Norwegian Cruise Line Sets Its IPO Price

NCLH sets range of $16-$18/share for a roughly $400M deal

   

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.

The past year has seen strong returns by both Royal Caribbean Cruises (NYSE:RCL, +37%) and Carnival (NYSE:CCL, +13%), making the timing look as good as ever for Norwegian’s IPO.

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.


Article printed from InvestorPlace Media, http://investorplace.com/ipo-playbook/norwegian-cruise-line-sets-its-ipo-price/.

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