Cordelia Cruises brand plans to tap capital markets as it has filed preliminary papers with the SEBI. Here are key things to know about the issue before you subscribe to the issue:
1) Mumbai-based Waterways Leisure Tourism operates business under Cordelia Cruises brand.
2) The issue has a size of Rs 727 crore.
3) 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.
4) Objective of the issue: 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.
Cordelia Cruises plans to tap capital markets, files draft papers for Rs 727-crore IPO
5) Global Shipping and Leisure, and Rajesh Chandumal Hotwani are promoters of Waterways Leisure Tourism, holding 99.27 percent stake.
6) Key Financials: 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.
7) Its cruise vessel primarily sails to domestic destinations such as Mumbai, Goa, Kochi, Chennai, Lakshadweep, Visakhapatnam, and Puducherry.
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