Waterways Leisure Tourism has fixed the price band for its maiden Initial Public Offering (IPO) at ₹769 to ₹808 per equity share of face value ₹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 up to ₹585 crore, with investors able to bid for a minimum of 18 equity shares and in multiples thereafter. The company has 651.54 million outstanding equity shares as on date.
The proceeds from the issue will primarily be utilised to fund lease deposits, advance lease rentals and monthly lease payments for its step-down subsidiary, Baycruise Shipping and Leasing (IFSC) Private Limited, with the remaining amount earmarked for general corporate purposes.
Waterways Leisure Tourism currently operates the MV Empress, which has carried 730,819 guests and sailed more than 321,292 nautical miles across the Indian coastline and neighbouring countries as of March 31, 2026. According to a CRISIL report, the company held an estimated 79 per cent market share by value in India’s cruise tourism segment during FY2025.
The cruise line operates domestic itineraries covering Mumbai, Goa, Kochi, Chennai, Lakshadweep, Visakhapatnam and Puducherry, while international sailings include Hambantota, Trincomalee and Jaffna in Sri Lanka, Phuket in Thailand, and Singapore, Kuala Lumpur and Langkawi in Malaysia.
The company’s flagship vessel, MV Empress, features 796 cabins with accommodation for up to 2,005 guests, offering suites, mini suites, ocean-view and interior staterooms. The fleet is expected to expand with the addition of Norwegian Sky and Norwegian Sun, which together will add nearly 2,000 cabins and capacity for almost 4,000 additional passengers, significantly enhancing the company’s operational scale.
In addition to leisure cruises, the company also caters to the MICE and destination wedding segments by offering integrated venue, accommodation, catering and entertainment services onboard.
For FY2026, Waterways Leisure Tourism reported revenue from operations of ₹580 crore, compared with ₹444 crore in FY2024. The company also posted a net profit of ₹52 crore in FY2026, reversing a net loss of ₹123 crore recorded in FY2024.
