The cruise industry has seen mixed price action thus far this year. No matter which cruise line investors are considering, the results have been mixed. There is a lot of uncertainty about the future of this industry. For companies like Viking Holdings, a cruise line operator set to go public in short order, this could mean a volatile IPO worth watching. Shares of VIK stock will likely find their way onto most travel investors’ watch lists this week.

That’s because Viking is slated to go public on May 1, selling 53 million shares in what’s turned out to be an upsized offering. After the company allows such investors to exercise their existing stakes, existing shareholders will be able to offload an additional 9 million shares.

This IPO is expected to raise approximately $1.33 billion, with shares priced between $21 and $25 per share. If the cruise line operator prices its stock at the upper end of its range, it will be worth more than $10 billion.

Given that IPO season has really heated up this year, and certain initial public offerings have performed well, investors have plenty to digest when it comes to this specific deal. Let’s dive into what to make of this prospective offering.

VIK Stock Could Be One to Watch This Week

Viking is among the lesser-known cruise operators, but one that’s seen impressive growth since its inception. Launched in 1997 with four ships, the company now owns a fleet of 92 cruise liners. These ships allow consumers to book voyages to faraway places, such as the Arctic and Antarctic.

This billion-dollar-plus IPO, which is being brought forward by BofA Securities, JPMorgan Chase, UBS Investment Bank, Wells Fargo Securities, HSBC and Morgan Stanley, will be one of the most closely watched this year. Investors are still looking for the IPO window to expand. And while this year is shaping up to be much better than last, questions remain around companies’ willingness to utilize capital markets for financing in this higher-rate environment.

Viking did note that this initial offering will involve current employee stakes only, meaning Viking will not receive any funds from the transaction. However, by allowing shares to trade on the public markets, the cruise line operator is opening up the potential for secondary offerings down the road.

On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.