Travel platform Klook Technology files to withdraw US listing
The Hong Kong-based company had filed for a US IPO in November last year
Hong Kong-based travel booking platform Klook Technology has decided to withdraw its plans for a US initial public offering (IPO) due to current market conditions, the company announced on Friday, October 16. Klook cited the current market volatility as the reason for its decision, stating that it is not the right time to proceed with the IPO. A spokesperson for the company told Reuters that Klook will continue to evaluate the appropriate time for a listing.
The US market has seen a decline in IPO activity in recent weeks, as investors have become more cautious due to higher bond yields, a prolonged restrictive policy outlook, and geopolitical uncertainty. Klook joins other companies, including smart-ring maker Oura and nuclear services company Holtec, in deferring their IPO plans this year amid the ongoing volatility.
Founded in 2014, Klook offers a wide range of travel-related services, such as tours, attractions, transportation, and other experiences across various locations globally. The company aims to list its shares on the New York Stock Exchange (NYSE) under the symbol "KLK". As of 2024, Klook reported a 24% increase in revenue to US$417.1 million, with total experiences booked on track to exceed 80 million this year.
Klook's withdrawal from its US IPO plans comes as part of a growing trend of companies postponing their listings due to the prevailing market conditions.
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