India’s Cruise Leader Eyes BSE & NSE Listing as Market Heats Up

India’s cruise sector is entering a transformative phase as Cordelia Cruises gears up for a massive capital raise through an ₹708 crore (~$85 million) IPO. The move signals a strategic push to expand its fleet, operations, and regional footprint, offering new opportunities for travel professionals across the B2B ecosystem.

IPO to Boost Fleet, Operations & Market Reach

Cordelia’s parent company, Waterways Leisure Tourism Ltd., submitted its Draft Red Herring Prospectus (DRHP) on June 13, 2025. The IPO will be a 100% fresh issue, meaning all proceeds will directly fund the company’s growth, without any existing shareholders offloading stock.

The company plans to list on both the BSE and NSE, signalling confidence in tapping India’s capital markets to finance its ambitious expansion strategy.

Where Will the Funds Go?

Out of the expected $85 million:

$65 million will be dedicated to leasing two premium cruise vessels from Norwegian Cruise Line—Norwegian Sky and Norwegian Sun
The remainder will cover corporate and operational expenses, including service upgrades, new routes, and staffing

New Ships, New Horizons

With plans to induct the two newly acquired ships by September 2026 and November 2027, Cordelia Cruises aims to expand its reach with domestic itineraries from Indian ports and international voyages to Southeast Asia.

These additions will complement Cordelia’s current vessel, Empress, which has operated since 2021 across Mumbai, Goa, and Kochi.

Why This Matters to B2B Travel Agents

For Indian travel agents and consolidators, this IPO and expansion offer clear business opportunities:

India’s Cruise Industry Is on the Rise

India’s cruise passenger volume is projected to cross 0.5 million annually by 2026. Cordelia is capitalising on this trend, becoming the first Indian cruise line to target both leisure and MICE segments aggressively.

The company’s clear focus on regional cruise tourism, operational efficiency, and fleet modernisation positions it to become a major player in Asia’s cruise market.

Final Takeaway for Travel Professionals

As Cordelia Cruises prepares for its IPO and expansion, travel agents should stay alert for new itineraries, group offers, and charter opportunities. This IPO isn’t just a financial milestone—it’s a signal that India’s cruise ecosystem is ready to scale.

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