Mumbai-based Waterways Leisure Tourism that operates Cordelia Cruises plans to tap capital markets as it has filed preliminary papers with the SEBI to raise up to INR 727 crore via initial public offering (IPO).
he IPO will consist of solely fresh issue with no offer-for-sale component. Hence, the entire issue proceeds will be received by the company.
The domestic ocean cruise operator will utilise INR 552.5 crore out of IPO proceeds for payment towards deposit/ advanced lease rental and monthly lease payments to step-down subsidiary, Baycruise Shipping and Leasing (IFSC) for acquisition of vessels on lease. And the remaining funds will be utilised for general corporate purposes.
“The total lease rental for the acquisition of each vessel (Norwegian Sky and Norwegian Sun) on lease amounts to USD 160 million each (approximately INR 1,371.04 crore) (excluding GST),” the company said in its DRHP filing on June 13.
Global Shipping and Leisure, and Rajesh Chandumal Hotwani are promoters of Waterways Leisure Tourism, holding 99.27 per cent stake.
In fiscal 2024, Waterways Leisure Tourism claimed to have accounted for approximately 65 per cent of the market share in value terms. Its cruise vessel primarily sails to domestic destinations such as Mumbai, Goa, Kochi, Chennai, Lakshadweep, Visakhapatnam, and Puducherry.
