The IPO Buzz: Viking Holdings (VIK Proposed) Upsizes IPO to 53 Million Shares

 Viking Holdings Ltd. (VIK Proposed), the Bermuda cruise line, increased the size of its IPO to 53.0 million shares – up 20.5 percent from its initial size at  44.0 million shares – early TODAY – Monday, April 29, 2024. The IPO’s price range was kept the same – at $21.00 to $25.00 – according to the F-1/A filing.  Under the new terms, Viking’s IPO is expected to raise $1.22 billion ($1,219.0 million). Viking’s IPO is set for pricing tomorrow night to trade Wednesday, May 1, 2024, on the New York Stock Exchange.

Selling shareholders raised their portion of the IPO to offer 42.0  million shares – up from 33.0 million under the original terms.

Viking is offering only 11.0 million shares – sticking with the IPO’s original terms for its part of the deal. Viking will not receive any of the proceeds from the sale of the selling shareholders’ stock.

BofA Securities and J.P. Morgan are leading the joint book-runners’ team, which includes UBS Investment Bank, Wells Fargo Securities, HSBC and Morgan Stanley. The co-managers’ team includes Rothschild & Co., Stifel, Drexel Hamilton, Loop Capital Markets and R. Seelaus, according to the prospectus.

Viking Holdings Ltd. (VIK Proposed), based in Pembroke, Bermuda, caters to an upscale clientele in their 50s and up.  The company, founded in 1997 with four river vessels, now operates “a fleet of 92 small state-of-the-art ships, which we view as floating hotels,” the prospectus says.

Viking is not profitable, according to the prospectus. The company reported a net loss of $1.86 billion on revenue of $4.71 billion for 2023.

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