Cruise operator Norwegian Cruise Line has just set the price range of its upcoming IPO.
Norwegian — which plans to list its shares on the Nasdaq under the ticker of “NCLH” — plans to issue 23.5 million shares at a range of $16 to $18, which would amount to roughly $400 million. Lead underwriters include UBS Investment Bank (NYSE:UBS) and Barclays (NYSE:BCS).
NCL was founded in the mid-1960s and currently is the No. 3 cruise operator in North America, with 11 ships. It has earned some credit as an innovator, becoming the first cruise liner to create a private island.
For the 12 months ended Sept. 30, 2012, NCLH posted revenues of $2.26 billion and adjusted EBITDA of $540.4 million, both trumping respective figures of $1.73 billion and $417.8 million in the year-ago period.
Tom Taulli runs the InvestorPlace blog IPO Playbook, a site dedicated to the hottest news and rumors about initial public offerings. He is also the author of “How to Create the Next Facebook” and “High-Profit IPO Strategies: Finding Breakout IPOs for Investors and Traders.” Follow him on Twitter at @ttaulli. As of this writing, he did not hold a position in any of the aforementioned securities.