From the company issue Rs. 480 crore is planned to be used for deposits, advance lease rent and monthly lease payments for its stepped-down subsidiary, Becruise Shipping and Leasing (IFSC). The remaining funds will be used for general corporate purposes.
Waterways is India’s largest cruise operator by leisure tourism value, accounting for around 79% market share in FY25, CRISIL report said. It currently operates MV Empress, which has hosted over 7.3 lakh guests and sailed over 3.21 lakh nautical miles on Indian shores and neighboring countries as of March 31, 2026.
The cruise liner offers domestic routes covering Mumbai, Goa, Kochi, Chennai, Lakshadweep, Visakhapatnam and Puducherry, while international itineraries include Sri Lanka, Thailand, Singapore and Malaysia.
The company is also preparing to expand its fleet with the addition of Norwegian Sky and Norwegian Sun, which together will add nearly 2,000 cabins and accommodate 3,900 additional passengers. The expansion is expected to significantly increase its capacity and support future growth.
Live events
Besides leisure cruises, the company caters to meetings, incentives, conferences and exhibitions (MICE), destination weddings and corporate events by offering integrated hospitality, accommodation and entertainment services.
On the financial front, Waterways Leisure Tourism in FY24 generated Rs. 444 crore in FY26 as against Rs. 580 crore in revenue from operations. The company in FY26 made Rs. 52 crore in net profit, up from the Rs. 123 crore net loss was reversed.
The issue comes at a time when India’s cruise tourism industry is witnessing growing interest, fueled by growing disposable income, improved port infrastructure and demand for experiential travel.
The IPO is being managed by Centrum Capital as book-running lead manager.
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