Shares of Viking Holdings (NYSE:VIK) surged over 10% on Wednesday as the Norwegian-founded, Swiss-headquartered cruise operator debuted on the stock market in one of the biggest U.S. listings of 2024 so far. Trading began at $26.15 a share after pricing at $24 a share.

Known for its exclusive cruises that banish children and target affluent baby boomers seeking adventure and intellectual stimulation (read: no tacky casinos), Viking aimed for a $10.4 billion valuation during its Wednesday debut, positioning itself as the third-largest player in the industry, trailing only Royal Caribbean and Carnival.

The IPO hit on the same day that Norwegian Cruise Line posted its first-quarter earnings and saw its stock sink by more than 13%.

Viking is the second-largest consumer-focused company to list in the United States this year. This comes after Amer Sports (NYSE: AS) raised $1.57 billion through its IPO in January.

For Viking, the timing is good: Travelers are increasingly starting to book cruises again, and investors are likely optimistic because Viking makes a lot of money from each passenger—around $7,251—and keeps the focus on popular European destinations.

Viking’s CEO, Torstein Hagen, has emphasized how the cruise operator stands apart, saying, “We do nothing well if we try to do everything for everybody.”