India’s Cordelia Cruises plans IPO
India’s only major homegrown cruise operator plans to expand its fleet and hopes to fund it through a public offering.
Cordelia Cruises’ parent Waterways Leisure Tourism plans to file for an Initial Public Offering (IPO) to raise about INR8 billion.
The company wants to expand the fleet with two more ships able to carry about 2,000 guests.
It is looking at the second hand market rather than newbuilds.
Cordelia Cruises currently operates a single ship
President and CEO, Jurgen Bailom, said, “We are in discussions with major cruise companies from the US and Europe, whicj are looking to divest ownership of their smaller ships.”
“We have 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.”
India’s government has made cruise tourism a priority sector as Cordelia Cruises is the only major India based cruise company.
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