India’s exclusive ocean cruise operator, Cordelia Cruises, is preparing to chart a new course with an initial public offering (IPO) worth ₹727 crore (approximately $84.5 million). Parent company Waterways Leisure Tourism Ltd has filed draft red herring papers with SEBI, signalling its ambition to scale operations in India’s burgeoning cruise market.
The proposed offering includes a fresh issue of equity shares amounting to ₹400 crore and an offer for sale of shares worth ₹327 crore. Proceeds will be used to enhance the Cordelia fleet, repay outstanding debts, and support general corporate purposes.
Scaling Up in India’s Nascent Cruise Market
Cordelia Cruises has emerged as a trailblazer in India’s underpenetrated cruise segment, offering ocean-based itineraries across Indian ports and select international destinations. The company aims to use the IPO proceeds to acquire or lease additional ships, enhance onboard experiences, and expand its customer base.
As India’s middle class grows and domestic travel demand surges, Cordelia’s expansion aligns with evolving traveller preferences. The cruise operator is also banking on government support, with India’s Ministry of Ports and Shipping backing cruise tourism as a high-growth sector under the “Dekho Apna Desh” initiative.
The company’s current operations revolve around its flagship vessel, the Empress, acquired from Royal Caribbean, which serves routes connecting Mumbai, Goa, Kochi, Lakshadweep, and Sri Lanka.
Positioning for Long-Term Growth
Waterways Leisure’s IPO marks a significant milestone not just for the brand, but for India’s maritime tourism industry as a whole. With limited players in the sector, Cordelia Cruises seeks to solidify its first-mover advantage and establish India as a viable cruise tourism hub.
Market analysts note that the IPO could attract strong interest from retail and institutional investors keen to tap into a fast-growing niche. As the cruise line positions itself to capture rising demand, the IPO will help drive long-term infrastructure development and brand equity.
If successful, Cordelia Cruises will become a prominent public symbol of India’s cruise potential—anchoring itself in a market poised for transformation.
