Viking Holdings was reportedly considering filing for an IPO back in February, but it waited until Friday (5 April) to announce it had submitted the necessary paperwork in the US. Viking’s listing could raise $500 million or more, Bloomberg News has reported.

Despite admitting more than 50% of customers booked direct last year, the company – backed by private equity firm TPG and Canada Pension Plan Investment Board – did stress it was "committed" to agents. 

But Viking Holdings noted in its filing: “Direct bookings reduce commissions paid to travel agents, which reduces our distribution costs and improves our margins.

“Direct bookings also provide an additional opportunity for direct contact with our guests, allowing us to build stronger brand awareness and deliver a more personalised experience for our guests.

“With a marketing database that includes more than 56 million North American households, we believe our direct bookings will continue to grow and add value to our business.” 

In 2019, Viking Cruises reduced several top UK agencies’ commission rates – and even cut others off entirely. 

In the filing, Viking Holdings explained how travel agencies “generate a substantial amount of bookings for our cruises". “We are committed to maintaining and strengthening this distribution channel,” the company stressed. 

“We have preferred relationships with large travel agent consortia, and we employ sales managers in key markets to maximise awareness of our products within the travel agent community.”

TTG has approached Viking Cruises for further comment.