Updated Monday, 4/29.
The April IPO market is set to close out with a billion-dollar deal in the week ahead, though some small issuers may join the calendar late.
Revising terms on Monday, cruise operator Viking Holdings (VIK) now plans to raise $1.2 billion at a $10.2 billion market cap. The company offers experiences on all seven continents, with a focus on destinations in Europe and the Mediterranean. It currently has a fleet of 92 vessels, and it plans to add a total of 24 new river and ocean ships over the next few years, though this requires high upfront capital. Viking has delivered solid growth, and its early booking rates provide revenue visibility. It will be leveraged post-IPO.
Two small issuers are also tentatively scheduled for the week ahead. Early-stage mining company Key Mining (KMCM) may raise $10 million at a $55 million market cap. The pre-revenue company is focused on two mineral projects in Chile. While not included below, Dutch aquatic drone developer RanMarine Technology (RAN) may raise $9 million at a $61 million market cap in a unit offering.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| Viking (VIK) Pembroke, Bermuda | $1,219M $10,206M | $21 - $25 53,000,000 | BofA JP Morgan |
| Global luxury river and ocean cruise line. | |||
| Key Mining (KMCM) Miami, FL | $10M $55M | $2.25 4,444,444 | EF Hutton |
| Florida-based mining company with two exploration-stage projects in Chile. | |||
Street research is expected for three companies in the week ahead, and lock-up periods will be expiring for two companies. For access to Street research and lock-up expiration dates, sign up for a free trial of IPO Pro.
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 4/25/2024, the Renaissance IPO Index was down 0.4% year-to-date, while the S&P 500 was up 6.3%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Kenvue (KVUE) and Nu Holdings (NU). The Renaissance International IPO Index was down 3.1% year-to-date, while the ACWX was up 2.1%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Porsche and Barito Renewables Energy.
