Cordelia Cruises Files ₹727 Cr IPO to Strengthen India’s Domestic Cruise Leadership

India’s largest homegrown cruise operator, Waterways Leisure Tourism (Cordelia Cruises), has launched an IPO draft to raise ₹727 Cr. This capital raise signals a strategic push to scale fleet capacity and cater to expanding domestic cruise demand along India’s coastline.

Why This IPO Matters for the Indian Cruise Market

• The full fresh-issue structure means all proceeds benefit the company, underscoring promoter commitment.

• With a 65% market share in FY24 by value, Cordelia commands the domestic cruise landscape.

• The move boosts prospects for agents, airlines, and travel planners focused on regional tourism.

Use of Funds: Strategic Expansion

Funding is directed mainly to its leasing subsidiary, Baycruise Shipping & Leasing, enabling asset-light fleet growth, while reserved capital supports operations and flexibility in a dynamic sector.

Cordelia’s Coastal Itineraries & Growth Edge

• Covers key ports: Mumbai, Goa, Kochi, Chennai, Puducherry, Lakshadweep, Visakhapatnam

• Taps into domestic leisure travel demand with accessible, regional voyages

• Pandemic-induced travel trends shifted consumer preferences toward domestic cruise options
  
  

FY24 Performance & 2024 Turnaround

• FY24 net loss: ₹120 Cr, with revenue dip of 8.3%

• Dec 2024 YTD: ₹139.3 Cr profit on ₹409.5 Cr revenue

• The rebound reflects resilience, cost control, and leveraged consumer interest in staycations
  
  

Market Outlook & Strategic Relevance

• India’s cruise tourism is still emerging, with coastal infrastructure and awareness developing rapidly

• Supportive government policies and improving maritime facilities enhance long-term potential

• For travel professionals, this IPO represents the entrance of a major public player in regional cruise offerings
  
  

What Travel Industry Professionals Should Watch

• Fleet additions may enable new route launches and charter options

• Corporate tie-ups for group packages and incentive travel programs

• Ancillary partnerships like hotels, transport, F&B, and onboard services

• Investors seeking exposure to tourism’s next frontier in India
  
  

Bottom Line

Cordelia Cruises’ ₹727 Cr IPO marks a pivotal step in establishing a robust domestic cruise ecosystem. With investor confidence and capital ready for fleet expansion, the company is well-positioned to lead India’s cruise tourism growth, transforming coastal travel and creating fresh opportunities for the travel B2B ecosystem.

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