Updated: IPO for NCL

Company offering 23.5m ordinary shares excluding underwriters’ option
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By Cherie Rowlands |


Update: Norwegian Cruise Lines (NCL) and NCL Corporation confirmed on 17 January, that trading of the 23.5 million shares were set to open at US$19 each on 18 January.

Norwegian Cruise Lines (NCL) Holdings and NCL Corporation have filed in the United States for an initial public offering (IPO) of 23.5 million ordinary shares excluding underwriters’ options, according to a company statement on 8 January.

Reuters reported that the Miami-based cruise operator expects to sell the shares at between US$16 and US$18 each, which at an estimated size of US$487.1 million, is nearly double size of that the company filed with the U.S. Securities and Exchange Commission in July 2011. The value at that time was around US$250 million.

NCL “earned US$165.6 million on revenue of US$2.26 billion during the year ended September”, and plans to repay debt with the US$370 million it anticipates raising from the offering, according to the Reuters report.

Underwriters including UBS Securities and Barclays Capital, have a 30-day option to purchase an aggregate of up to 3.5 million additional ordinary shares.

The ordinary shares will trade under the symbol ‘NCLH’.

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