Investment Review №334. Customer return
Yerlan Abdikarimov
Head of Financial Analysis Department at Freedom Broker
IPO of Klook Travel Technology Ltd
On November 10, 2025, Klook Travel Technology Ltd. filed for an initial public offering. The company operates a pan-Asian online travel booking platform. The IPO is being underwritten by Goldman Sachs, Morgan Stanley, J.P. Morgan, Citi, Mizuho, and RBC Capital.
| Issuer | Klook Travel Technology Ltd |
| Ticker | KLK |
| Exchange | NYSE |
| Underwriters | Goldman Sachs; Morgan Stanley; J.P. Morgan, Citi, Mizuho, RBC Capital |
Investment potential
- Company Profile. Founded in 2014, Klook offers a wide range of travel services including tours, attraction tickets, and transportation bookings. The company competes with global platforms such as Booking.com, TripAdvisor, China’s Trip.com, and South Korea’s Yanolja. As of September 30, 2025, Klook’s platform featured approximately 310,000 offerings across roughly 4,200 destinations, with over 65 million tours booked in the 12 months ending September 30, 2025. In 2024, the company served more than 10.7 million transactional users who booked over 54 million tours. As of September 30, 2025, Klook operated 25 offices in 18 countries, employing around 1,900 people worldwide.
- Potential Market. According to Euromonitor, the global experiences market was valued at $318.1 billion in 2024 and is projected to grow to $512.8 billion by 2029. Travelers from the Asia-Pacific region spent $102.5 billion in 2024, representing 32.2% of the global experiences market. Their spending is expected to grow at a compound annual rate of 14.1%, reaching $197.9 billion by 2029, or 38.6% of the global market.
- Financial Performance. The company’s growth rates were 161% in 2023, 24% in 2024, and 43% over the first nine months of 2025. EBIT margin improved from -78% in 2022 to -21% in 2023, -10% in 2024, and reached -2% in the first nine months of the 2025 fiscal year.