Norwegian shares at last check were down 16% to $37.50, its largest decline since June 2020, according to Bloomberg.
The Miami company will offer 47.6 million ordinary shares at $30 each. Goldman Sachs, the sole underwriter, gets an option to buy as many as 5 million more shares.
The offering is expected to close on March 9.
The company burned about $190 million a month in the fourth quarter as its ships remained docked due to social distancing and COVID-19 protocols. The pandemic wrecked the travel industry as people stayed home.
Last week, the company reported a wider-than-expected fourth-quarter loss.
Norwegian reported a net loss of $758.9 million, or $2.51 a share, compared with net income of $121.3 million, or 56 cents a share, in the year-earlier quarter.
The adjusted loss came to $2.33 per share, compared with the FactSet consensus for a loss of $2.17.
Revenue tumbled 99% to $9.6 million from $1.48 billion, but it still came in ahead of FactSet's call for $2.6 million.
Norwegian said it was extending its suspension of voyages through the end of May.
“Looking ahead, we are encouraged by the accelerating rollout of vaccines, the progress towards herd immunity and the strong demand for future cruise vacations," Frank Del Rio, president and CEO, said in a statement.