Indian cruise line, Cordelia Cruises, operated by Waterways Leisure Tourism, is preparing to raise INR727 crore through an initial public offering (IPO).
Proceeds will play a key role in expanding the company’s fleet and portfolio of travel routes, local platform GetTransfer.com said when analysing the company.
According to recent data, Waterways Leisure Tourism commands a significant 65% share of the domestic cruise market.
The IPO will follow the submission of a Draft Red Herring Prospectus (DRHP) to the Securities and Exchange Board of India (SEBI).
The majority of the funds raised, specifically INR552.53 crore, will be allocated towards the lease payments of cruise vessels through Cordelia’s subsidiary, Baycruise Shipping and Leasing (IFSC) Pvt Ltd. The remaining funds will be channeled into general corporate purposes, positioning the company for strategic growth.
With the IPO, Cordelia Cruises aims to enhance its current offerings, including expanding the ‘Empress’ services, which operates primarily out of Mumbai and Chennai, with international destinations.
Cordelis has also agreed to purchase Norwegian Cruise Lines’ ‘Norwegian Sky’ and ‘Norwegian Sun’.
Reflecting on its financial performance, the company reported revenues of INR442.11 crore for FY24, with a notable profit after tax of INR139.25 crore during the nine months up to December, 2024.
As cruises increasingly become a favoured Indian travel mode, especially through routes spanning popular regions like Goa, Kochi, and Lakshadweep, it’s also beneficial for related services, such as taxis and transfers, to be seamless and efficient.
This complements the growth of cruise tourism, as travelers often require reliable transport links before and after their voyage, GetTransfer said.
