KLOOK, a Hong Kong-based online travel and experience booking platform backed by SoftBank, reported US$417.1 million in revenue for 2024, up from US$335.2 million the previous year, according to its U.S. IPO filing Monday.

The company, which offers bookings for tours, attractions, and transport worldwide, plans to list on the New York Stock Exchange under the symbol “KLK.”

Klook’s IPO comes as the U.S. market sees renewed activity despite some delays from a prolonged government shutdown.

The global tourism sector is recovering from the pandemic, with spending and travel demand rising.

Klook competes with Booking.com, TripAdvisor, Trip.com, and Yanolja.

Goldman Sachs, Morgan Stanley, and JP Morgan are the lead underwriters for the offering. The number of shares and the price range for the offering haven’t been announced.

In February, Klook landed US$100 million in funding from Vitruvian Partners to extend its reach across Asia Pacific and beyond, as well as to attract younger travelers. In late 2023, the company secured US$210 million in a Series E+ round led by Bessemer Ventures Partners.

Industry observers note that while the travel experiences segment is growing, it faces challenges such as lower margins and fragmented supply.

While opinions were mixed, some were more optimistic. Lorenzo Thione, serial entrepreneur and managing director of investment syndicate Gaingels, said that window may be reopening for a market that had been “starved of opportunities to invest in innovative companies and new companies that are bringing new business models.”

It appears optimism may have been a good bet, as business travel and expense management platform Navan also made its debut on the public markets just last week.

The company, formerly TripActions, went public with its shares priced at US$25 per share.

(SD-Agencies)