by Sarah Kuta
Last updated: 10:50 AM ET, Mon February 26, 2024
Viking wants to go public.
The cruise company is taking steps toward an initial public offering, it revealed today.
Viking Holdings—the parent company of Viking’s river, ocean and expedition brands—confidentially submitted a draft registration statement on Form F-1 with the the U.S. Securities and Exchange Commission (SEC).
The number of shares and the price range haven’t been decided yet. But, according to reporting by Bloomberg, the IPO could raise $500 million or more.
There’s no date for the IPO, either, but Viking expects it to take place once the SEC completes its review process. According to Bloomberg, the IPO could happen as soon as the second quarter.
Norwegian cruise executive Torstein Hagen founded Viking in 1997 with four river ships in Russia. Three years later, in 2000, the young company bought Europe’s KD River Cruises to expand its small fleet and get the rights to good docking spots throughout Europe. That same year, Viking also established an office in Los Angeles and expanded into the American market.
In the U.S., the company’s river cruises really took off after it began sponsoring the popular PBS series “Masterpiece” in 2011, a timeline that matched up with the airing of “Downtown Abbey.” It remains the top river cruise line among North American travelers, owning more than 50 percent of the market share.
In 2015, Viking expanded beyond rivers when it introduced its first ocean ship, Viking Star. In 2021, it introduced its first expedition ship, Viking Octantis.
Today, the company has more than 90 vessels visiting all seven continents—but it’s not done growing. It’s adding 10 new ships to its river fleet and, later this year, will debut a new ocean ship, the Viking Vela. In July 2025, another new ocean ship, Viking Vesta, will join the fleet.
According to Bloomberg, the company has roughly $4.7 billion in debt. It’s backed by TPG, a private equity firm, and the Canada Pension Plan Investment Board.
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