The ₹585 crore, three-day IPO of Waterways Leisure Tourism, received overall subscription of 1.53 times the total number of shares on offer, with the retail portion being subscribed 4.4 times. In fact, the portion reserved for institutional investors, was subscribed only 72%.
What Is Waterways Leisure Tourism?
Currently, the company operates one cruise vessel, MV Empress, which has a total of 796 cabins. It also pays time charter charges of $3,500 per day for the cruise.
Casino, bars and lounges on the deck are operated by third parties.The company recently signed an time charter agreement to acquire two new cruise vessels on lease, namely “Norwegian Sky” and “Norwegian Sun”, each with a capacity of up to 2,004 and 1,936 guests respectively.
While “Norwegian Sky” will be introduced this financial year, “Norwegian Sun”, will be introduced in financial year 2028.
On a trailing basis, the company offered sales at 10 times price-to-sales and 112 times price-to-earnings.
At the end of financial year 2026, the company reported revenue of ₹579.7 crore, which is lower than the ₹590.6 crore it reported in financial year 2025.
Earnings Before Interest, Tax, Depreciation and Amortisation dropped to ₹110.1 crore from ₹208.1 crore last year, while margins narrowed to 19% from 35% year-on-year.
