Norwegian Cruise Line Holdings has confirmed filing for an initial public offering in the US that could raise up to $424 million.
The company is offering 23.5 million shares at $16 to $18 each, according to a regulatory filing to the US Securities and Exchange Commission yesterday (Tuesday).
It expects to receive about $370 million from the stock offering at the mid-point of the price range, and plans to use the proceeds to repay debt.
The midpoint of the range values the Miami-based company at $3.41 billion, or more than 20 times earnings.
Norwegian is offering about 12% of its shares in the sale.
The IPO is scheduled for January 17, according to data compiled by Bloomberg.
Apollo Global Management and other existing owners Genting Hong Kong and TPG Capital are not selling stock, according to the filing.
Norwegian operates a fleet of 11 ships with others on order including Norwegian Breakaway due for delivery this year
The company earned $165.6 million on $2.26 billion in revenue in the 12 months to September.