Travel platform Klook Technology files to withdraw US listing

[BENGALURU] Travel booking platform Klook Technology on Friday (Oct 16) filed to withdraw its US initial public offering plans amid market volatility.

“Given current market conditions, Klook has decided this is not the right time to proceed with an IPO,” a company spokesperson told Reuters. “We will continue to evaluate the right time for a listing.”

IPO activity in the US market has softened in recent weeks as higher bond yields, a prolonged restrictive policy outlook and geopolitical uncertainty have made investors more cautious.

Klook joins smart-ring maker Oura and nuclear services company Holtec among a growing list of companies that have deferred IPO plans this year as volatile markets continue to curb investor appetite for new listings.

The Hong Kong-based company had filed for a US IPO in November last year, and at the time disclosed a 24 per cent jump in 2024 revenue to US$417.1 million.

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.

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“Our business continues to grow, with total experiences booked on track to exceed 80 million this year,” the spokesperson said.

Klook was aiming to list its shares on NYSE under the symbol “KLK”. REUTERS