Waterways Leisure Tourism, India’s leading domestic cruise operator, has filed preliminary documents with SEBI to launch an Initial Public Offering (IPO) worth Rs. 727 crore. The offering will comprise solely fresh equity with no offer-for-sale component, reflecting the company’s intention to channel funds directly into operational growth. A significant portion of the proceeds—Rs. 552.53 crore—will be directed towards lease commitments for its subsidiary, Baycruise Shipping and Leasing.