Cordelia Cruise Owner Files DRHP: Waterways Leisure Tourism, operating under the Cordelia Cruises brand, filed its Draft Red Herring Prospectus (DRHP) with SEBI on June 13, 2025, to raise ₹727 crore through an IPO. The IPO is a 100% fresh issue with no offer-for-sale component, meaning all proceeds will go to the company. Approximately ₹552.53 crore will be used for lease payments to its step-down subsidiary, Baycruise Shipping and Leasing (IFSC) Pvt Ltd, for acquiring two new vessels, Norwegian Sky and Norwegian Sun, with capacities of 2,004 and 1,936 guests, respectively. The remaining funds will support general corporate purposes. The company, India’s only domestic ocean cruise operator as of December 31, 2024, holds a 65% market share in value terms. It operates the MV Empress, which has served 549,051 guests and covered over 225,079.53 nautical miles. Financially, it reported a net loss of ₹119.9 crore in FY24, down from a ₹55.3 crore profit in FY23, with revenue declining 8.3% to ₹442.1 crore. However, for the nine months ending December 31, 2024, it posted a profit of ₹139.3 crore on ₹409.5 crore revenue. The IPO allocates 75% to qualified institutional buyers, 15% to non-institutional investors, and 10% to retail investors.
Biocon Launches ₹4,500-Crore QIP: Biocon announced a Qualified Institutional Placement (QIP) on June 16, 2025, to raise ₹4,500 crore by issuing up to 139 million new shares, representing 11.6% of its current equity base. The floor price is set at ₹323.2, with Biocon’s shares last closing at ₹357.3, valuing the company at ₹42,900 crore. The issuance price will be finalized on June 19, 2025, and trading of new shares will begin on June 24, 2025. Proceeds will be used to purchase outstanding optionally convertible debentures issued by its subsidiary, Biocon Biologics, repay debt, and fund general corporate purposes. Biocon Biologics reported a net debt of $1.2 billion (excluding structured instruments) in Q4FY25. The QIP, approved by the board on April 23, 2025, and by shareholders on June 4, 2025, is managed by BofA Securities, Kotak Mahindra, and Goldman Sachs.