Asia-based experiences platform Klook is moving towards an initial public offering (IPO).
The company filed a form F-1 with the U.S. Securities and Exchange Commission and applied to list on the New York Stock Exchange under the ticker symbol “KLK.”
Goldman Sachs (Asia), J.P. Morgan and Morgan Stanley were named as the underwriters of the IPO. The number of shares and the price range for the offering haven’t been announced.
In February, Klook landed $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 $210 million in a Series E+ round led by Bessemer Ventures Partners.
Founded in 2014, Klook is looking to capitalize on the expanding experiences sector, which co-founders Ethan Lin, Eric Gnock Fah and Bernie Xiong called “the fastest-growing part of travel” in a letter included in the SEC filing.
In a summary of risk factors, however, the company cited concerns that it “may not achieve profitability in the near future” amid its “history of net losses.” In 2024, the company reported at 24.4% increase in revenue of $417.1 million, but it also incurred $99.3 million in losses.
The move toward an IPO marks a strategic shift from late 2024, when Lin, who is also CEO, told PhocusWire that the company wasn’t prioritizing going public due to the amount of preparation it requires.
However, Lin added, “Whether IPO happens or when, that’s more a market question. You need to be a certain size, in the few billion range is a good size. You’re scalable, you still have a high growth rate, and then it really depends on whether it’s the right market.”
Earlier this year, investors were uncertain about the travel IPO market in 2025 but noted that the U.S. was showing a distinct improvement, with IPO proceeds rising 75% year over year in 2024.
“The U.S. markets have experienced a favorable uptick, partly related to the new administration and a more recent reversion. The bankers are certainly making the rounds to tee-up the most promising companies to access the public markets,” Fritz Demopoulos, founding partner of venture capital firm Queen’s Road Capital, told PhocusWire in April.
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 $25 per share.
This story has been updated to include additional information from Klook’s IPO prospectus.