Travel firm Viking Holdings announced on Monday its intention to achieve a valuation of up to $10.8 billion in its initial public offering in the United States, aligning itself with numerous companies aiming to capitalize on a rebounding capital market.
The company, alongside some existing shareholders, plans to offer 44 million shares priced between $21 and $25 each, with the goal of raising as much as $1.1 billion. Viking revealed in its filing that Norges Bank Investment Management, overseeing the Norwegian Government Pension Fund, has expressed interest in purchasing up to $100 million in ordinary shares during the offering. Viking, supported by private equity firm TPG and Canada Pension Plan Investment Board, provided this information.
Following a two-year lull, U.S. IPOs are anticipated to bounce back in 2024, driven by increasing confidence in a soft landing for the world’s largest economy, though the recovery has been uneven thus far. Established in 1997, Viking initially operated with four river vessels and has since expanded its fleet to 92, offering customers the opportunity to embark on voyages to destinations such as Antarctica and the Arctic.
Analysts predict that this year will witness a surge in cruise travel, with vacation bookings spanning various income brackets. Viking intends to list its shares on the New York Stock Exchange under the symbol “VIK”.
Leading the IPO are underwriters BofA Securities, J.P. Morgan, UBS Investment Bank, Wells Fargo Securities, HSBC, and Morgan Stanley.
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