Jan 8 Global cruise line operator Norwegian Cruise Line Holdings Ltd nearly doubled the estimated size of its initial public offering to up to $487.1 million from $250 million.
The company expects to sell 23.5 million shares, excluding underwriters' options, at between $16 and $18 per share in the IPO, it said in a filing with the U.S. Securities and Exchange Commission. ()
The Miami, Florida-based operator had filed in July 2011 to raise up to $250 million. ()
The company, which operates a fleet of 11 ships and competes with Carnival Cruise Lines and Royal Caribbean International, earned $165.6 million on revenue of $2.26 billion during the year ended September.
It expects to receive about $370 million from the offering at the mid-point of the price range, and plans to use the proceeds to repay debt.
UBS Securities and Barclays Capital are the lead underwriters to the offering.