Viking Holdings, a global luxury river and ocean cruise line, announced terms for its IPO on Monday.
The Pembroke, Bermuda-based company plans to raise $1.0 billion by offering 44 million shares (75% secondary) at a price range of $21 to $25. A new investor has indicated on $100 million worth of shares in the offering (10% of the deal). At the midpoint of the proposed range, Viking Holdings would command a fully diluted market value of $10.2 billion.
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.
Viking Holdings 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. BofA Securities, J.P. Morgan, UBS Investment Bank, Wells Fargo Securities, HSBC, and Morgan Stanley are the joint bookrunners on the deal. It is expected to price during the week of April 29, 2024.
