New Delhi: Cruise operator Waterways Leisure Tourism has filed preliminary papers with markets regulator Sebi seeking its approval to raise Rs 727 crore through an Initial Public Offering (IPO).

The IPO is entirely a fresh issue of shares with no offer-for-sale component, according to the Draft Red Herring Prospectus (DRHP) filed last week. Proceeds from the fresh issue to the extent of Rs 552.53 crore will be used for payment towards deposit or advanced lease rental and monthly lease payments for its step-down subsidiary, Baycruise Shipping and Leasing (IFSC) Private Ltd and a portion will be used for general corporate purposes.

Waterways Leisure Tourism currently operates a cruise vessel, the ‘MV Empress’, under the brand name ‘Cordelia Cruises’, and since its launch, over 5.49 lakh guests have sailed on its cruise vessel as of December 31, 2024. The company plans to introduce two new cruise vessels, ‘Norwegian Sky’ and ‘Norwegian Sun’, each with a capacity of up to 2,004 and 1,936 guests, respectively.