The IPO will consist of solely fresh issue with no offer-for-sale component. Hence, the entire issue proceeds will be received by the company.
The domestic ocean cruise operator will utilise Rs 552.5 crore out of IPO proceeds for payment towards deposit/ advanced lease rental and monthly lease payments to step-down subsidiary, Baycruise Shipping and Leasing (IFSC) for acquisition of vessels on lease. And the remaining funds will be utilised for general corporate purposes.
“The total lease rental for the acquisition of each vessel (Norwegian Sky and Norwegian Sun) on lease amounts to $160 million each (approximately Rs 1,371.04 crore) (excluding GST),” the company said in its DRHP filing on June 13.
Global Shipping and Leisure, and Rajesh Chandumal Hotwani are promoters of Waterways Leisure Tourism, holding 99.27 percent stake.
In fiscal 2024, Waterways Leisure Tourism claimed to have accounted for approximately 65 percent of the market share in value terms. Its cruise vessel primarily sails to domestic destinations such as Mumbai, Goa, Kochi, Chennai, Lakshadweep, Visakhapatnam, and Puducherry.
On the financial front, the company posted net loss of Rs 120 crore for the year ended March 2024, against profit of Rs 55.3 crore in the previous year. Revenue during the same period declined 8.3 percent to Rs 442.1 crore from Rs 481.9 crore. Profit in nine months period ended December 2024 stood at Rs 139.3 crore on revenue of Rs 409.5 crore.
The merchant bankers handling the Cordelia Cruises IPO will be Centrum Capital, Intensive Fiscal Services, and Motilal Oswal Investment Advisors.
The Impressive Times
No Comments: