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Apollo, TPG-backed Norwegian Cruise Line files for $400m US IPO

10 Jan 2013

boat1Norwegian Cruise Line, the world’s third-largest cruise line operator backed by US buyout firms Apollo Global Management and TPG Capital, is looking to raise $400m through a US public offering.

The Miami-based company is seeking to sell 23.5 million shares in a price range of $16 to $18, according to a filing with the US Securities & Exchange Commission.

Valued at the midpoint of its expected price range, the initial public offering could raise $400m, which will be used to pay off the company’s debt load.

The offering at that price would value Norwegian Cruise Line at about $3.4bn.

Apollo bought half of Norwegian Cruise Line for $1bn in January 2008 from Genting, the southeast Asian gaming company that still controls the other half of the business.

NCL, the company’s parent, first filed for a US public offering in 2010.

Norwegian Cruise Line posted sales of $1.77bn for the nine months through to September last year, up 2.5 per cent compared to sales during the same period the previous year.

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