Skift Take

The corporate travel startup is picking an odd moment with financial markets generally in turmoil, but it's clearly banking on continued recovery in the sector.

Corporate travel booking platform TripActions has filed confidential paperwork with the U.S. Securities and Exchange Commission to go public next year, according to a media report.

The startup, which was founded in 2015, last raised $275 million in October from investors including Greenoaks Capital Management, Base Partners and entrepreneur Elad Gil, giving it a $7.25 billion valuation.

Now it is targeting a public listing for the second quarter of next year, at a $12 billion valuation. It’s reportedly being represented by Goldman Sachs in the listing.

According to Bloomberg in August, it came close to filing for an IPO, and in May was reportedly in talks to raise new funding at around a $9 billion valuation.

Skift contacted TripActions for comment but had not heard back at time of publication.

With confidential filings, there is no public information about the details of the proposed offering such as the number of proposed shares or pricing, as they are determined at a later date.

American Express Global Business Travel listed at the end of May this year, following its merger with special purpose acquisition company (SPAC) partner Apollo Strategic Growth Capital.

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Tags: corporate travel, spacs, startups, travel management, tripactions

Photo credit: TripActiosn was founded in 2015, and last raised $275 million in October. Robert Couse-Baker / Flickr

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