{"id":128484,"date":"2026-06-24T02:32:00","date_gmt":"2026-06-23T21:02:00","guid":{"rendered":"https:\/\/univest.in\/blogs-2\/?p=128484"},"modified":"2026-06-23T18:04:23","modified_gmt":"2026-06-23T12:34:23","slug":"waterways-leisure-tourism-ipo-gmp-day-2","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/waterways-leisure-tourism-ipo-gmp-day-2\/","title":{"rendered":"Waterways Leisure Tourism IPO GMP Day 2: Cordelia Cruises GMP at \u20b913, Expected Listing \u20b9821"},"content":{"rendered":"<div class=\"meta-block\">\u00a0<\/div>\n<p style=\"border-left: 4px solid #1F4E79; background: #EBF3FB; padding: 10px 16px; font-style: italic;\"><em>Waterways Leisure Tourism IPO GMP: \u20b913 on Day 2. Expected listing \u20b9821 (~1.6% gain). Price band \u20b9769-808. Lot 18 shares. Min \u20b914,544. Issue \u20b9585 Cr. Mainboard. India&#8217;s only cruise operator.<\/em><\/p>\n<p>The Waterways Leisure Tourism IPO GMP on Day 2 of the subscription period stands at approximately \u20b913 per share, implying an expected listing price of around \u20b9821 on the upper price band of \u20b9808 \u2014 a modest potential gain of approximately 1.6% over the issue price. The Waterways Leisure Tourism IPO GMP has been stable in the \u20b910-14 range since the issue opened, reflecting a subdued but positive grey market tone. The Waterways Leisure Tourism IPO is a mainboard issue on BSE and NSE raising \u20b9585 crore through a 100% fresh issue at a price band of \u20b9769 to \u20b9808 per share. The lot size is 18 shares, with a minimum investment of \u20b914,544 per lot \u2014 making it accessible to retail investors at a manageable entry point.<\/p>\n<p>Waterways Leisure Tourism Limited, incorporated in November 2020 and headquartered in Mumbai, operates India&#8217;s only domestic ocean cruise line under the flagship &#8220;Cordelia Cruises&#8221; brand. The company currently operates the MV Empress cruise vessel, which accommodates 2,005 guests across 796 rooms and has sailed over 730,000 passengers across more than 321,000 nautical miles. Domestic routes include Mumbai, Goa, Kochi, Chennai, Lakshadweep, Visakhapatnam, and Puducherry; international routes cover Sri Lanka, Thailand, Singapore, and Malaysia. Ankit Jaiswal, Senior Research Analyst at Univest notes that the muted Waterways Leisure Tourism IPO GMP of \u20b913 reflects the market&#8217;s concern about the 69% decline in PAT in FY26 (from \u20b9168 crore in FY25 to \u20b952 crore in FY26) despite static top-line revenue, alongside the company&#8217;s single-vessel concentration risk.<\/p>\n<p style=\"margin-top: 24px;\"><a href=\"https:\/\/univest.in\/user\/log-in?utm_source=blogs&amp;utm_medium=waterways-leisure-tourism-ipo-gmp-day-2\"><strong>Click Here &#8211; Get Free IPO Investment Insights<\/strong><\/a><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/univest.in\/blogs-2\/waterways-leisure-tourism-ipo-gmp-day-2\/#Waterways_Leisure_Tourism_IPO_GMP_Complete_Snapshot\" title=\"Waterways Leisure Tourism IPO GMP: Complete Snapshot\">Waterways Leisure Tourism IPO GMP: Complete Snapshot<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/univest.in\/blogs-2\/waterways-leisure-tourism-ipo-gmp-day-2\/#Why_Is_the_Waterways_Leisure_Tourism_IPO_GMP_of_%E2%82%B913_Muted\" title=\"Why Is the Waterways Leisure Tourism IPO GMP of \u20b913 Muted?\">Why Is the Waterways Leisure Tourism IPO GMP of \u20b913 Muted?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/univest.in\/blogs-2\/waterways-leisure-tourism-ipo-gmp-day-2\/#About_Waterways_Leisure_Tourism_Cordelia_Cruises\" title=\"About Waterways Leisure Tourism (Cordelia Cruises)\">About Waterways Leisure Tourism (Cordelia Cruises)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/univest.in\/blogs-2\/waterways-leisure-tourism-ipo-gmp-day-2\/#Waterways_Leisure_Tourism_IPO_GMP_and_Key_Financials\" title=\"Waterways Leisure Tourism IPO GMP and Key Financials\">Waterways Leisure Tourism IPO GMP and Key Financials<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/univest.in\/blogs-2\/waterways-leisure-tourism-ipo-gmp-day-2\/#Should_You_Apply_for_Waterways_Leisure_Tourism_IPO\" title=\"Should You Apply for Waterways Leisure Tourism IPO?\">Should You Apply for Waterways Leisure Tourism IPO?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/univest.in\/blogs-2\/waterways-leisure-tourism-ipo-gmp-day-2\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/univest.in\/blogs-2\/waterways-leisure-tourism-ipo-gmp-day-2\/#Frequently_Asked_Questions\" title=\"Frequently Asked Questions\">Frequently Asked Questions<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/univest.in\/blogs-2\/waterways-leisure-tourism-ipo-gmp-day-2\/#What_is_the_Waterways_Leisure_Tourism_IPO_GMP_today\" title=\"What is the Waterways Leisure Tourism IPO GMP today?