SoftBank-backed travel app Klook is said to consider US listing: sources

[HONG KONG] Klook, a travel and leisure booking platform, is exploring an initial public offering in the US that may raise as much as US$500 million, according to people with knowledge of the matter.

The company, which is backed by investors such as SoftBank Group and Goldman Sachs Group, is working with financial advisers on the planned first-time share sale, said the people, asking not to be identified as the process is private. Klook may confidentially file an application in the US soon, the people said. An IPO could raise from US$300 million to US$500 million, they said.

Deliberations are ongoing and details such as timing and size could change, the people said. A representative for Klook declined to comment.

Founded in 2014, Klook reached unicorn status in 2018 and turned profitable in 2023. It competes with other global travel booking sites such as Booking.com and Expedia, as well as China’s Trip.com and South Korea’s Yanolja.

The company raised US$100 million in a new founding round led by Vitruvian Partners, bringing the total raised to more than US$1 billion. Other investors in Klook include HongShan Capital Group, or HSG, formerly known as Sequoia Capital China.

Travellers from younger generations known as Millennial and Gen Z make up about 70 per cent of Klook’s user base, with more than four-in-five bookings made on its mobile app. That has made social media platforms a key channel to win customers, Eric Gnock Fah, the company’s co-founder and president, said in February. BLOOMBERG