Latest news with #WaterwaysLeisureTourism
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Business Standard
5 days ago
- Business
- Business Standard
Tourism boom, rising spend give wings to travel companies' IPO plans
Last week, airport quick service restaurant player Travel Food Services listed on BSE to raise Rs 2,000 crore premium Akshara Srivastava Gulveen Aulakh New Delhi Listen to This Article Travel companies are riding high on the post pandemic growth in domestic and international tourism and are taking this opportunity to list on the bourses. Last week, airport quick service restaurant player Travel Food Services listed on BSE to raise ₹2,000 crore. On the other hand, Cordelia Cruise Operator Waterways Leisure Tourism had filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) last month for an initial public offering (IPO) of ₹727 crore. The closely-connected hospitality industry is also expected to see a flurry of IPOs this year. LaRiSa Hotels and Resorts, for
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Business Standard
02-07-2025
- Business
- Business Standard
DRHP filings surge to 118 in H1 2025 amid strong valuation appetite
The filing of draft red herring prospectuses (DRHPs) picked up pace during the first half of 2025, reflecting continued optimism among promoters to list, thanks to the attractive valuations on offer. In the first half of 2025, 118 firms filed their offer documents, compared to 52 during the same period in 2024. The cumulative amount companies are seeking to raise via these filings is Rs 1.6 trillion, up from Rs 1 trillion in H1 2024. Among the marquee companies filing offer documents this year are Groww, Pine Labs, Waterways Leisure Tourism (which operates Cordelia Cruises), Lalitha Jewellery Mart, Canara Robeco Asset Management and Physicswallah. Several companies have also taken the confidential filing route for IPOs—a newly introduced mechanism that allows them to keep DRHPs private until plans are finalised. The DRHP is a preliminary document filed ahead of an IPO and contains key disclosures, including share offer size, financial statements and risk factors. Experts say the strong pipeline of filings suggests large-scale issuances are likely in the second half of the year, provided market conditions remain supportive. The IPO market was tepid in the first four months of 2025, with 10 companies raising Rs 18,704 crore, before activity picked up in May and June. March marked the first month in nearly two years without a single IPO, while April saw just one deal. The sell-off in the secondary market that began in October 2024—driven by concerns over slowing corporate earnings and high valuations—contributed to the subdued IPO environment earlier this year. However, companies continued to file offer documents even during months without IPO activity. Bankers noted that a public issue is typically an 18-month process, with DRHP preparation and Sebi approval taking up to six months, followed by a 12-month window to launch the deal. Given this timeline, issuers prefer to remain prepared for more stable market windows. 'FPI selling intensity had increased for a few months till March, and there were concerns around corporate earnings and Trump tariffs. Now that those concerns have receded and FPIs have become net buyers again, domestic flows remain strong, and companies are proceeding with their IPO plans. Moreover, public market valuations are very attractive,' said V Jayasankar, managing director, Kotak Investment Banking. The remainder of the year is likely to be more robust than the first half, with momentum expected to continue in terms of issue launches and filings. 'With the sentiment now improving, I expect at least a similar number of DRHPs to be filed in the second half as well. An IPO is the eventual goal of most venture capital and private equity-backed startups. We will see several more new-age companies filing their DRHPs going forward. As per our data, there are at least 70 such startups that have announced their intent to go public but have not yet filed,' said Pranav Haldea, managing director, Prime Database.
Hans India
17-06-2025
- Business
- Hans India
Waterways IPO targets Rs 727 cr
New Delhi: Cruise operator Waterways Leisure Tourism has filed preliminary papers with markets regulator Sebi seeking its approval to raise Rs 727 crore through an Initial Public Offering (IPO). The IPO is entirely a fresh issue of shares with no offer-for-sale component, according to the Draft Red Herring Prospectus (DRHP) filed last week. Proceeds from the fresh issue to the extent of Rs 552.53 crore will be used for payment towards deposit or advanced lease rental and monthly lease payments for its step-down subsidiary, Baycruise Shipping and Leasing (IFSC) Private Ltd and a portion will be used for general corporate purposes. Waterways Leisure Tourism currently operates a cruise vessel, the 'MV Empress', under the brand name 'Cordelia Cruises', and since its launch, over 5.49 lakh guests have sailed on its cruise vessel as of December 31, 2024. The company plans to introduce two new cruise vessels, 'Norwegian Sky' and 'Norwegian Sun', each with a capacity of up to 2,004 and 1,936 guests, respectively.