\">What is the Waterways Leisure Tourism IPO GMP today?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/univest.in\/blogs-2\/waterways-leisure-tourism-ipo-gmp-day-2\/#What_is_the_Waterways_Leisure_Tourism_IPO_price_band\" title=\"What is the Waterways Leisure Tourism IPO price band?\">What is the Waterways Leisure Tourism IPO price band?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/univest.in\/blogs-2\/waterways-leisure-tourism-ipo-gmp-day-2\/#What_is_Cordelia_Cruises\" title=\"What is Cordelia Cruises?\">What is Cordelia Cruises?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/univest.in\/blogs-2\/waterways-leisure-tourism-ipo-gmp-day-2\/#Why_did_Waterways_Leisure_Tourism_PAT_fall_69\" title=\"Why did Waterways Leisure Tourism PAT fall 69%?\">Why did Waterways Leisure Tourism PAT fall 69%?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/univest.in\/blogs-2\/waterways-leisure-tourism-ipo-gmp-day-2\/#Is_Waterways_Leisure_Tourism_IPO_a_good_investment\" title=\"Is Waterways Leisure Tourism IPO a good investment?\">Is Waterways Leisure Tourism IPO a good investment?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/univest.in\/blogs-2\/waterways-leisure-tourism-ipo-gmp-day-2\/#What_is_the_Waterways_Leisure_Tourism_IPO_issue_size\" title=\"What is the Waterways Leisure Tourism IPO issue size?\">What is the Waterways Leisure Tourism IPO issue size?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/univest.in\/blogs-2\/waterways-leisure-tourism-ipo-gmp-day-2\/#What_vessels_does_Cordelia_Cruises_operate\" title=\"What vessels does Cordelia Cruises operate?\">What vessels does Cordelia Cruises operate?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/univest.in\/blogs-2\/waterways-leisure-tourism-ipo-gmp-day-2\/#What_is_the_Waterways_Leisure_Tourism_IPO_listing_date\" title=\"What is the Waterways Leisure Tourism IPO listing date?\">What is the Waterways Leisure Tourism IPO listing date?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Waterways_Leisure_Tourism_IPO_GMP_Complete_Snapshot\"><\/span><strong>Waterways Leisure Tourism IPO GMP: Complete Snapshot<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table>\n<thead>\n<tr>\n<th>Parameter<\/th>\n<th>Details<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Issue Type<\/td>\n<td>Book Built Issue \u2014 Mainboard (BSE + NSE)<\/td>\n<\/tr>\n<tr>\n<td>Price Band<\/td>\n<td>\u20b9769 to \u20b9808 per share<\/td>\n<\/tr>\n<tr>\n<td>Lot Size<\/td>\n<td>18 shares (min retail: 1 lot = 18 shares)<\/td>\n<\/tr>\n<tr>\n<td>Minimum Investment<\/td>\n<td>\u20b914,544 (at upper price band)<\/td>\n<\/tr>\n<tr>\n<td>Issue Size<\/td>\n<td>\u20b9585 Crore (100% fresh issue, no OFS)<\/td>\n<\/tr>\n<tr>\n<td>GMP Today<\/td>\n<td>\u20b913 (~1.6% over upper band)<\/td>\n<\/tr>\n<tr>\n<td>Expected Listing Price<\/td>\n<td>~\u20b9821 per share<\/td>\n<\/tr>\n<tr>\n<td>Expected Listing Gain<\/td>\n<td>~1.6%<\/td>\n<\/tr>\n<tr>\n<td>Exchange<\/td>\n<td>BSE + NSE (Mainboard)<\/td>\n<\/tr>\n<tr>\n<td>Registrar<\/td>\n<td>MUFG Intime India Pvt. Ltd.<\/td>\n<\/tr>\n<tr>\n<td>Lead Manager<\/td>\n<td>Centrum Capital, Intensive Fiscal, Motilal Oswal<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2><span class=\"ez-toc-section\" id=\"Why_Is_the_Waterways_Leisure_Tourism_IPO_GMP_of_%E2%82%B913_Muted\"><\/span><strong>Why Is the Waterways Leisure Tourism IPO GMP of \u20b913 Muted?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>A Waterways Leisure Tourism IPO GMP of just \u20b913 (1.6% over the issue price) on a mainboard issue of \u20b9585 crore reflects several investor concerns that the grey market has priced in. First and most prominently, PAT declined 69% in FY26 from \u20b9168.19 crore to \u20b952.14 crore, despite revenue remaining almost flat at \u20b9586.99 crore \u2014 raising questions about the sustainability of the earlier profit levels. Second, the company is entirely dependent on a single cruise vessel (MV Empress) for all revenue, creating operational concentration risk. Third, the primary use of IPO proceeds is to fund \u20b9480 crore in lease payments to its subsidiary Baycruise IFSC \u2014 a structure that some analysts have noted is more of a debt obligation than organic growth investment. However, the company&#8217;s 79% domestic ocean cruise market share, the asset-light model, and plans to add Norwegian Sky and Norwegian Sun vessels provide medium-term growth catalysts.