Travel Platform Klook Books 24% Growth in IPO Filing
Hong Kong-based travel platform Klook is preparing to go public in the U.S.
The company submitted a filing for its initial public offering (IPO) with the Securities and Exchange Commission (SEC) Monday (Nov. 10), noting a 24.4% increase in revenue last year.
The filing was flagged in a report by Reuters, which notes that the IPO signals durable investor demand despite an ongoing government shutdown.
Klook reported revenue of $417.1 million for 2024, compared with $335.2 million the prior year. Per Reuters, this growth is happening amid a post-COVID global tourism surge, fueled by strong consumer spending.
Klook provides bookings for tours, attractions, transport and other travel experiences around the world, competing with the likes of Booking.com, TripAdvisor, and in Asia, companies such as China’s Trip.com and Yanolja in South Korea.
“Our platform serves a diverse spectrum of travelers, from those who meticulously plan every detail to those who embrace last-minute, in-destination bookings,” the filing said.
“Our core user base is young, tech-savvy millennials and Gen Z consumers, known for their increasing spending power, preference for experiences over material goods and strong influence from social media.”
Meanwhile, recent research from PYMNTS Intelligence finds that when it comes to travel, Generation Z consumers and baby boomers behave more alike than anyone expected despite being at opposite ends of the age spectrum.
Both groups, the research shows, still rely on their computers even as most travelers still turn to mobile devices to schedule a trip, according to findings from the PYMNTS Intelligence report “Consumers Go Mobile-First on Travel Purchases.”
These findings, PYMNTS added last month, upend the popular notion that mobile-first travel is solely a Gen Z phenomenon and instead indicates that device choice is as much a matter of circumstance and convenience as it is of age.
Smartphones, the research found, have become the default way to pay for transportation, with upwards of 70% of American consumers preferring to buy local rides or transit tickets on mobile devices. Nearly 6 in 10 did the same thing for long-distance trips and rental cars.
“Yet beneath those broad gains are unexpected similarities between the youngest and oldest travelers,” PYMNTS wrote. “Gen Z’s partial retreat to computers (40% still prefer them for booking) puts them closer to baby boomers than to millennials or bridge millennials.”
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