Cordelia Cruises (Waterways Leisure Tourism) Limited

Waterways Leisure Tourism Limited, which runs its business under the Cordelia Cruises brand, is an Indian ocean cruise operator based in Mumbai. Incorporated in November 2020, the company offers multi-night leisure sailings built around Indian food, hospitality, culture and onboard entertainment, and positions itself as the only home-grown player operating ocean cruises out of Indian ports. Its single operating vessel, the MV Empress, sails on domestic itineraries touching ports such as Mumbai, Goa, Kochi, Chennai, Visakhapatnam, Puducherry and Lakshadweep, along with select international routes to Sri Lanka, Thailand, Malaysia and Singapore. The bulk of the company's income comes from cruise ticket sales, supplemented by a range of onboard services and experiences that generate additional per-guest spending. Management reports that more than 730,000 guests had sailed with the line and that its ships had covered over 321,000 nautical miles as of the reporting cut-off, and it cites a leading share of India's domestic ocean cruise market by value in the most recent fiscal year. The business is led by a senior team drawn from the cruise, shipping and tourism sectors. The company plans to grow capacity by adding further vessels to its fleet over time, expanding the number of itineraries and destinations it can serve. Because ocean cruising is still an early-stage segment in India, the company's prospects are tied both to building consumer demand for domestic sailings and to the wider development of port and regulatory infrastructure that supports the industry. Its financial results have been volatile across recent years, swinging between losses and profits as the operation scaled.

The company raised about 263.25 crore rupees from anchor investors ahead of the issue, allotting 32,58,045 shares at 808 rupees each. The anchor book was led by foreign portfolio investors including Nova Global, Cullinan Opportunities, Zeal Global and M7 Global, each taking roughly 19 percent, with Baroda BNP Paribas Mutual Fund at about 7.6 percent.