Published: 12 June 2026 | 6.00 AM
Last Updated: 18 June 2026 | 8.00 PM
IPO Overview / Intro
Waterways Leisure Tourism IPO is a mainboard book building issue comprising 72,40,099 equity shares. The IPO consists entirely of a fresh issue of shares.
The IPO opens for subscription on 23 June 2026 and closes on 25 June 2026. The shares are proposed to be listed on NSE and BSE with a tentative listing date of 01 July 2026.
Waterways Leisure Tourism Ltd is one of India’s leading domestic ocean cruise operators offering luxury cruise experiences centered around Indian culture, hospitality, entertainment and cuisine. The company operates the cruise vessel MV Empress and serves destinations across India and select international locations.
Key Highlights
| Particulars | Details |
|---|---|
| IPO Type | Book Building Mainboard IPO |
| Issue Size | 72,40,099 Shares |
| Fresh Issue | 72,40,099 Shares |
| Offer For Sale | Nil |
| Price Band | Rs. 769 to Rs. 808 Per Share |
| Face Value | Rs. 10 Per Share |
| Listing Exchange | NSE & BSE |
| Lot Size | 18 Shares |
| Retail Application | Rs. 14,544 |
| Market Cap | To Be Declared |
| Listing Date | 01 July 2026 |
👉 | IPO GMP | IPO Reviews | IPO Subscription | IPO Allotment
Waterways Leisure Tourism IPO GMP – Latest Update
| GMP Details | Value |
| Waterways Leisure Tourism IPO GMP Today | Updating Soon |
| Kostak Rate | Updating Soon |
| Subject to Sauda (S2B) | Updating Soon |
Waterways Leisure Tourism IPO Subscription Status – Live Update
| Category | Subscription |
| QIB Category | Updating Soon |
| NII Category | Updating Soon |
| Retail Category | Updating Soon |
| Total Subscription | Updating Soon |
IPO Details at a Glance
| Particulars | Details |
| IPO Date | 23 June 2026 to 25 June 2026 |
| Listing Date | 01 July 2026 |
| Face Value | Rs. 10 Per Share |
| Price Band | Rs. 769 to Rs. 808 |
| Lot Size | 18 Shares |
| Issue Type | Book Building IPO |
| Listing At | NSE & BSE |
| Total Issue Size | 72,40,099 Shares |
| Fresh Issue | 72,40,099 Shares |
| Offer For Sale | Nil |
| Issue Size | Rs. 585.00 Crore |
| Shareholding Pre Issue | 6,51,54,444 Shares |
| Shareholding Post Issue | 7,23,94,543 Shares |
| Market Cap | To Be Declared |
IPO Timetable
| Event | Date |
| IPO Open Date | 23 June 2026 |
| IPO Close Date | 25 June 2026 |
| Basis of Allotment | 29 June 2026 |
| Refund Initiation | 30 June 2026 |
| Credit of Shares | 30 June 2026 |
| Listing Date | 01 July 2026 |
Reservation
| Investor Category | Reservation |
| QIB Shares Offered | Not Less Than 75.00% Of Issue |
| NII Shares Offered | Not More Than 15.00% Of Issue |
| Retail Shares Offered | Not More Than 10.00% Of Issue |
| Total Shares Offered | 100.00% Of Issue |
Lot Size
| Application Type | Lots | Shares | Amount |
| Retail Minimum | 1 | 18 | Rs. 14,544 |
| Retail Maximum | 13 | 234 | Rs. 1,89,072 |
| S-HNI Minimum | 14 | 252 | Rs. 2,03,616 |
| S-HNI Maximum | 68 | 1,224 | Rs. 9,88,992 |
| B-HNI Minimum | 69 | 1,242 | Rs. 10,03,536 |
Company Details
Waterways Leisure Tourism Ltd was incorporated in November 2020 and is one of India’s leading domestic ocean cruise operators.
The company operates luxury cruise services through MV Empress, offering voyages across Mumbai, Goa, Kochi, Chennai, Lakshadweep, Visakhapatnam and Puducherry, along with selected international destinations including Sri Lanka, Thailand, Singapore and Malaysia.
As of 31 March 2026, more than 7.30 lakh guests had sailed on its cruises, covering over 3.21 lakh nautical miles. The company commanded approximately 79% market share by value in India’s domestic ocean cruise industry during FY2025.
The company follows an asset-light business model by outsourcing food & beverage, housekeeping, crewing and entertainment functions, enabling operational efficiency and scalability.
