Although the IPO market has been heating up, the upcoming election could reduce the number of public offerings seen before 2025.

Shares of luxury cruise operator Viking Holdings—the parent company of Viking cruise line—rose as much as 12% in intraday trading Wednesday following the company’s initial public offering, which raised $1.54 billion following the company’s decision to upsize the number of shares offered in its public debut.

Viking started trading on the New York Stock Exchange on Wednesday at $26.15 under the ticker "VIK." The company's IPO coincides with a strong rebound in cruise bookings.Viking is not your typical cruise operator.