The private equity firm which owns half of Norwegian Cruise Line has postponed a planned $500 million initial public offering.
Apollo Global Management, which owns Regent Seven Seas Cruises and Oceania Cruises, reportedly delayed the start of official talks with investors until stock markets calm down in the wake of the Japanese earthquake and tsunami.
The company planned to file detailed terms with regulators and begin talking to investors about the deal in the US yesterday, but is now waiting for a better time, people familiar with the situation told Reuters.
The decision is being made “day by day,” sources said. The Times reported today that Apollo hopes to offer shares at between $18 and $20 each and raise $494 million (£307 million).
The Apollo flotation is separate to one planned for NCL, which was slated to take place this year. This would see a third global cruise player become publically listed, NCL joining bigger rivals Carnival Corp and Royal Caribbean Cruise Lines.