New Delhi:Cruise operator Waterways Leisure Tourism has filed preliminary papers with markets regulator Sebi seeking its approval to raise Rs 727 crore through an Initial Public Offering (IPO).
The IPO is entirely a fresh issue of shares with no offer-for-sale component, according to the Draft Red Herring Prospectus (DRHP) filed last week.
Proceeds from the fresh issue to the extent of Rs 552.53 crore will be used for payment towards deposit or advanced lease rental and monthly lease payments for its step-down subsidiary, Baycruise Shipping and Leasing (IFSC) Private Ltd and a portion will be used for general corporate purposes.
Waterways Leisure Tourism currently operate a cruise vessel, the 'MV Empress', under the brand name 'Cordelia Cruises', and since its launch, over 5.49 lakh guests have sailed on its cruise vessel as of December 31, 2024.The company plans to introduce two new cruise vessels, 'Norwegian Sky' and 'Norwegian Sun', each with a capacity of up to 2,004 and 1,936 guests, respectively.
Its cruise vessel primarily sails to domestic destinations such as Mumbai (Maharashtra), Goa, Kochi (Kerala), Chennai (Tamil Nadu), Lakshadweep, Visakhapatnam (Andhra Pradesh), and Puducherry.It also offers international itineraries, including Hambantota, Trincomalee, and Jaffna (Sri Lanka) and has also sold cruise tickets for its first-time sail to destinations such as Phuket (Thailand), Singapore, Kuala Lumpur and Langkawi (Malaysia).
For the nine months ended December 31, 2024, revenue from operations stood at Rs 409.45 crore, and profit after tax at Rs 139.25 crore.
Centrum Capital, Intensive Fiscal Services and Motilal Oswal Investment Advisors are the book-running lead managers to the issue. The equity shares are proposed to be listed on the NSE and BSE.
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