Private Equity-Backed Cruise Operator Eyes Public Market Debut
Private equity-backed cruise operator Viking Holdings Ltd., represented by Skadden Arps Slate Meagher & Flom LLP and underwriters counsel Latham & Watkins LLP, is setting the stage for a significant initial public offering. Slated for a projected $1 billion, this move marks a bold test of the IPO market’s budding revival.
Pricing and Share Distribution Details
On Monday, Viking Holdings Ltd declared its IPO price range, aiming to offer 44 million shares priced between $21 and $25 each. The Bermuda-based entity revealed that the majority of these shares—about three-quarters—are to be sold by existing shareholders TPG Inc. and the Canada Pension Plan Investment Board, which are offloading 33 million shares combined. Viking Holdings Ltd itself will sell the remaining 11 million shares.
Viking Holdings Ltd IPO: A Promising Start on the NYSE
Viking Holdings Ltd’s shares are expected to commence trading on the New York Stock Exchange under the ticker “VIK” in the last week of April. Should the IPO price hit its midpoint, Viking Holdings Ltd would command a valuation near $10 billion, reflecting its substantial fleet and market reach.
Viking’s Strategic Operations and Expansion Plans
Viking operates a robust fleet of 92 ships, primarily serving routes across Europe and the Mediterranean while catering to global destinations. Last year, the cruise operator hosted approximately 650,000 guests and posted revenues of $4.7 billion, despite reporting a substantial loss of $1.8 billion due to derivative reassessments.
