Waterways Leisure Tourism Limited, which has taken cruise tourism to new heights in India, is launching its highly anticipated initial public offering on June 23, 2026. The company has set a price band of ₹769 to ₹808 per share for its equity shares. The IPO will remain open to investors until June 25, 2026.
According to the company, investors can bid for a minimum of 18 equity shares and in multiples of 18 thereafter. A major portion of the funds raised through this fresh issue of ₹585 crore will be used for lease payments and deposits for the company’s step-down subsidiary, Baycruise Shipping & Leasing (IFSC) Private Limited, while the remaining amount will be spent for general corporate purposes.
“Cruise tourism in India has now become a growing luxury and experiential travel sector. Rising incomes, changing travel preferences, and the expansion of domestic tourism have provided new impetus to the industry.” Waterways Leisure Tourism currently operates its flagship cruise ship, MV Empress. Since the company’s inception, the ship has served over 730,000 passengers and has sailed over 321,000 nautical miles.
According to a Crisil report, the company held approximately 79 percent of the Indian cruise market by value in FY 2025. This achievement makes it a major player in the country’s cruise tourism industry.
“MV Empress is not just a cruise ship, but a floating experience of Indian culture, cuisine, and hospitality, introducing passengers to the diversity of India at sea.” The company’s domestic routes include popular tourist destinations such as Mumbai, Goa, Kochi, Chennai, Lakshadweep, Visakhapatnam, and Puducherry. Internationally, it operates cruises to Hambantota, Trincomalee, and Jaffna in Sri Lanka, Phuket in Thailand, Singapore, and Kuala Lumpur and Langkawi in Malaysia. MV Empress has a total of 796 cabins and can accommodate 2,005 passengers at a time. As part of the company’s expansion plans, two new ships, Norwegian Sky and Norwegian Sun, are joining the fleet. These additions will significantly increase the company’s capacity and allow it to serve more customers.
“The addition of new ships will not only increase the company’s passenger capacity but also strengthen its leadership position in the Indian cruise industry.” In addition to tourism, the company also offers specialized services for corporate meetings, incentive programs, conferences, exhibitions, and destination weddings. Demand for such events held at sea is steadily increasing, creating new revenue opportunities for the company. With the growing trend of experiential tourism in India, Waterways Leisure Tourism’s IPO is considered a significant opportunity for investors to participate in the country’s rapidly growing cruise tourism industry.