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Business Standard
16-06-2025
- Business
- Business Standard
Cordelia Cruise owner files DRHP, NSEIX inks MoU with CSE, and more
Waterways Leisure Tourism, which operates Cordelia Cruises, has filed its draft red herring prospectus (DRHP) for its initial public offering (IPO). The proposed ₹727-crore IPO will be a fresh issue entirely. The IPO proceeds will be used for payment of deposit/advanced lease rental and monthly lease payments to its step-down subsidiary, Baycruise Shipping. Waterways Leisure Tourism currently operates a cruise vessel, the MV Empress, under the brand name Cordelia Cruises, and since its launch, 549,051 guests have sailed on its cruise vessel, which has covered more than 2,25,079.53 nautical miles along the Indian coastline and surrounding islands as of December 31, 2024. The firm's cruise vessel primarily sails to domestic destinations, including Mumbai, Goa, Kochi, Chennai, Lakshadweep, Visakhapatnam and Puducherry. It also offers international itineraries, including Hambantota, Trincomalee and Jaffna. Centrum Capital, Intensive Fiscal Services and Motilal Oswal Investment Advisors are the book-running lead managers. Biocon launches ₹4,500-cr QIP Biocon has launched a qualified institutions placement (QIP) to raise ₹4,500 crore. The biopharmaceutical firm will issue up to 139 million new shares — 11.6 per cent of the current outstanding equity base. The floor price for the QIP has been set at ₹323.2. Shares of Biocon last closed at ₹357.3, valuing the firm at ₹42,900 crore. The issuance price will be finalised on Thursday, while trading in the new shares will commence from Tuesday. Biocon will use the QIP proceeds to purchase outstanding optionally convertible debentures issued by subsidiary Biocon Biologics. It will also use the proceeds to repay outstanding debt and for general corporate purposes. BofA Securities, Kotak Mahindra and Goldman Sachs are the investment bankers handling the share sale. IFC commits $60 mn to Motilal Oswal Alternates The International Finance Corporation (IFC), a member of the World Bank Group, has signed an agreement to invest $60 million in Motilal Oswal Alternates' India Business Excellence Fund V G (IBEF VG), with an additional $60 million co-investment envelope. The fund, targeting $750 million (with a $150 million green-shoe option), will support 12–16 mid-market companies in consumer, financial services, life sciences and manufacturing sectors, focusing on expansion, job creation and technology adoption, particularly in India's Tier-II and Tier-III cities. Managed by MO Alternates, the private investment arm of Motilal Oswal Financial Services Ltd, IBEF VG aims to bridge the funding gap for small and medium enterprises (SMEs) in underserved regions. IFC will also support the fund in enhancing women's workforce participation through workshops and standards. NSE IX inks MoU with Cyprus Stock Exchange The NSE International Exchange (NSE IX), based in GIFT City, has signed a Memorandum of Understanding (MoU) with the Cyprus Stock Exchange (CSE). The agreement was formalised during a roundtable event held in Limassol, Cyprus, during the official visit of India's Prime Minister Narendra Modi and attended by President of the Republic of Cyprus, Nikos Christodoulides. The MoU establishes a framework for multifaceted collaboration between NSE IX and CSE, focusing on cross and dual listings of financial instruments, joint development of innovative financial products, knowledge and research collaboration, capacity-building initiatives and fintech engagement programmes. PM Modi said: 'I am pleased to know that the Cyprus Stock Exchange and NSE have agreed to collaborate in Gujarat's GIFT City.' RIL sells another 0.89% stake in Asian Paints Siddhant Commercials, a subsidiary of Reliance Industries (RIL) on Monday, sold another 0.89 per cent stake in Asian Paints via block deals. The RIL entity sold 8.5 million shares at Rs 2,207 apiece to ICICI Prudential Mutual Fund for Rs 1,876 crore. Last week, it had sold 35 million shares (3.6 per cent equity) at Rs 2,201 apiece to SBI Mutual Fund for Rs 7,704 crore. At the end of March 2025 quarter, Siddhant held 4.9 per cent stake (47 million shares) of the paints major. AlphaGrep Securities gets in-principle approval for MF foray AlphaGrep Securities, a quantitative investment firm specialising in systematic strategies, has received in-principle approval from the Securities and Exchange Board of India (Sebi) to foray into mutual funds (MFs). AlphaGrep Investment Management (AGIM), the asset management vertical of the financial services firm, will house the proposed MF business. AGIM has an AUM of over Rs 2000 crore and 500+ clients across two CAT III AIFs (long-short), Long Only PMS and GIFT City-domiciled outbound CAT III AIF, the company said.
