Norwegian Cruise Line Holdings Ltd., the cruise line operator whose owners include Apollo Global Management LLC (APO), filed for an initial public offering in the U.S. that may raise as much as $424 million.
The company is offering 23.5 million shares at $16 to $18 each, a regulatory filing today shows. The midpoint of the range values the company at $3.41 billion, or more than 20 times earnings in the 12 months through Sept. 30.
That compares with about 17 times earnings for Royal Caribbean Cruises Ltd. (RCL) and 23 times for Carnival Corp. (CCL), both listed as competitors in Norwegian’s prospectus. The cruise line operator, whose owners also include Genting Hong Kong Ltd. (GENHK) and TPG Capital, is pursuing the offering after IPOs globally slumped in 2012 to their lowest levels since the financial crisis.
Norwegian is offering about 12 percent of its shares in the sale, and the proceeds will be used to redeem or prepay outstanding debt, the filing shows. The sale is scheduled for Jan. 17, according to data compiled by Bloomberg.
The company, led by Chief Executive Officer Kevin Sheehan, operates a fleet of almost a dozen ships and plans to expand with several more over the next few years, according to the filing. The company generated $2.26 billion in revenue in the 12 months through September operating trips to destinations including Europe, Alaska, Bermuda and Hawaii.
After the IPO, Genting, Apollo and TPG will together own about 88 percent of the company’s ordinary shares, according to the filing. UBS AG (UBSN), Barclays Plc, Citigroup Inc., Deutsche Bank AG, Goldman Sachs Group Inc. and JPMorgan Chase & Co. are managing the sale, the filing shows.
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