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, the Canada Pension Plan’s investment arm – 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. That projected market cap assumes that 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 and Morgan Stanley. The co-managers’ team includes Rothschild & Co., Stifel, Drexel Hamilton, Loop Capital Markets and R. Seelaus, according to the prospectus.

The Viking IPO is expected to price next week. Please see the IPO Calendar.

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.

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Disclosure: Nobody on the staff has a position in any stocks mentioned above, nor do they trade or invest in IPOs. The staff does not issue advice, recommendations or opinions.


Disclaimer: A SCOOP Rating (Wall Street Consensus of Opening-day Premiums) is a general consensus taken, at press time, from Wall Street and investment professionals concerning how well an IPO might perform when it starts trading. The SCOOP Rating does not reflect the opinions of anyone associated with The SCOOP ratings should not be taken as investment advice. The rating merely reflects the opinion of the professionals at the time of publication and is subject to last-minute changes due to market conditions, changes in a specific offering and other factors, such as changes in the proposed offering terms and the shifting of investor interest in the IPO. The information offered is taken from sources we believe to be reliable, but we cannot guarantee the accuracy.