The IPO Buzz: Viking Holdings Ltd. (VIK) Sets Terms & Launches $1 Billion IPO

Sail on: Viking Holdings Ltd. (VIK Proposed) of Bermuda unveiled the terms for its $1.01 billion IPO early today – Monday, April 22, 2024 – and launched the deal with plans to price it next week. Viking’s IPO consists of 44.0 million shares at a price range of $21.00 to $25.00 to raise $1.01 billion, if priced at the $23.00 mid-point. This is a New York Stock Exchange listing.

Of the 44.0 million shares in the IPO, Viking is offering 11.0 million shares and two selling shareholders – private equity firm TPG and CPP Investments – are offering 33.0 million shares. Viking will not receive any proceeds from the sale of the selling stockholders’ shares.

Viking Holdings Ltd. would have a market cap of $9.92 billion – which rounds up nicely to $10.0 billion – if the IPO is priced at the $23.00 mid-point of its range.

BofA Securities and J.P. Morgan are leading the joint book-runners’ team, which includes UBS Investment Bank, Wells Fargo Securities, HSBC, Morgan Stanley, Rothschild & Co. and  Stifel.

The Viking IPO is expected to price next week –  on Tuesday night, April 30, 2024 – to trade Wednesday, May 1, on the NYSE.

Viking Holdings Ltd. was not profitable for the year that ended Dec. 31, 2023, according to the prospectus: The company reported a net loss of $1.86 billion on revenue of $4.71 billion for the year 2023.