Viking Holdings, a global luxury river and ocean cruise line, raised $1.5 billion by offering 64 million shares (83% secondary) at $24, above the midpoint of the range of $21 to $25.
A new investor had indicated on $100 million worth of shares in the offering (7% of the deal). The company had originally planned to sell 44 million shares in its IPO (33mm from insiders), before increasing the share offering to 53 million (42mm from insiders) earlier this week.
With a deal size of $1.5 billion, Viking became the largest US IPO of 2024. It is the biggest IPO since Arm (ARM) in September.
Viking states that it is one of the world's leading travel companies, believing to be the only cruise line offering experiences on all seven continents with itineraries across five oceans, 21 rivers, and five lakes. The company is focused primarily on destinations in Europe and the Mediterranean, rather than the Caribbean. It has a fleet of 92 small, state-of-the-art ships, and to meet demand, has ordered 18 new river vessels for delivery through 2026 and six new ocean ships for delivery through 2028.
Viking Holdings plans to list on the NYSE under the symbol VIK. BofA Securities, J.P. Morgan, UBS Investment Bank, Wells Fargo Securities, HSBC, and Morgan Stanley acted as joint bookrunners on the deal.
