(Reuters) - Shares of Viking Holdings rose 9% in their debut on the New York Stock Exchange on Wednesday, giving the travel and cruising company a valuation of $11 billion.

Viking opened at $26.15 compared with its initial public offering (IPO) price of $24 in a stellar debut, amid a rebound in stock market listings and at a time when cruise stocks have delivered outsized returns.

Norges Bank Investment Management, which manages the Norwegian Government Pension Fund and ranks among one of the largest sovereign wealth funds in the world, indicated that it wants to buy up to $100 million in ordinary shares in the offering, Viking said in a filing last week.

Founded in 1997, Viking grew its fleet to more than 90 vessels and joins a list of companies including Reddit, Loar Holdings and Rubrik that have seen remarkable debuts recently.

Lower borrowing costs, strong company performance and an ebullient market have prompted investors to turn to capital markets after a two-year hiatus in IPO in the United States.

Viking, which offers river, ocean and expedition voyages on all seven continents, along with some of its existing investors sold 64 million shares at $24 apiece, within its targeted range, to raise $1.54 billion in its IPO.

The company, which aimed to price its IPO between $21 and $25 apiece, upsized its offering earlier this week and said Viking and some of its existing shareholders plan to sell 53 million shares, 9 million more than in their previous offer.

The company, backed by private equity firm TPG and Canada Pension Plan Investment Board, reported 2023 revenue at $4.71 billion compared with $3.18 billion a year earlier.

Net loss in the same period was $1.86 billion, versus a profit of $398.5 million in 2022, while adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) grew nearly three-fold.