Cordelia Cruises IPO: Rs 800 Cr to Fund Growth & Fleet Expansion

Mumbai, Feb 14 (PTI) Waterways Leisure Tourism (Cordelia Cruises) on Friday said the company is planning to raise Rs 800 crore through an Initial Public Offering (IPO) to fund its growth plans.

The company's board has decided to raise funding through an IPO to raise around Rs 800 crore in the Indian capital market by issuing equity to institutional and other eligible investors, the company said in a statement.

Cordelia Cruises also plans to expand its fleet with the addition of two new cruise ships that will increase its guest capacity by around 4,000 guests.

"We are in discussions with major cruise companies from the US and Europe, who are looking to divest ownership of their smaller ships with passenger capacities ranging between 2,000 to 2,500 guests per ship, as they transition to newer vessels with capacities of 5,000-7,000 guests," company's President and CEO Jurgen Bailom stated.

He said the company has multiple offers from existing cruise lines as they upgrade their fleets with larger ships.

"Given the current market dynamics, it is an opportune time for us to expand our fleet. With the upcoming IPO and fleet expansion, Cordelia Cruises is well-positioned to lead India's cruise industry into a new era of unparalleled growth and global recognition," he added.