Softbank-Backed Klook Hires Bankers For Potential US IPO: Report

Klook, a travel and experiences booking company headquartered in Hong Kong, has hired investment bankers for a potential initial public offering in the United States, Reuters reported, citing its sources, late Sunday.

The company, backed by SoftBank Group and Goldman Sachs, has reportedly engaged Goldman, Morgan Stanley, and JPMorgan to manage its offering. The IPO could raise about $500 million and is expected before year-end, though the size of the share sale remains unclear.

Founded in 2014, Klook turned profitable in 2023, according to Reuters. The platform lets users book tours, activities, attractions, and local services worldwide and competes with platforms such as TripAdvisor and Airbnb, as well as China's Trip and South Korea's Yanolja.

The development highlights the steady momentum of U.S. IPOs, following strong market debuts by cloud computing firm CoreWeave, crypto firms Bullish and Circle, and design software company Figma.

Klook last raised funding, totaling $100 million, in February, and counts Matrix Partners and HSG, formerly known as Sequoia Capital China, among its investors.

Klook's IPO plans come as the travel market witnesses a rebound. Booking, Expedia, and Airbnb reported better-than-expected results for the last quarter, driven by momentum in international travel, particularly in Asia, with Expedia raising its full-year outlook.

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