(Reuters) -Viking Holdings priced its IPO at $24 per share, falling within its targeted range. This aligns with a previous Reuters report. Viking IPO pricing has garnered significant attention as the cruise operator seeks to raise $1.54 billion in its latest offering
The company previously aimed to price its IPO between $21 and $25 apiece.
The IPO raised $1.54 billion based on 64.04 million shares sold by the company and its existing investors. It infers a valuation of $10.35 billion on Viking, making it the biggest U.S. stock market debut of 2024.
Viking upsized its IPO on Monday and said it would target a valuation of more than $10 billion.
Viking’s IPO coincides with a rebound in the U.S. IPO market, which stalled in 2022 and 2023. The timing suggests optimism for investor appetite.
Viking, founded in 1997, 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. Viking generated revenue of $4.7 billion in 2023 and currently has more than 10,000 employees in over 90 countries.
Shares of the company will start trading on the New York Stock Exchange on Wednesday under the symbol “VIK”.
Bank of America, JPMorgan Chase, UBS Investment Bank, Wells Fargo, HSBC and Morgan Stanley are the lead underwriters on Viking’s offering.
Moreover, Viking’s IPO pricing within range underscores the company’s strategic approach to capital raising and financial management. By pricing the IPO conservatively, Viking aims to mitigate risks and ensure a successful debut on the public market.
Overall, Viking’s IPO represents a significant milestone for the company as it positions itself for long-term success and growth in the cruise industry.
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