In a move that reflects renewed confidence in the market, travel firm Viking Holdings announced plans to raise up to $1.33 billion in an upsized initial public offering (IPO) in the United States. The company, along with some existing shareholders, intends to sell 53 million shares, an increase of 9 million from their initial offering, as certain investors opted to offer more stock.
Viking is targeting a valuation of up to $10.8 billion by selling 11 million shares priced between $21 and $25 each. This move comes against the backdrop of a projected rebound in U.S. IPOs in 2024, following a two-year dry spell. Analysts are optimistic, betting on a soft landing for the world’s largest economy, although the recovery has been somewhat uneven thus far.
Founded in 1997, Viking began its journey with just four river vessels. Since then, it has expanded its fleet to an impressive 92 ships, offering customers the opportunity to book voyages in North and South America, the Caribbean, Antarctica, Great Lakes, Europe, Russia, Egypt, China, and Southeast Asia.
The company is set to list its shares on the prestigious New York Stock Exchange under the symbol “VIK”. Leading the underwriting team for the IPO are BofA Securities, J.P. Morgan, UBS Investment Bank, Wells Fargo Securities, HSBC, and Morgan Stanley.
With this IPO, Viking Holdings is poised to navigate the seas of opportunity, capitalizing on the pent-up demand for travel experiences and positioning itself for a successful future.
(Source: Market Watch | Seeking Alpha | Morning Star)
