In a big boost to cruise tourism in the country, Prime Minister Narendra Modi on Saturday inaugurated the International Cruise Terminal in Mumbai. The terminal — located at Indira Dock — is designed to handle one million passengers annually and accommodate multiple cruise ships simultaneously. The new, state-of-the-art terminal also marks a significant boost for companies like Cordelia Cruises, whose parent Waterways Leisure Tourism is preparing to float an initial public offer (IPO).
The PM also laid foundation stones for significant development projects amounting to more than Rs 34,200 crore in Bhavnagar, Gujarat.
Highlighting the country’s growing maritime ambitions, PM Modi extended his best wishes to the people of Gujarat and emphasised port-led growth as a key driver of national prosperity.
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A big boost for companies like Cordelia Cruise
Mumbai serves as a key hub for Cordelia’s luxury cruise operations, and the upgraded cruise terminal is set to enhance passenger experience, streamline operations and support fleet expansion plans detailed in Cordelia’s IPO papers.
As Cordelia gears up to increase its cruise offerings, the terminal’s modern facilities will help the company scale efficiently, matching the government’s vision to grow India’s cruise tourism industry.
The synergy between the government’s infrastructure development push and Cordelia’s business plans reinforces the company’s strong positioning in the domestic cruise market.
Waterways Leisure Tourism files papers with SEBI to float IPO
Waterways Leisure Tourism — which owns and operates the Cordelia Cruises brand — filed its draft red herring prospectus (DRHP) with capital market regulator SEBI in June.
The company plans to raise Rs 727 crore through an initial public offering (IPO). The proposed IPO will comprise fresh issuance and no offer for sale (OFS) — which means that the proceeds are set to go to the company once the IPO sails through.
The company plans to utilise a major chunk of the proceeds — amounting to Rs 553 crore — to cover lease payments for two new cruise vessels, Norwegian Sky and Norwegian Sun.
This transaction will be carried out through its step-down subsidiary, Baycruise Shipping and Leasing (IFSC), whereas the remainder will be utilised for general corporate purposes aimed at supporting growth and operational efficiency, according to the IPO papers.
In the financial year 2023-24, Waterways Leisure Tourism claimed around 65 per cent market share in value terms within the country’s ocean cruise sector, operating primarily in domestic routes including Mumbai, Goa, Kochi, Chennai, Lakshadweep and Visakhapatnam.
Its flagship cruise vessel, the MV Empress, has carried over 5.49 lakh guests and sailed more than 2.25 lakh nautical miles since launch, according to the DRHP.
The company registered a net profit of 139.3 crore for the nine-month period till December, with revenue of Rs 409.5 crore.
While 75 per cent of the issue will be reserved for qualified institutional buyers (QIBs), 15 per cent will be set aside for non-institutional investors (NIIs) and the remaining 10 per cent for retail investors.
The stock is proposed to be listed on exchanges NSE and BSE.
