Waterways Leisure Tourism IPO Price: ₹769 to ₹808 per share
IPO Dates: 23 to 25 Jun, 2026
Company Overview
Incorporated in November 2020, Waterways Leisure Tourism Limited is one of India’s leading domestic ocean cruise operators, offering luxury cruise experiences centered around Indian culture, hospitality, entertainment, and cuisine.
Cruise Operations
The company operates the cruise vessel MV Empress, which sails to destinations including Mumbai, Goa, Kochi, Chennai, Lakshadweep, Visakhapatnam, Puducherry, and select international destinations such as Sri Lanka, Thailand, Singapore, and Malaysia.
Market Position & Scale
As of March 31, 2026, more than 730,000 guests had sailed on the company’s cruises, covering over 321,000 nautical miles. The company held approximately 79% market share by value in India’s domestic ocean cruise industry in Fiscal 2025.
Onboard Amenities
MV Empress features 796 cabins, including suites, ocean-view cabins, and interior staterooms. The vessel offers a wide range of amenities, including:
- MICE and wedding facilities
- Restaurants and dining venues
- Entertainment shows
- Casino
- Spa and fitness center
- Swimming pools
- Gaming arcade
- Children’s academy
Business Model
The company follows an asset-light operating model by outsourcing key cruise functions such as food & beverage, housekeeping, crewing, and entertainment. This enables operational efficiency and scalability.
A majority of bookings are generated directly through its website, mobile application, call centers, and customer service channels.
Growth Strategy
Waterways Leisure Tourism is positioned to benefit from the growing cruise tourism industry in India and plans to expand its fleet with Norwegian Sky and Norwegian Sun.
Workforce
As of March 31, 2026, the company had 245 permanent employees.
Key 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
Bidding Starts In
Waterways Leisure Tourism IPO Specifics:
| IPO Date | 23 to 25 Jun, 2026 |
| Listing Date | Wed, Jul 1, 2026 |
| Face Value | ₹10 per share |
| Price Band | ₹769 to ₹808 |
| Lot Size | 18 Shares |
| Sale Type | Fresh capital only |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Total Issue Size | 72,40,099 shares (agg. up to ₹585 Cr) |
| Fresh Issue | 72,40,099 shares (agg. up to ₹585 Cr) |
| Share Holding Pre Issue | 6,51,54,444 shares |
Waterways Leisure Tourism IPO Timetable (Important Dates)
| Event | Date |
|---|---|
| IPO Open | Tue, Jun 23, 2026 |
| IPO Close | Thu, Jun 25, 2026 |
| Allotment | Mon, Jun 29, 2026 |
| Refund | Tue, Jun 30, 2026 |
| Credit of Shares | Tue, Jun 30, 2026 |
| Listing | Wed, Jul 1, 2026 |
Waterways Leisure Tourism IPO Lot Size
Bidders have the opportunity to bid for a minimum of 18 shares, with the option to increase in multiples. The table below outlines the minimum and maximum investment thresholds for both retail investors and High Net Worth Individuals (HNIs), specifying the corresponding number of shares and amounts involved.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 18 | ₹14,544 |
| Retail (Max) | 13 | 234 | ₹1,89,072 |
| S-HNI (Min) | 14 | 252 | ₹2,03,616 |
| S-HNI (Max) | 68 | 1,224 | ₹9,88,992 |
| B-HNI (Min) | 69 | 1,242 | ₹10,03,536 |
Waterways Leisure Tourism IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | Not less than 75% of the Offer Size |
| Retail Shares Offered | Not more than 10% of the Offer |
| NII Shares Offered | Not more than 15% of the Offer |
Waterways Leisure Tourism IPO Financial Information
| Particulars (₹ Cr) | 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 & Surplus | 15.05 | -31.90 | -182.75 |
| Total Borrowing | 101.90 | 30.44 | 5.18 |
Key Performance Indicator – Waterways Leisure Tourism IPO
| KPI | Value |
|---|---|
| ROE | 0.92% |
| ROCE | 1.14% |
| Debt/Equity | 1.27 |
| RoNW | 92.70% |
| PAT Margin | 0.09% |
| EBITDA Margin | 0.20% |
| Price to Book Value | 65.64 |
| EPS (₹) | 8.00 |
| P/E (x) | 100.96 |
| Promoter Holding | 99.27% |
Prospectus Links:
Prospectus: Official documents that provide detailed information about the IPO and the company.
Waterways Leisure Tourism IPO RHP
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