Cordelia Cruises IPO
Market Sentiment
IPO Details
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Financial Analysis
| Metric | 2022 | 2023 | 2024 | December 2024 |
|---|---|---|---|---|
| Revenue | 136.75 | 486.22 | 450.20 | 414.21 |
| Expense | 178.98 | 430.91 | 555.68 | 351.90 |
| Profit (PAT) | 114.98 | 55.31 | 119.96 | 139.25 |
| Total Assets | 57.80 | 307.02 | 327.93 | 243.79 |
| Company | P/E | EPS |
|---|---|---|
| Chalet Hotels Limited | 68.15 | 13.54 |
| Lemon Tree Hotels Limited | 73.80 | 1.88 |
| Juniper Hotels Limited | 215.75 | 1.46 |
| Samhi Hotels Limited | -13.50 | -14.67 |
| Taj GVK Hotels &Resorts Limited | 29.42 | 14.78 |
| Wonderla Holidays Limited | 23.26 | 27.93 |
| Imagicca World Entertainment | 6.80 | 11.48 |
Promoters: Global Shipping and Leisure Limited and Rajesh Chandumal Hotwani
| Shareholding | No. of Shares | Holding % |
|---|---|---|
| Promoter Holding Pre Issue | 6,51,54,444 | 99.27% |
Company Information
As of December 31, 2024, Cordelia Cruises, also known as Waterways Leisure Tourism, is the only Indian company operating ocean cruises. The company has been engaged in providing luxury cruises with a blend of authentic Indian experiences that has allowed them to build brand loyalty and win customers by keeping the prices low. Cordelia Cruises just runs one cruise ship right now, the “MV Empress,” which includes 796 cabins, including suites, mini suites, ocean-view rooms, and interior rooms. There have been 5,49,051 people who have travelled the ship since it was first launched. As of December 31, 2024, the cruise has traveled 2,25,079 nautical miles to major Indian destinations like Mumbai, Goa, Kochi, Chennai, Lakshadweep, Visakhapatnam, and Puducherry, and also to international trips to places like Hambantota, Trincomalee, and Jaffna in Sri Lanka. Cordelia cruise trips have been the preferred choice for giving its guests luxury and a memorable experience.
| Purpose | Amount (Cr) |
|---|---|
| Payment towards deposit/ advanced lease rental and monthly lease payments to our stepdown subsidiary, Baycruise Shipping and Leasing (IFSC) Private Limited (“Baycruise IFSC”). | 552.53 |
| General Corporate Purpose | - |
Resources & Documents
Waterways Leisure Tourism Ltd., A-1601, Marathon Futurex,, NM Joshi Marg,, Lower Parel, Delisle Road,, Mumbai, Maharashtra, 400013
Cordelia Cruises is preparing a sme offering for an issue size of Rs 727 crore. The SME issue is in the upcoming pipeline with dates yet to be finalised.
As of December 31, 2024, Cordelia Cruises, also known as Waterways Leisure Tourism, is the only Indian company operating ocean cruises. The company has been engaged in providing luxury cruises with a blend of authentic Indian experiences that has allowed them to build brand loyalty and win customers by keeping the prices low.
The issue is promoted by Global Shipping and Leisure Limited and Rajesh Chandumal Hotwani with Centrum Capital Ltd., Intensive Fiscal Services Pvt. Ltd., Motilal Oswal Investment Advisors Ltd. acting as lead manager. Net proceeds will primarily be used towards Payment towards deposit/ advanced lease rental and monthly lease payments to our stepdown subsidiary, Baycruise Shipping… (Rs 553 crore) and General Corporate Purpose.
On fundamentals, the company is posting revenue growth of -7.4%, a profit margin of 26.7%, return on equity of 2.2% in its most recent reported period. Listed peers in this segment include Chalet Hotels Limited (P/E 68.15x) and Lemon Tree Hotels Limited (P/E 73.80x) — useful reference points when evaluating the issue's pricing relative to where the broader sector are trading.
All figures below — GMP history, subscription tiers, financials and peers — are aggregated from public disclosures. Always apply through your own broker after reading the RHP.
Understanding Grey Market Premium (GMP)
The Grey Market Premium (GMP) is an unofficial indicator of how an IPO's shares are trading in the grey market before they are officially listed on a stock exchange. It reflects investor sentiment and demand for the IPO shares ahead of listing day.
How does it work? The grey market is an informal, over-the-counter market where investors buy and sell IPO shares before the official listing date. If an IPO has a positive GMP, it suggests that investors expect the stock to list above its issue price. A negative GMP indicates expectations of a listing below the issue price.
Example: If an IPO has an issue price of ₹100 and the GMP is ₹50, the expected listing price would be approximately ₹150 (issue price + GMP). This translates to an estimated listing gain of 50%.
Factors that influence GMP:
- Subscription levels — Higher subscription typically drives GMP up
- Market conditions — Bullish markets tend to boost GMP across all IPOs
- Company fundamentals — Strong financials and growth potential attract premium
- Industry sentiment — Positive outlook for the sector can increase demand
- IPO pricing — Reasonably priced IPOs relative to peers tend to command higher GMP
Disclaimer: GMP is an unofficial metric from the grey market and is not regulated by SEBI or any stock exchange. GMP values fluctuate frequently and should not be the sole basis for investment decisions. Always consider company fundamentals, financial health, and your own risk appetite before investing in any IPO.
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