Cordelia Cruises, previously known as Waterways Leisure Tourism, has submitted its Draft Herring Prospectus to the market regulator SEBI with the aim of raising funds of ₹727 crore via an Initial Public Offering (IPO) with a face value of ₹10 each.
This IPO consists entirely of a fresh issue of up to ₹727 crore with no offer for sale (OFS) component.
As per the DRHP, the proceeds of ₹552.53 crore raised from the fresh issue will be used to pay deposits, advance lease rentals, and monthly lease payments to its step-down subsidiary, Bay Cruise Shipping and Leasing (IFSC). Lastly, the remaining funds will be utilized for the company’s general corporate purposes.
The registrar of the issue is MUFG Intime India, formerly Link Intime. While the book-running leading managers on the issue are Centrum Capital, Intensive Fiscal Services, and Motilal Oswal Investment Advisors.
The company has assigned 75% of the issue for qualified institutional buyers (QIBs), up to 15% for non-institutional investors (NIIs), and 10% for retail individual investors.
Incorporated on November 2, 2020, Cordella Cruises, formerly known as Waterways Leisure Tourism, is one of the leading and only ocean cruise operators in India. The company is known to offer luxury cruises inspired by Indian culture. Recently, the company started a cruise vessel, the ‘MV Empress’, with approximately 5,49,051 guests having sailed on the cruise vessel since its launch.
Mumbai, Goa, Kochi, Chennai, Lakshadweep, Visakhapatnam, and Puducherry are some of India’s destinations that the company’s cruise ship mainly travels to. Internationally, the company’s cruise ship travels to various places like Hambantota, Trincomalee, and Jaffna in Sri Lanka. The cruise vessel ‘MV Empress’ provides a wide range of cabin options such as one chairman’s suite, five suites, 63 mini suites, 416 ocean-view staterooms, and 311 interior staterooms, totalling 796 cabins.
The equity shares are proposed to be listed on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE).
Waterways Leisure Tourism IPO Prospectus:
| DRHP Draft Prospectus: | Click Here |
| RHP Draft Prospectus: | To be Updated Soon |
Waterways Leisure Tourism Company Financial Report
Amount ₹ in Crores
| Period Ended | Revenue | Expense | Profit After Tax |
| 2022 | ₹136.75 | ₹178.98 | ₹114.98 |
| 2023 | ₹486.22 | ₹430.91 | ₹55.31 |
| 2024 | ₹450.20 | ₹555.68 | ₹119.96 |
| December 2024 | ₹414.21 | ₹351.90 | ₹139.25 |
Waterways Leisure Tourism IPO Valuation – FY2024
Waterways Leisure Tourism IPO valuations detail like Earning Per Share (EPS), Price/Earning P/E Ratio, Return on Net Worth (RoNW), and Net Asset Value (NAV) details.
| Earning Per Share (EPS): | ₹(18.55) (Basic) |
| Price/Earning P/E Ratio: | N/A |
| Return on Net Worth (RoNW): | 218.94% |
| Net Asset Value (NAV): | ₹(17.74) |
Peer Group Comparison
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
| Chalet Hotels Limited | 13.54 | 68.15 | 15.02% | 90.07 | 1417.25 Cr. |
| Lemon Tree Hotels Limited | 1.88 | 73.80 | 2.50% | 75.26 | 1071.12 Cr. |
| Juniper Hotels Limited | 1.46 | 215.75 | 1.22% | 119.34 | 817.66 Cr. |
| Samhi Hotels Limited | (14.67) | (13.50) | (31.08)% | 47.20 | 957.39 Cr. |
| Taj GVK Hotels & Resorts Limited | 14.78 | 29.42 | 16.92% | 87.35 | 407.99 Cr. |
| Wonderla Holidays Limited | 27.93 | 23.26 | 15.95% | 174.57 | 483.04 Cr. |
| Imagicca World Entertainment | 11.48 | 6.80 | 65.21% | 16.48 | 260.02 Cr. |
Objects of the Issue
- Payment towards deposit/ advanced lease rental and monthly lease payments to our step-down subsidiary, Baycruise Shipping and Leasing (IFSC) Private Limited (“ Baycruise IFSC”)
- General corporate purposes
IPO Lead Managers aka Merchant Bankers
- Centrum Capital Limited
- Intensive Fiscal Services Private Limited
- Motilal Oswal Investment Advisors Limited
