Viking Holdings, a global luxury river and ocean cruise line, filed on Friday with the SEC to raise up to $100 million in an initial public offering. However, this is likely a placeholder for a deal we estimate could raise up to $500 million.
Viking states that it is one of the world's leading travel companies, believing to be the only cruise line offering experiences on all seven continents with itineraries across five oceans, 21 rivers, and five lakes. The company is focused primarily on destinations in Europe and the Mediterranean, rather than the Caribbean. It has a fleet of 92 small, state-of-the-art ships, and to meet demand, has ordered 18 new river vessels for delivery through 2026 and six new ocean ships for delivery through 2028.
The Pembroke, Bermuda-based company was founded in 1997 and booked $4.7 billion in revenue for the 12 months ended December 31, 2023. It plans to list on the NYSE under the symbol VIK. Viking Holdings filed confidentially on December 15, 2023. BofA Securities, J.P. Morgan, UBS Investment Bank, Wells Fargo Securities, HSBC, and Morgan Stanley are the joint bookrunners on the deal. No pricing terms were disclosed.
