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Viking Holdings' Stock Rises 9% In Market Debut
Swiss cruise operator Viking Holdings' (VIK) stock rose 8.75% in its debut on the New York Stock Exchange.
Shares of Viking finished their first day of trading at $26.10 U.S. after starting to trade at $26.15 U.S.
At the close, Viking's stock was nearly 9% higher than its initial public offering (IPO) price of $24 U.S. per share.
The company's market valuation stands at $11.2 billion U.S. with more than 430 million shares outstanding. The company raised $1.54 billion U.S., the most money among U.S. IPOs so far this year.
The Canada Pension Plan Investment Board, a major pre-IPO investor in Viking Holdings, offered millions of its shares for sale on the IPO date.
Viking went public at a time of market uncertainty, with investors on edge over inflation fears and the prospect of higher for longer interest rates.
Analysts say Viking's stock should perform well long-term given the company's profitability, wealthy clientele, and long-term growth potential.
Started in 1997 and headquartered in Basel, Switzerland, Viking Holdings today generates $3 billion U.S. in annual revenues and employs more than 10,000 people.
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