held about 79 percent market share by value, according to CRISIL.
Fresh issue proceeds allocated to lease payments
Investors may bid for a minimum of 18 equity shares and in further multiples of 18. Each share has a face value of Rs. 10, and Waterways had 651,544,440 equity shares outstanding as of the filing.
Of the fresh issue proceeds, Rs. 480 crore is earmarked for deposits and advances for lease rentals, as well as monthly lease payments to Baycruise Shipping and Leasing Private Limited, a step-down subsidiary of Waterways. The remaining proceeds are designated for general corporate purposes.
Waterways reported revenue from operations of Rs. 580 crore in FY26, compared with Rs. 444 crore in FY24. Net profit was Rs. 52 crore in FY26, a swing from a Rs. 123 crore loss in FY24.
Fleet expansion follows Cordelia’s single-ship launch
Cordelia Cruises launched in 2021 with Cordelia Empress, the former Empress of the Seas, which had been acquired in late 2020. The planned additions of Sky and Sun would move the brand beyond its original one-ship operation into a three-vessel fleet, with arrivals planned for 2026 and 2027.
Norwegian Sky is a 77,104-GT ship built by Lloyd Werft in 1999, refurbished in 2024 and scheduled to leave the Norwegian Cruise Line fleet in August 2026. Waterways’ IPO filing lists the vessel with 1,002 cabins and capacity for up to 2,004 guests.
Norwegian Sun was also built at Lloyd Werft, entered service in 2001 and was refurbished in 2024. The IPO material assigns it 968 cabins and capacity for up to 1,936 guests.
Prospectus filed with Indian regulators
Waterways filed its red herring prospectus dated June 17, 2026, with the Registrar of Companies. The prospectus is available through the SEBI website and Cordelia Cruises’ website.
The offer remains subject to required approvals and market conditions. The equity shares have not been registered under the U.S. Securities Act and may not be offered or sold in the United States unless an exemption applies. No named executive comment accompanied the price-band announcement.
