The parent company of Regent Seven Seas Cruises and Oceania Cruises has set a course to raise up to $250 million through a public float.

Prestige Cruise Holdings has filed a registration statement with the US Securities & Exchange Commission to sell the shares in an initial public offering.

The company is controlled by private equity fund Apollo Global Management, the same business that controls Norwegian Cruise Line, which went public in early 2013.

Apollo currently owns 59% of Prestige, the filing says.

Miami-based Prestige said it plans to use proceeds to pay down debt, for capital expenditures and for general corporate purposes.

Apollo acquired a majority stake in Prestige in 2007, when the company was valued at $850 million.

Financial data in the filing shows that Prestige had revenue of $1.17 billion in the 12 months ended September 30 and net income of $18.7 million, Travel Weekly in the US reported.

It also shows the company reported net losses in 2010, 2011 and 2012 of $62.1 million, $69.7 million and $2.6 million, respectively.

The balance sheet shows long-term debt of $1.6 billion on September 30.

Oceania is a five-ship cruise company targeting the upper premium segment of the cruise industry while luxury line Regent runs three ships and has another on order.