Cruise operator Viking priced its initial public offering (IPO) within its targeted range at US$24 per share on Tuesday (Apr 30), according to a person familiar with the matter.

The IPO raised US$1.54 billion based on 64.04 million shares sold by the company and its existing investors. It infers a valuation of US$10.35 billion on Viking, making it the biggest US stock market debut of 2024.

The sources requested anonymity as the discussions are confidential. Viking, which had aimed to price its IPO between US$21 and US$25 a share, did not immediately respond to a request for comment.

Viking upsized its IPO on Monday and said it would target a valuation of more than US$10 billion.

Viking’s IPO comes as the US IPO market is showing signs of a rebound, after stock market flotations froze up during most of 2022 and 2023.

IPO hopefuls have been boosted by the successful stock market listings of social media platform Reddit, semiconductor connectivity firm Astera Labs and cybersecurity software firm Rubrik in recent weeks.

GET BT IN YOUR INBOX DAILY

Start and end each day with the latest news stories and analyses delivered straight to your inbox.

Sign UpVIEW ALL

Viking, founded in 1997, started out with four river vessels and now owns a fleet of 92, allowing customers to book voyages to destinations including Antarctica and the Arctic. Viking generated revenue of US$4.7 billion in 2023 and currently has more than 10,000 employees in over 90 countries.

It counts private equity firms TPG and Canada Pension Plan Investment Board among its prominent investors.

Viking’s shares will start trading on the New York Stock Exchange on Wednesday under the symbol “VIK”.

Bank of America, JPMorgan Chase, UBS Investment Bank, Wells Fargo, HSBC and Morgan Stanley are the lead underwriters on Viking’s offering. REUTERS