European cruise operator Viking is holding its initial public offering (IPO) in New York today (May 1) in what is widely expected to be the biggest market debut of the year so far.
Viking Holdings, which is headquartered in Basel, Switzerland and known for its European river cruises, has priced its IPO at $24 U.S. a share, the high-end of a range of $21 U.S. to $25 U.S.
The shares are scheduled to start trading on the New York Stock Exchange (NYSE) under the ticker symbol “VIK.”
The IPO is on track to raise $1.54 billion U.S. based on 64.04 million shares sold by the company.
Viking makes its market debut with a valuation of $10.35 billion U.S., making it the biggest stock market debut so far in 2024.
Founded in 1997 with four river boats, Viking today owns a fleet of 92 ships, allowing customers to book voyages to destinations ranging from the Rhine River in Europe to Antarctica.
The company has more than 10,000 employees globally and reported revenue of $4.7 billion U.S. in 2023.
The Canada Pension Plan Investment Board is one of the biggest pre-IPO investors in Viking.
Viking is the latest high-profile IPO to take place in the U.S. following stock offerings from German sandal maker Birkenstock (BIRK) and social media platform Reddit (RDDT), among others.
The American IPO market is growing again after suffering downturns in 2022 and 2023, say analysts.
