Klook said to delay US IPO to 2026

Klook, a Hong Kong-based online travel platform, is delaying its planned US initial public offering to early 2026, according to people with knowledge of the matter.

The company had initially aimed to list in New York by the end of 2025, but it is holding off due to weak market conditions and poor IPO performances by similar firms.

Klook filed for a US IPO in November, with plans to raise between US$300 million and US$500 million.

Proceeds from the IPO are expected to be used for acquisitions, investments, working capital, and operating expenses.

Goldman Sachs, JP Morgan Chase, and Morgan Stanley are leading the IPO, and Klook is expected to trade under the symbol KLK on the New York Stock Exchange.

Klook’s backers include Goldman Sachs and SoftBank, and it has raised over US$1 billion since its founding in 2014.

🔗 Source: Bloomberg

🧠 Food for thought

Implications, context, and why it matters.

Klook moves IPO target to 2026 as investors await an F-1

The move to 2026 matches a soft IPO window. 2024 revenue was $417.1 million with 24.4% growth. Net loss was $99.3 million, and the company said profitability may take time 1.
GetYourGuide, a European marketplace for tours, activities, and attractions, is profitable with revenue near $1.2 billion (about €1 billion). This sets a bar on unit economics (per-order profit after marketing and servicing costs) 2.
Leaders like GetYourGuide and Viator (Tripadvisor’s tours-and-activities marketplace) hold small shares 2. Klook raised $100 million in Feb 2025 and $210 million in late 2023 1, giving it time in Asia-Pacific (APAC).

An F-1 is the U.S. Securities and Exchange Commission registration statement for foreign companies listing in the United States.

Late-stage investors seek discounted pre-IPO entries

Klook’s delay to 2026 and GetYourGuide staying private after $194 million raised at a $2 billion valuation in 2023 3 open room in secondary sales. Forge and EquityZen let accredited investors (those meeting income or net worth thresholds) buy private shares 4 5.
With profit and revenue near $1.2 billion at GetYourGuide 2, buyers should check valuation. Compare take rates (the platform’s commission on bookings), with GetYourGuide at 20–30% 6 and Klook undisclosed, before bidding.
Growth equity or credit funds can offer bridge financing (short-term funding between rounds) or structured secondaries (purchases of existing shares with protective terms). Target companies near $400 million revenue with a path to EBITDA breakeven in 18 to 24 months.