Cruise Operator Viking’s U.S. IPO Filing Shows $1.9 Billion Loss
(Bloomberg) -- Viking Holdings Ltd. has filed for an initial public offering, disclosing growing revenue and a loss in 2023 of about $1.9 billion, as the travel industry continues to rebound from its pandemic-era slump.
The Bermuda-based company is working with Bank of America Corp., JPMorgan Chase & Co., UBS Group AG and Wells Fargo & Co. on the listing, according to a filing Friday with the US Securities and Exchange Commission, confirming an earlier Bloomberg News report. Viking plans to list on the New York Stock Exchange under the symbol VIK.
The size and price of the planned share sale by the company and some of its shareholders will be disclosed in a later filing. Viking's listing could raise $500 million or more, Bloomberg News has reported. It filed confidentially in February for the IPO.
The company's 2023 loss came as it reported $4.7 billion in revenue for the period. Viking reported a profit of $399 million in 2022 on $3.2 billion of revenue, which rose sharply compared to the previous two years as the pandemic ended.Â
Founded in 1997, Viking operates cruises around the world and has 92 vessels, according to the filing. It has more than 10,000 employees in over 90 countries.
Viking Chairman and Chief Executive Officer Torstein Hagen and his family, private equity firm TPG Inc. and the Canada Pension Plan Investment Board all have stakes of 5% or more in the company, the filing showed.
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©2024 Bloomberg L.P.
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