(Adds company background)
By Olivia Oran
Jan 18 Global cruise line operator Norwegian
Cruise Line Holdings Ltd's shares rose 32 percent in
their Nasdaq debut on Friday.
Shares opened at $25.10 after the company, backed by Apollo
Global Management LLC and TPG, raised $446.5 million in
its initial public offering.
Norwegian Cruise shares priced at $19, above their expected
range of $16 to $18. The float is the first private
equity-backed offering of 2013.
Norwegian Cruise Line competes with Carnival Corp
and Royal Caribbean Cruises Ltd. It operates 11 ships
and cruises, which range in length from one day to three weeks.
In 2008, Apollo and TPG purchased a stake in Norwegian
Cruise Line for $1 billion. Apollo acquired a 37.5 stake, while
TPG acquired a 12.5 percent stake. Hong Kong-based cruise
operator Genting Hong Kong Limited held the remaining
Norwegian Cruise Line generated adjusted earnings before
interest, taxes, depreciation and amortization of $540.4 million
on revenue of $2.3 billion in the 12 months ended Sept. 30.
UBS and Barclays are the lead underwriters on the offering.
The more than $1.8 billion in proceeds raised this week by
five companies making their market debuts is the highest weekly
amount since October, according to market data firm Ipreo.
(Reporting By Olivia Oran; Editing by Gerald E. McCormick and