As of 31 March 2026, the company had 245 permanent employees.
Competitive Strengths
| Key Strengths |
| Leading Domestic Ocean Cruise Operator In India |
| Strong Market Share In Domestic Cruise Industry |
| Pioneer In India-Focused Luxury Cruise Tourism |
| Diverse Entertainment And Hospitality Offerings |
| Strong Direct Booking Platform |
| Asset-Light Business Model |
| Expansion Plans Through Norwegian Sky And Norwegian Sun |
IPO Objects
| Sr. No. | Objects of the Issue | Estimated Amount |
| 1 | Payment Towards Deposit, Advance Lease Rental And Monthly Lease Payments To Baycruise Shipping And Leasing (IFSC) Pvt. Ltd. | Rs. 480.01 Crore |
| 2 | General Corporate Purposes | Balance Amount |
Company Address
| Particulars | Details |
| Registered Office | A-1601, Marathon Futurex, NM Joshi Marg, Lower Parel, Delisle Road, Mumbai, Maharashtra – 400013 |
| Phone | +91 02271541821 |
| cs@waterways-leisure.com |
Lead Manager & Registrar
| Particulars | Details |
| Lead Manager | Centrum Broking Ltd. |
| Registrar | MUFG Intime India Pvt. Ltd. |
| Registrar Phone | +91-22-4918 6270 |
| Registrar Email | waterwaysleisure.ipo@in.mpms.mufg.com |
Financials
| Particulars (Rs. Crore) | FY2026 | FY2025 | FY2024 |
| Total 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 Borrowings | 101.90 | 30.44 | 5.18 |
Valuation
Key Performance Indicators (KPI)
| KPI | FY2026 |
| 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 & Valuation
| Particulars | Pre IPO | Post IPO |
| EPS (Rs.) | 8.00 | To Be Declared |
| P/E (x) | 100.96 | To Be Declared |
Shareholding Pattern
| Particulars | Pre Issue | Post Issue |
| Promoter Holding | 99.27% | 89.35% |
Chanakya View
Investment Summary
| Parameter | Observation |
| Business Segment | Cruise Tourism & Hospitality |
| Industry Outlook | Strong Long-Term Potential |
| Revenue Growth | Stable |
| Profitability | Moderating |
| Market Share | Approx. 79% Domestic Cruise Market |
| Guest Base | 7.30 Lakh+ Guests |
| Fleet | MV Empress |
| Valuation | Expensive |
| Listing Liquidity | Mainboard Presence |
Positives
| Strengths |
| Market Leader In Domestic Ocean Cruises |
| Strong Brand Recall In Cruise Tourism |
| Large Market Share |
| Asset-Light Business Model |
| Growing Cruise Tourism Industry |
| Strong Direct Booking Network |
| Fleet Expansion Plans |
Concerns
| Risks |
| Sharp Decline In PAT During FY2026 |
| High Valuation At P/E Of 100.96x |
| Rising Borrowings |
| Cruise Business Sensitive To Travel Demand |
| Industry Still Nascent In India |
| Capital Intensive Expansion Plans |
Waterways Leisure Tourism operates in a niche segment of India’s travel and hospitality industry and has emerged as the dominant player in domestic ocean cruises.
The company enjoys a strong market position, premium customer experience, direct booking strength and an asset-light operating model. Growth prospects remain attractive as cruise tourism penetration in India remains relatively low compared to global markets.
However, investors should note that profit after tax declined significantly in FY2026 despite stable revenue. Borrowings have increased and the IPO is being offered at a valuation of nearly 101 times earnings, which appears demanding.
Considering its leadership position, growth potential in cruise tourism and strong brand presence, the IPO may attract long-term investor interest. However, valuation and recent profitability trends warrant careful consideration.
FAQs
What is Waterways Leisure Tourism IPO GMP today?
Waterways Leisure Tourism IPO GMP today is currently updating in the grey market. Investors should track live GMP closer to listing for better sentiment assessment.
What is the Waterways Leisure Tourism IPO price band?
Waterways Leisure Tourism IPO price band is fixed at Rs. 769 to Rs. 808 per share.
What is the Waterways Leisure Tourism IPO lot size?
Waterways Leisure Tourism IPO lot size is 18 shares. The minimum retail investment required is Rs. 14,544.
When will Waterways Leisure Tourism IPO list?
Waterways Leisure Tourism IPO is proposed to list on NSE and BSE on 01 July 2026.