Change take
The business travel startup is picking an odd moment as financial markets are in turmoil, but it clearly bets the sector will continue to recover.
Matthew Parsons
Business travel booking platform TripActions has filed confidential filings with the US Securities and Exchange Commission to go public next year, according to a media report.
Founded in 2015, the startup last raised $275 million in October from investors including Greenoaks Capital Management, Base Partners and entrepreneur Elad Gil, giving it a valuation of $7.25 billion.
It is now targeting a public listing for the second quarter of next year at a valuation of $12 billion. It is reportedly represented by Goldman Sachs in the listing.
According to Bloomberg, the company was close to filing for an IPO in August and in May it was reportedly in talks to raise new funds valued at around $9 billion.
Skift contacted TripActions for comment but had not heard back at the time of publication.
For confidential filings, there is no public information about the details of the proposed offering, such as the number of proposed shares or pricing, as these will be determined at a later date.
American Express Global Business Travel went public in late May this year after merging with SPAC partner (Special Purpose Acquisition Company) Apollo Strategic Growth Capital.
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