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Business Standard
16-06-2025
- Business
- Business Standard
Cordelia Cruise owner files DRHP, Biocon launches ₹4,500-crore QIP, more
Waterways Leisure Tourism, which operates Cordelia Cruises, has filed its draft red herring prospectus (DRHP) for its initial public offering (IPO). The proposed ₹727-crore IPO will be a fresh issue entirely. The IPO proceeds will be used for payment of deposit/advanced lease rental and monthly lease payments to its step-down subsidiary, Baycruise Shipping. Waterways Leisure Tourism currently operates a cruise vessel, the MV Empress, under the brand name Cordelia Cruises, and since its launch, 549,051 guests have sailed on its cruise vessel, which has covered more than 2,25,079.53 nautical miles along the Indian coastline and surrounding islands as of December 31, 2024. The firm's cruise vessel primarily sails to domestic destinations, including Mumbai, Goa, Kochi, Chennai, Lakshadweep, Visakhapatnam and Puducherry. It also offers international itineraries, including Hambantota, Trincomalee and Jaffna. Centrum Capital, Intensive Fiscal Services and Motilal Oswal Investment Advisors are the book-running lead managers. Biocon launches ₹4,500-cr QIP Biocon has launched a qualified institutions placement (QIP) to raise ₹4,500 crore. The biopharmaceutical firm will issue up to 139 million new shares — 11.6 per cent of the current outstanding equity base. The floor price for the QIP has been set at ₹323.2. Shares of Biocon last closed at ₹357.3, valuing the firm at ₹42,900 crore. The issuance price will be finalised on Thursday, while trading in the new shares will commence from Tuesday. Biocon will use the QIP proceeds to purchase outstanding optionally convertible debentures issued by subsidiary Biocon Biologics. It will also use the proceeds to repay outstanding debt and for general corporate purposes. BofA Securities, Kotak Mahindra and Goldman Sachs are the investment bankers handling the share sale. IFC commits $60 mn to Motilal Oswal Alternates The International Finance Corporation (IFC), a member of the World Bank Group, has signed an agreement to invest $60 million in Motilal Oswal Alternates' India Business Excellence Fund V G (IBEF VG), with an additional $60 million co-investment envelope. The fund, targeting $750 million (with a $150 million green-shoe option), will support 12–16 mid-market companies in consumer, financial services, life sciences and manufacturing sectors, focusing on expansion, job creation and technology adoption, particularly in India's Tier-II and Tier-III cities. Managed by MO Alternates, the private investment arm of Motilal Oswal Financial Services Ltd, IBEF VG aims to bridge the funding gap for small and medium enterprises (SMEs) in underserved regions. IFC will also support the fund in enhancing women's workforce participation through workshops and standards. NSE IX inks MoU with Cyprus Stock Exchange The NSE International Exchange (NSE IX), based in GIFT City, has signed a Memorandum of Understanding (MoU) with the Cyprus Stock Exchange (CSE). The agreement was formalised during a roundtable event held in Limassol, Cyprus, during the official visit of India's Prime Minister Narendra Modi and attended by President of the Republic of Cyprus, Nikos Christodoulides. The MoU establishes a framework for multifaceted collaboration between NSE IX and CSE, focusing on cross and dual listings of financial instruments, joint development of innovative financial products, knowledge and research collaboration, capacity-building initiatives and fintech engagement programmes. PM Modi said: 'I am pleased to know that the Cyprus Stock Exchange and NSE have agreed to collaborate in Gujarat's GIFT City.' RIL sells another 0.89% stake in Asian Paints Siddhant Commercials, a subsidiary of Reliance Industries (RIL) on Monday, sold another 0.89 per cent stake in Asian Paints via block deals. The RIL entity sold 8.5 million shares at Rs 2,207 apiece to ICICI Prudential Mutual Fund for Rs 1,876 crore. Last week, it had sold 35 million shares (3.6 per cent equity) at Rs 2,201 apiece to SBI Mutual Fund for Rs 7,704 crore. At the end of March 2025 quarter, Siddhant held 4.9 per cent stake (47 million shares) of the paints major. AlphaGrep Securities gets in-principle approval for MF foray AlphaGrep Securities, a quantitative investment firm specialising in systematic strategies, has received in-principle approval from the Securities and Exchange Board of India (Sebi) to foray into mutual funds (MFs). AlphaGrep Investment Management (AGIM), the asset management vertical of the financial services firm, will house the proposed MF business. AGIM has an AUM of over Rs 2000 crore and 500+ clients across two CAT III AIFs (long-short), Long Only PMS and GIFT City-domiciled outbound CAT III AIF, the company said.
