Viking Prepares for Public Offering with Confidential SEC Filing

Viking, the renowned cruise company, is setting sail toward becoming a publicly traded entity, announcing today its initial steps toward an Initial Public Offering (IPO). The company, known for its river, ocean, and expedition cruises, has made a confidential submission of a draft registration statement on Form F-1 to the U.S. Securities and Exchange Commission (SEC), marking a significant milestone in its corporate journey.

While specific details such as the number of shares to be offered and the price range have yet to be determined, reports from Bloomberg suggest that Viking’s IPO could potentially raise $500 million or more. This move underscores the company’s ambition to expand and solidify its position in the global cruise market.

The timeline for Viking’s IPO remains subject to the SEC’s review process, with anticipation building around a possible launch as early as the second quarter. This strategic move comes after decades of growth and expansion since Norwegian cruise executive Torstein Hagen founded Viking in 1997. Starting with just four river ships in Russia, Viking rapidly expanded through strategic acquisitions and market entries, including the notable acquisition of Europe’s KD River Cruises in 2000 and the establishment of an office in Los Angeles to tap into the American market.

Viking’s prominence in the U.S. soared with its sponsorship of the popular PBS series “Masterpiece” in 2011, coinciding with the airing of “Downton Abbey.” This visibility helped Viking capture more than 50 percent of the North American river cruise market share, a testament to its brand strength and operational excellence.

In recent years, Viking has broadened its horizons beyond river cruising, launching its first ocean ship, Viking Star, in 2015, followed by its first expedition ship, Viking Octantis, in 2021. With over 90 vessels now traversing all seven continents, Viking continues to push the boundaries of cruising, evidenced by the planned addition of 10 new ships to its river fleet and the upcoming debut of new ocean ships, Viking Vela and Viking Vesta, in the coming years.

As Viking navigates the waters of going public amidst reports of approximately $4.7 billion in debt, its backing by prominent investors such as TPG and the Canada Pension Plan Investment Board signals strong confidence in its future. The IPO represents a pivotal opportunity for Viking to leverage public markets to fuel its next phase of growth and innovation in the cruise industry.