Viking upsizes IPO, as more shareholders look to sell stock

By Tomi Kilgore

Selling shareholders boost the number of shares offered in the IPO by 27%, to 42 million shares

Viking Holdings Ltd. has increased the size of its initial public offering, but the new shares being offered are all coming from selling shareholders.

The Bermuda-based cruise operator (VIK) said 53 million shares will be offered in the IPO, as the number of shares being sold by selling shareholders increased by 27%, to 42 million shares from 33 million. The company is still offering 11 million shares.

The pricing of the IPO is still expected to be between $21 and $25.

So while the company continues to expect raising up to $275 million in the IPO, selling shareholders are now expected to raise up to $1.05 billion.

The company is expects about 431.46 million shares to be outstanding after the IPO, which would imply a market capitalization for Viking of up to $10.8 billion at the top of the estimated IPO pricing range.

The selling shareholders are CPP Investment Board PMI-3 Inc. and TPG VII Valhalla Holdings L.P. Each owned 21.9% of the shares outstanding prior to the IPO, and are expected to have equal stakes of 16.5% after the IPO.

The stock is expected to be listed on the New York Stock Exchange under the ticker symbol "VIK."

There are 11 underwriters of the IPO, led by BofA Securities, J.P. Morgan, UBS Investment Bank and Wells Fargo Securities.

The company booked a $1.86 billion loss in 2023 on revenue of $4.71 billion, after recording a profit of $398.5 million on revenue of $3.18 billion in 2022.

The company is looking to go public at a time of increased investor interest in IPOs, as the Renaissance IPO ETF IPO has rallied 7.6% over the past three months while the S&P 500 index SPX has gained 3.5%.

Last week, cybersecurity company Rubrik Inc. (RBRK) was the highest profile of the three IPOs that debuted on Thursday, with Rubrik's stock closing that day 15.6% above its IPO price.

-Tomi Kilgore

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04-29-24 0747ET

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