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

Founded in 2014, Klook reached unicorn status in 2018 and turned profitable in 2023

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

The company, which is backed by investors such as SoftBank Group Corp. and Goldman Sachs Group Inc., 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 $300 million to $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 $100 million in a new founding round led by Vitruvian Partners, bringing the total raised to more than $1 billion. Other investors in Klook include HongShan Capital Group, or HSG, formerly known as Sequoia Capital China.

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