New Delhi, 23 June (H.S.): The Rs 585-crore initial public offering (IPO) of Waterways Leisure Tourism Limited, one of India's largest marine cruise operators, opened for subscription on Monday. Investors can bid for the issue until June 25. Following the closure of the issue, the share allotment is scheduled for June 29, while the allotted shares are expected to be credited to investors' demat accounts on June 30. The company's shares are likely to be listed on the BSE and the NSE on July 1.
The IPO has been priced in a band of Rs 769 to Rs 808 per share, with a lot size of 18 shares. Retail investors can bid for a minimum of one lot, comprising 18 shares, requiring a minimum investment of Rs 14,544. They may also apply for a maximum of 13 lots, or 234 shares, with an investment of up to Rs 1,89,072. Under the issue, the company is offering a total of 72,40,099 fresh equity shares with a face value of Rs 10 each.
Under the IPO structure, up to 75 per cent of the issue has been reserved for Qualified Institutional Buyers (QIBs), while up to 10 per cent has been reserved for retail investors and up to 15 per cent for Non-Institutional Investors (NIIs). Centrum Broking Limited has been appointed as the Book Running Lead Manager for the issue, while MUFG Intime India Private Limited is serving as the registrar.
As for the company's financial performance, the Draft Red Herring Prospectus (DRHP) filed with capital markets regulator the Securities and Exchange Board of India (SEBI) indicates that its financial performance has remained volatile over the past few financial years. In FY 2023–24, the company reported a net loss of Rs 122.73 crore. However, it posted a net profit of Rs 168.19 crore in FY 2024–25. In the subsequent financial year, FY 2025–26, the company's net profit declined sharply to Rs 52.14 crore.
Despite fluctuations, the company's revenue recorded overall growth during the period. Total revenue increased from Rs 452.15 crore in FY 2023–24 to Rs 597.68 crore in FY 2024–25. However, revenue declined marginally to Rs 586.99 crore in FY 2025–26.
During the same period, the company's debt burden rose steadily. Outstanding debt increased from Rs 5.18 crore at the end of FY 2023–24 to Rs 30.44 crore in FY 2024–25. By the end of FY 2025–26, total debt had surged further to Rs 101.90 crore.
Similarly, the company's EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortisation) also witnessed fluctuations. EBITDA stood at Rs 111.15 crore in FY 2023–24, rose significantly to Rs 215.46 crore in FY 2024–25, and subsequently declined to Rs 117.48 crore in FY 2025–26.
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Hindusthan Samachar / Jun Sarkar
