India’s Only Ocean Cruise Operator Files Draft Papers for $84.5 Million IPO

Key Points

• Cordelia Cruises, operated by Waterways Leisure Tourism, has filed for an $84.5 million IPO to expand its fleet and capitalize on India's growing demand for leisure travel.
• The company plans to use most IPO proceeds for ship lease rentals and general corporate purposes, aiming to add two new ships and nearly double its capacity by 2027.
• Cordelia holds a 65% share of India's cruise market, has recently turned profitable, and is targeting the rising middle class and youth-driven market for future growth.

Summary

Waterways Leisure Tourism, the operator of Cordelia Cruises and India's only ocean cruise line, has filed draft papers for an $84.5 million IPO to boost its capacity and seize opportunities presented by the country's expanding leisure travel market. The company will use most proceeds to fund lease rentals for two new ships, Norwegian Sky and Norwegian Sun, set to join the fleet by 2027. Cordelia, which currently holds a 65% market share and has recently turned profitable, is positioning itself to benefit from India's growing, youthful middle class and rising disposable incomes, despite facing operational risks from reliance on a single vessel.