Copyright straitstimes
Hong Kong - Travel and leisure booking platform Klook Technology has filed for an initial public offering (IPO) in New York, as signs emerged of a potential resolution to the US government shutdown that could speed new listings. The company, backed by investors such as SoftBank Group and Goldman Sachs, filed the paperwork to list on the New York Stock Exchange with the US Securities and Exchange Commission on Nov 10. Klook, which is based in Hong Kong and Singapore, is seeking to raise US$300 million (S$390.9 million) to US$500 million via the IPO, people familiar with the matter have said. The final size and timing of the offering have yet to be determined, the filing shows. Klook will offer American depositary receipts representing underlying ordinary shares. The company posted a net loss of US$141.5 million on US$407.4 million of revenue for the first nine months of 2025, versus a net loss of US$85.7 million on US$284 million of revenue in the corresponding period a year earlier, according to the filing. The net loss figure includes a US$126.2 million loss attributed primarily to an increase of fair value on convertible preferred shares, versus a US$51.6 million loss in the period in 2024, the filing shows. Klook plans to use proceeds from the offering to fund acquisitions or strategic investments, as well as for working capital and operating expenses. Founded in Hong Kong in 2014, Klook reached unicorn status in 2018. 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. Other investors in the company include HongShan Capital Group, or HSG, formerly known as Sequoia Capital China, which has about 15.5 per cent of the company’s Class A ordinary shares, the filing shows. In February, the firm raised US$100 million in a round led by Vitruvian Partners, bringing the total raised to more than US$1 billion. Its platform, which has been popular among younger travelers who are gravitating more toward personalised experiences, saw more than 65 million bookings in the 12 months ended September. Younger travelers from the millennial and Gen Z generations make up about 70 per cent 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. He and co-founder and chief executive officer Ethan Lin will have a controlling stake in the company after the listing, the filing shows. BLOOMBERG
