Cordelia Cruises IPO Upcoming
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About Cordelia Cruises
Waterways Leisure Tourism (Cordelia Cruises) operates as India’s domestic ocean cruise operator as of December 2024, providing cruise services through its vessel ‘MV Empress’ with 796 cabins. The company has transported over 549,051 guests covering 225,079 nautical miles along Indian coastlines and international destinations including Sri Lanka, Thailand, Singapore, and Malaysia.
The company holds approximately 65% market share and operates through direct bookings with 157 cruise holiday staff. The cruise includes dining options, Bollywood-themed performances, spa, casino, gaming arcade, and MICE and wedding services. Waterways Leisure Tourism plans to add two vessels ‘Norwegian Sky’ and ‘Norwegian Sun’ with guest capacities of 2,004 and 1,936 respectively.
Financials of Cordelia Cruises
Issue size
| Funds Raised in the IPO | Amount |
| Overall | ₹727 crores |
| Fresh Issue | ₹727 crores |
Utilisation of proceeds
| Purpose | INR crores (%) |
| Payment towards deposit/ advanced lease rental and monthly lease payments subsidiary, Baycruise IFSC | 552.53 (76%) |
| General corporate purposes | – |
Strengths
- India’s domestic ocean cruise operator with MV Empress serving guests across Indian coastlines and international destinations
- India-focused cruise offering local cuisine, bars, and Bollywood entertainment
- Direct bookings through owned channels supported by cruise holiday staff
- Outsourced key cruise operations to third-party partners for service delivery
- Management team with industry experience driving financial and operational performance
Risks
- Single vessel dependency creating operational and financial disruption risks
- Over 85% revenue dependence on cruise ticket sales with financial performance exposure
- Third-party vendor dependence for key services risking operational disruptions
- Weather, disasters, or incidents can disrupt cruise operations and revenue
- History of losses with uncertain sustained profitability despite recent profits
- Negative operating cash flow of ₹365.44M in FY22 with future cash flow uncertainty