Klook taps banks for US IPO, sources say
The Hong Kong-based company, backed by investors including SoftBank Group (9984.T), opens new tab and Goldman Sachs Group (GS.N), opens new tab, is working with bankers at Goldman, Morgan Stanley (MS.N), opens new tab and JPMorgan (JPM.N), opens new tab on the planned first-time share sale, said the people, asking not to be identified as the process is private.
The deal could come as early as this year and raise around $500 million, they said, cautioning that the timing and deal size are subject to market conditions.
U.S. IPO activity has gained momentum, bolstered by strong tech earnings and signs of progress in trade negotiations that have restored investor confidence.
Recent listings, including cryptocurrency exchange operator Bullish (BLSH.N), opens new tab, and design software company Figma (FIG.N), opens new tab, underscore the uptick in market debuts, reversing a period in the year when uncertainty over President Donald Trump's tariff policies weighed on new offerings.
Klook, Goldman Sachs and JPMorgan declined to comment. Morgan Stanley did not respond to a request for comment.
It was not immediately clear whether Klook will be selling a stake in the IPO, or whether it will be an investor sell-down or a combination of both.
Bloomberg News reported earlier the company was exploring a U.S. IPO.
Founded in 2014, Klook turned profitable in 2023. It provides various booking services to travelers across a range of locations globally and competes with other global travel booking sites such as Booking.com and TripAdvisor, as well as China's Trip.com and South Korea's Yanolja.
The company said in February it had raised $100 million in a funding round led by European investment firm Vitruvian Partners, but did not disclose its valuation at the time. Other investors in Klook include HSG, formerly known as Sequoia Capital China.
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