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"About_Waterways_Leisure_Tourism_Cordelia_Cruises\"><\/span><strong>About Waterways Leisure Tourism (Cordelia Cruises)<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Waterways Leisure Tourism Limited operates cruise tourism under the Cordelia Cruises brand, offering vacation packages that emphasise Indian culture, cuisine, hospitality, and entertainment. Its MV Empress vessel features restaurants, bars, a casino, swimming pools, spas, and entertainment areas. The company generates over 91% of revenue from cruise ticket sales, with supplementary income from specialty dining, spa, shore excursions, Wi-Fi, and adventure activities. The asset-light model outsources hospitality, housekeeping, crew management, and F&amp;B operations. The company had 245 permanent employees as of March 2026.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Waterways_Leisure_Tourism_IPO_GMP_and_Key_Financials\"><\/span><strong>Waterways Leisure Tourism IPO GMP and Key Financials<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Revenue from operations was broadly flat: \u20b9597.68 crore in FY25 vs \u20b9586.99 crore in FY26. However, PAT collapsed from \u20b9168.19 crore in FY25 to \u20b952.14 crore in FY26 \u2014 a 69% decline \u2014 reflecting higher operating and lease costs. This sharp PAT contraction despite stable revenue is the primary reason for the muted Waterways Leisure Tourism IPO GMP of \u20b913. Investors should review the full RHP to understand the one-time vs recurring nature of the cost items that drove the PAT decline.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Should_You_Apply_for_Waterways_Leisure_Tourism_IPO\"><\/span><strong>Should You Apply for Waterways Leisure Tourism IPO?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"margin-top: 24px;\"><a href=\"https:\/\/univest.in\/screeners\"><strong>Track Waterways Leisure Tourism IPO GMP and All IPOs on Univest Screener<\/strong><\/a><\/p>\n<p>The Waterways Leisure Tourism IPO GMP of \u20b913 implies a modest listing gain and reflects balanced grey market sentiment \u2014 neither strongly bullish nor bearish. Investors attracted to the company&#8217;s monopoly-like position in domestic ocean cruising, asset-light model, and fleet expansion plans should weigh these against the single-vessel risk, PAT decline, and high dependence on lease payments consuming most of the IPO proceeds. The \u20b914,544 minimum investment (1 lot) makes it accessible, but the investment thesis is medium-to-long term rather than listing-day oriented. Consult a SEBI-registered financial advisor before investing.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><strong>Conclusion<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The Waterways Leisure Tourism IPO GMP stands at \u20b913 on Day 2, implying an expected listing at around \u20b9821 \u2014 a modest 1.6% gain. India&#8217;s only domestic ocean cruise operator is raising \u20b9585 crore on a mainboard issue, but the 69% PAT decline and single-vessel concentration create grey market hesitation. Track the Waterways Leisure Tourism IPO GMP and subscription data live on Univest. Consult a SEBI-registered financial advisor before investing.<\/p>\n<p style=\"margin-top: 24px;\"><em>Download the <a href=\"http:\/\/apps.apple.com\/in\/app\/univest-stocks-investment\/id6443753518\" rel=\"nofollow noopener\" target=\"_blank\">Univest iOS App<\/a> or <a href=\"http:\/\/play.google.com\/store\/apps\/details?id=com.univest.capp&amp;hl=en_IN\" rel=\"nofollow noopener\" target=\"_blank\">Univest Android App<\/a> to track Waterways Leisure Tourism IPO GMP and live subscription data on Univest.<\/em><\/p>\n<div style=\"background: #CC0000; border-radius: 8px; padding: 16px 20px; margin: 24px 0;\">\n<p style=\"color: #ffffff; font-size: 13px; line-height: 1.7; margin: 0;\"><strong style=\"color: #ffffff;\">Disclaimer:<\/strong> Grey market premium (GMP) data is sourced from unofficial, unregulated market sources and may not be accurate. IPO details are sourced from publicly available company filings and news. GMP should not be the sole basis for investment decisions. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).<\/p>\n<\/div>\n<h2><span class=\"ez-toc-section\" id=\"Frequently_Asked_Questions\"><\/span><strong>Frequently Asked Questions<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"What_is_the_Waterways_Leisure_Tourism_IPO_GMP_today\"><\/span><strong>What is the Waterways Leisure Tourism IPO GMP today?