Travel firm Viking Holdings said on Monday it is seeking a valuation of up to $10.8 billion in its initial public offering in the United States, as it joins a slew of companies looking to take advantage of a rebound in the capital market.
The company and some of its existing shareholders are offering 44 million shares priced between $21 and $25 apiece, aiming to raise as much as $1.1 billion.
Norges Bank Investment Management, which manages the Norwegian Government Pension Fund, has indicated that it wants to buy up to $100 million in ordinary shares in the offering, Viking – backed by private equity firm TPG and Canada Pension Plan Investment Board – said in the filing.
After a two-year dry spell, US IPOs are expected to rebound in 2024 on firming bets of a soft landing for the world’s largest economy, although the recovery has been uneven so far.
Founded in 1997, Viking started out with four river vessels and now owns a fleet of 92, allowing customers to book voyages to destinations including Antarctica and the Arctic.
This year is set to be a banner year for cruise travel, analysts have said, as customers from across income levels are booking vacations.
Viking will list its shares on the New York Stock Exchange under the symbol “VIK”.
BofA Securities, J.P. Morgan, UBS Investment Bank, Wells Fargo Securities, HSBC and Morgan Stanley are the lead underwriters for the IPO.
Reuters
