India’s IPO Momentum: Cordelia Cruises to Go Public

Waterways Leisure Tourism Ltd., the India-based travel company behind the Cordelia Cruises brand, has shared that it is preparing to launch its initial public offering (IPO) in January 2026, according to Skift.

The move would mark a significant milestone for India’s cruise tourism sector, which has been steadily expanding as domestic travel demand grows.

Regulatory approval and IPO structure

The company filed its Draft Red Herring Prospectus with India’s market regulator, the Securities and Exchange Board of India, in June 2025 and received approval in October 2025.

Under the filing, Waterways Leisure Tourism plans to raise up to INR 7.27 billion ($84.5 million) through a fresh issue of equity shares. There is no offer-for-sale component, meaning all proceeds will go directly to the company rather than existing shareholders.

Use of proceeds and operations

According to the DRHP, INR 5.5 billion ($64 million) will be allocated to lease deposits and ongoing lease payments through its step-down subsidiary, Baycruise Shipping and Leasing IFSC, which is responsible for securing and managing cruise vessels. The remaining funds will be used for general corporate purposes, including operations and growth initiatives.

Cordelia Cruises currently operates sailings from major Indian ports, including Mumbai, Chennai, Kochi, Visakhapatnam, and Goa. Its itineraries focus mainly on domestic routes, with a limited number of international sailings aimed at nearby destinations.

IPO momentum in Indian travel

The Cordelia IPO plans come as India’s travel and hospitality sector sees renewed public market activity.

Just a day ago, Prism, the holding company behind travel platform OYO, received shareholder approval to proceed with an IPO that could become one of the largest travel-sector listings in India in recent years.

Photo by John Vimal Velpula on Unsplash