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> The Waterways Leisure Tourism IPO GMP on Day 2 is approximately \u20b913, implying an expected listing price of around \u20b9821 (upper band \u20b9808 + \u20b913 GMP). This represents a potential listing gain of about 1.6%. The Waterways Leisure Tourism IPO GMP has been stable in the \u20b910-14 range since the issue opened.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_is_the_Waterways_Leisure_Tourism_IPO_price_band\"><\/span><strong>What is the Waterways Leisure Tourism IPO price band?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> The Waterways Leisure Tourism IPO price band is \u20b9769 to \u20b9808 per share. The lot size is 18 shares with a minimum retail investment of \u20b914,544 (1 lot at upper band). HNI (small) investors start from 14 lots at \u20b92,03,616. The Waterways Leisure Tourism IPO GMP reflects the current grey market sentiment for this issue.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_is_Cordelia_Cruises\"><\/span><strong>What is Cordelia Cruises?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Cordelia Cruises is the flagship brand of Waterways Leisure Tourism Limited, operating India&#8217;s only domestic ocean cruise line. The company operates the MV Empress vessel, which has hosted over 730,000 passengers on routes to Mumbai, Goa, Kochi, Chennai, Lakshadweep, Visakhapatnam, Puducherry, Sri Lanka, Thailand, Singapore, and Malaysia. It held approximately 79% market share in India&#8217;s domestic ocean cruise segment in FY25. The Waterways Leisure Tourism IPO GMP reflects the current grey market sentiment for this issue.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Why_did_Waterways_Leisure_Tourism_PAT_fall_69\"><\/span><strong>Why did Waterways Leisure Tourism PAT fall 69%?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> PAT fell from \u20b9168.19 crore in FY25 to \u20b952.14 crore in FY26 despite broadly flat revenue of approximately \u20b9587 crore. The decline was driven by higher operating costs, lease payments to its subsidiary Baycruise IFSC for the vessel, and other cost items. Investors should review the RHP for a detailed breakdown of cost drivers. This PAT decline is the primary reason for the subdued Waterways Leisure Tourism IPO GMP.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Is_Waterways_Leisure_Tourism_IPO_a_good_investment\"><\/span><strong>Is Waterways Leisure Tourism IPO a good investment?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> The Waterways Leisure Tourism IPO offers a monopoly-like position in domestic ocean cruising, an asset-light model, and planned fleet expansion (Norwegian Sky and Norwegian Sun). However, risks include single-vessel dependency, 69% PAT decline in FY26, high lease costs consuming most of the IPO proceeds, and a nascent cruise tourism market in India. The Waterways Leisure Tourism IPO GMP of \u20b913 reflects balanced grey market sentiment. Consult a SEBI-registered financial advisor.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_is_the_Waterways_Leisure_Tourism_IPO_issue_size\"><\/span><strong>What is the Waterways Leisure Tourism IPO issue size?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> The issue size is \u20b9585 crore, comprising entirely a fresh issue with no offer-for-sale component. Of the proceeds, approximately \u20b9480 crore will be used for lease deposit and rental payments to subsidiary Baycruise IFSC for vessel operations, with the remainder for general corporate purposes.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_vessels_does_Cordelia_Cruises_operate\"><\/span><strong>What vessels does Cordelia Cruises operate?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Currently, Cordelia Cruises operates a single vessel \u2014 the MV Empress \u2014 which accommodates 2,005 guests across 796 rooms. The company plans to expand its fleet by adding Norwegian Sky and Norwegian Sun through lease arrangements, which would significantly increase capacity and reduce the single-vessel concentration risk.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_is_the_Waterways_Leisure_Tourism_IPO_listing_date\"><\/span><strong>What is the Waterways Leisure Tourism IPO listing date?