Viking Cruises parent files for initial public offering in US
IPO expected to raise at least $500 million
ValVades
Viking Cruises’ parent company has filed for an initial public offering (IPO) in the US.
Viking Holdings has applied to list on the New York Stock Exchange under the symbol VIK.
A filing made on Friday with the US Securities and Exchange Commission revealed the company is working with Bank of America Corp, JPMorgan Chase & Co, UBS Group AG and Wells Fargo & Co on the listing, reported Bloomberg.
The IPO is expected to raise at least $500 million, though the exact details of the number of shares and size of the offering were not disclosed in the filing.
The company also disclosed a loss of about $1.9 billion in 2023 as cruise operating expenses increased by 33% to $2.85 billion.
This loss came on improving revenues of $4.7 billion, up from $3.2 billion in 2022.
Adjusted EBITDA loss widened to $1.09 billion from $367 million in 2022 and the adjusted EBITDA margin expanded to 35.5% from 18.4% the year prior.
Founded in 1997 by chairman Torstein Hagen, the company has its corporate headquarters in Basel and its marketing base in Los Angeles.
Viking runs an expanding fleet of almost a dozen ocean cruise ships, each with a capacity of 998 passengers, together with 80 river vessels, with 10 more due for delivery in 2025-26.
Pictured: Viking Polaris
