Cordelia Cruises Ipo
Waterways Leisure Tourism IPO Review & Key Points
Review:
IPO Lead Managers aka Merchant Bankers
Centrum Capital Ltd.
Intensive Fiscal Services Pvt. Ltd.
Motilal Oswal Investment Advisors Ltd.
| Name of the Company | Face Value (₹) | EPS basic (₹) | EPS Diluted (₹) | RONW (%) | P/E Ratio | NAV (₹) |
| Powerica Limited | 5 | 15.26 | 15.26 | 15.37 % | 24.45 | 99.76 |
| Listed Peers | ||||||
| Cummins India Limited | 2 | 72.15 | 72.15 | 26.45% | 64.13 | 272.78 |
| Kirloskar Oil Engines Limited | 2 | 33.71 | 33.60 | 15.85% | 43.24 | 212.60 |
| NTPC Green Energy Limited | 10 | 0.67 | 0.67 | 2.58% | 129.40 | 21.88 |
| Acme Solar Holdings Limited | 2 | 4.55 | 4.53 | 5.59% | 50.74 | 74.54 |
| Adani Green Energy Limited | 10 | 8.37 | 8.37 | 11.90% | 101.53 | 76.62 |
| IPO Open Date | June 23, 2026 |
| IPO Close Date | June 25, 2026 |
| Face Value | ₹10 Per Equity Share |
| IPO Price Band | ₹769 to ₹808 Per Share |
| Issue Size | Approx ₹585 Crores, 72,40,099 Equity Shares |
| Fresh Issue | Approx ₹585 Crores, 72,40,099 Equity Shares |
| Issue Type | Book Built Issue |
| IPO Listing | BSE, NSE |
| DRHP Draft Prospectus | |
| RHP Draft Prospectus |
| Application | Lot Size | Shares | Amount |
| Retail Minimum | 1 | 18 | ₹14,544 |
| Retail Maximum | 13 | 234 | ₹1,89,072 |
| S-HNI Minimum | 14 | 252 | ₹2,03,616 |
| S-HNI Maximum | 68 | 1,224 | ₹9,88,992 |
| B-HNI Minimum | 69 | 1,242 | ₹10,03,536 |
| Investor Category | Share Offered | -% Shares |
| Anchor Investor | – Shares | -% |
| QIB (Ex. Anchor) | – Shares | 75% |
| NII Shares Offered | – Shares | 15% |
| Retail Shares Offered | – Shares | 10% |
| Anchor Bidding Date | June 22, 2026 |
| Anchor Investors List | |
| Shares Offered | [.] Shares |
| Anchor Size | [.] Cr. |
| lock-in period end date 50% shares (30 Days) | 2026 |
| lock-in period end date 50% shares (90 Days) | 2026 |
| IPO Open Date: | June 23, 2026 |
| IPO Close Date: | June 25, 2026 |
| Basis of Allotment: | June 29, 2026 |
| Refunds: | June 30, 2026 |
| Credit to Demat Account: | June 30, 2026 |
| IPO Listing Date: | July 1, 2026 |
| IPO Bidding Cut-off Time: | June 25, 2026 – 5 PM |
| Particular | Shares | % Share |
| Promoter Holding Pre Issue | 6,51,54,444 | 99.27% |
| Promoter Holding Post Issue | – | -% |
| Purpose | Crores |
| Payment towards deposit/ advanced lease rental and monthly lease payments to our stepdown subsidiary, Baycruise Shipping and Leasing (IFSC) Private Limited (“Baycruise IFSC”). | ₹480.01 |
| General Corporate Purpose | ₹- |
| Period Ended | Revenue | Expense | PAT | Assets |
| 2024 | ₹452.15 | ₹560.40 | ₹122.73 | ₹399.20 |
| 2025 | ₹597.68 | ₹483.70 | ₹168.19 | ₹247.37 |
| 2026 | ₹586.99 | ₹508.74 | ₹52.14 | ₹341.78 |
| KPI | Values |
| ROE: | 0.92% |
| ROCE: | 01.14% |
| EBITDA Margin: | 0.20% |
| PAT Margin: | 0.09% |
| Debt to equity ratio: | 1.27 |
| Earning Per Share (EPS): | ₹8.02 (Basic) |
| Price/Earning P/E Ratio: | N/A |
| Return on Net Worth (RoNW): | 92.70% |
| Net Asset Value (NAV): | ₹12.31 |
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
| Chalet Hotels Limited | 29.50 | 25.73 | 19.40% | 3697.16 | 2769.75 Cr. |
| Lemon Tree Hotels Limited | 2.87 | 40.98 | 11.73% | 2079.18 | 1444.45 Cr. |
| Juniper Hotels Limited | 6.36 | 31.90 | 5.06% | 2868.43 | 1047.68 Cr. |
| Samhi Hotels Limited | 25.61 | 6.19 | 34.07% | 2182.18 | 1247.80 Cr. |
| Taj GVK Hotels &Resorts Limited | 65.31 | 4.97 | 39.48% | 1419.37 | 508.45 Cr. |
| Wonderla Holidays Limited | 12.89 | 40.98 | 4.64% | 1796.90 | 518.77 Cr. |
| Imagicca World Entertainment | 0.01 | 4,544.00 | 0.10% | 1254.04 | 373.85 Cr. |
| Period Ended | Revenue | Expense | PAT | Assets |
| 2023 | ₹184.81 | ₹154.97 | ₹32.10 | ₹251.58 |
| 2024 | ₹206.45 | ₹175.85 | ₹34.44 | ₹339.25 |
| 2025 | ₹322.58 | ₹261.43 | ₹28.13 | ₹455.49 |
| Dec 2025 | ₹236.50 | ₹186.96 | ₹38.69 | ₹561.34 |