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> The Waterways Leisure Tourism IPO is expected to list on BSE and NSE after the subscription closes and allotment is finalised. The tentative listing is approximately 6-7 business days after the subscription close date. Check the latest listing schedule on the BSE, NSE, and MUFG Intime India registrar websites.<\/p>\n<div class=\"faq-schema\"><script type=\"application\/ld+json\">{\"@context\":\"https:\/\/schema.org\",\"@type\":\"FAQPage\",\"mainEntity\":[{\"@type\":\"Question\",\"name\":\"What is the Waterways Leisure Tourism IPO GMP today?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"The Waterways Leisure Tourism IPO GMP on Day 2 is approximately \u20b913, implying an expected listing price of around \u20b9821 (upper band \u20b9808 + \u20b913 GMP). This represents a potential listing gain of about 1.6%. The Waterways Leisure Tourism IPO GMP has been stable in the \u20b910-14 range since the issue opened.\"}},{\"@type\":\"Question\",\"name\":\"What is the Waterways Leisure Tourism IPO price band?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"The Waterways Leisure Tourism IPO price band is \u20b9769 to \u20b9808 per share. The lot size is 18 shares with a minimum retail investment of \u20b914,544 (1 lot at upper band). HNI (small) investors start from 14 lots at \u20b92,03,616.\"}},{\"@type\":\"Question\",\"name\":\"What is Cordelia Cruises?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Cordelia Cruises is the flagship brand of Waterways Leisure Tourism Limited, operating India's only domestic ocean cruise line. The company operates the MV Empress vessel, which has hosted over 730,000 passengers on routes to Mumbai, Goa, Kochi, Chennai, Lakshadweep, Visakhapatnam, Puducherry, Sri Lanka, Thailand, Singapore, and Malaysia. It held approximately 79% market share in India's domestic ocean cruise segment in FY25.\"}},{\"@type\":\"Question\",\"name\":\"Why did Waterways Leisure Tourism PAT fall 69%?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"PAT fell from \u20b9168.19 crore in FY25 to \u20b952.14 crore in FY26 despite broadly flat revenue of approximately \u20b9587 crore. The decline was driven by higher operating costs, lease payments to its subsidiary Baycruise IFSC for the vessel, and other cost items. Investors should review the RHP for a detailed breakdown of cost drivers. This PAT decline is the primary reason for the subdued Waterways Leisure Tourism IPO GMP.\"}},{\"@type\":\"Question\",\"name\":\"Is Waterways Leisure Tourism IPO a good investment?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"The Waterways Leisure Tourism IPO offers a monopoly-like position in domestic ocean cruising, an asset-light model, and planned fleet expansion (Norwegian Sky and Norwegian Sun). However, risks include single-vessel dependency, 69% PAT decline in FY26, high lease costs consuming most of the IPO proceeds, and a nascent cruise tourism market in India. The Waterways Leisure Tourism IPO GMP of \u20b913 reflects balanced grey market sentiment. Consult a SEBI-registered financial advisor.\"}},{\"@type\":\"Question\",\"name\":\"What is the Waterways Leisure Tourism IPO issue size?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"The issue size is \u20b9585 crore, comprising entirely a fresh issue with no offer-for-sale component. Of the proceeds, approximately \u20b9480 crore will be used for lease deposit and rental payments to subsidiary Baycruise IFSC for vessel operations, with the remainder for general corporate purposes.\"}},{\"@type\":\"Question\",\"name\":\"What vessels does Cordelia Cruises operate?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Currently, Cordelia Cruises operates a single vessel \u2014 the MV Empress \u2014 which accommodates 2,005 guests across 796 rooms. The company plans to expand its fleet by adding Norwegian Sky and Norwegian Sun through lease arrangements, which would significantly increase capacity and reduce the single-vessel concentration risk.\"}},{\"@type\":\"Question\",\"name\":\"What is the Waterways Leisure Tourism IPO listing date?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"The Waterways Leisure Tourism IPO is expected to list on BSE and NSE after the subscription closes and allotment is finalised. The tentative listing is approximately 6-7 business days after the subscription close date. Check the latest listing schedule on the BSE, NSE, and MUFG Intime India registrar websites.\"}}]}<\/script><\/div><p><\/p>","protected":false},"excerpt":{"rendered":"<p>Waterways Leisure Tourism IPO GMP Day 2: Cordelia Cruises GMP at \u20b913, Expected Listing \u20b9821. 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