Travel company Viking Holdings revealed its plans on Monday to target a valuation of up to $10.8 billion in its initial public offering in the United States, joining a wave of firms seeking to seize opportunities in a recovering capital market.

The company, along with some existing shareholders, intends to offer 44 million shares priced between $21 and $25 each, aiming to raise up to $1.1 billion. Norges Bank Investment Management, overseeing the Norwegian Government Pension Fund, has signaled interest in purchasing up to $100 million in ordinary shares during the offering, as disclosed in Viking’s filing. Supported by private equity firm TPG and Canada Pension Plan Investment Board, Viking provided these details.

After a two-year hiatus, US IPOs are expected to rebound in 2024, driven by growing optimism about the stability of the world’s largest economy, though the recovery has been uneven thus far. Established in 1997, Viking initially operated with four river vessels and has since expanded its fleet to 92, offering customers voyages to destinations like Antarctica and the Arctic.

Analysts anticipate a surge in cruise travel bookings this year across various income levels. Viking plans to list its shares on the New York Stock Exchange under the symbol “VIK”.

Leading the IPO are underwriters BofA Securities, J.P. Morgan, UBS Investment Bank, Wells Fargo Securities, HSBC, and Morgan Stanley.