Travel booking platform Klook reveals robust revenue growth in US IPO filing
Klook's travel festival in Kuala Lumpur in September 2019. (File photo: Klook's website)
SoftBank-backed Klook reported more than a 24 per cent jump in revenue in 2024, the online travel booking platform disclosed in its filing for a United States initial public offering (IPO) on Monday (Nov 10), signalling steady investor demand even as the government remains shut.
The US IPO market has rebounded from tariff-driven volatilities, as a rally in equities and interest rate cuts boosted investor demand for fresh offerings, though a prolonged government shutdown has caused some delays.
Klook's offering followed recent debuts by molecular diagnostics firm BillionToOne and Apollo-backed company Grupo Aeromexico, earlier this month.
The Hong Kong-based company reported revenue of US$417.1 million in 2024, compared with US$335.2 million a year earlier.
Its IPO filing comes at a time when the global tourism industry is experiencing rapid growth following the COVID-19 pandemic, driven by a surge in consumer spending.
The travel sector's contribution to global gross domestic product is projected to reach US$11.7 trillion in 2025, 10.3 per cent of global GDP, according to a May report by the World Travel and Tourism Council.
"Klook has real upside. The experiences part of travel is still underpenetrated compared to flights and hotels. Being mobile-first, with deal and ticket mentality suits younger travellers and spontaneous bookings, its Asia-Pacific supply density is a clear advantage," said Vice President at IPOX Kat Liu.
There, however, are risks, Liu said, pointing to "thinner margins, more fragmented supply and more volatile take rates" in the experiences category.
Founded in 2014, Klook offers bookings for tours, attractions, transport and other travel experiences across a wide range of locations globally.
It competes with global platforms such as Booking.com, TripAdvisor, China's Trip.com and South Korea's Yanolja.
Klook aims to list on the New York Stock Exchange under the symbol "KLK".
Goldman Sachs, Morgan Stanley and JP Morgan are among the lead underwriters for the offering.
