TripActions has filed confidential paperwork for an initial public offering next year, according to a report from Business Insider.
The travel, card and expense management company plans to go public in the second quarter of 2023 with a valuation of $12 billion, according to the report, which cited an unnamed source. That's up from its reported valuation of $7.25 billion a year ago, when TripActions announced more than a quarter billion dollars in Series F growth funding led by Greenoaks.
TripActions also has been on a busy acquisition path over the past few years, acquiring high-touch travel management company (TMC) Reed & Mackay last year and both Swedish TMC Resia and Berlin-based TMC Comtravo this year.
TripActions did not confirm the IPO report, with a spokesperson providing a statement that the company has "long considered a potential initial public offering as one option to fund the business, but we do not comment on our specific plans or timing."
Confidential IPOs -- a strategy also followed by Uber, Lyft and Airbnb-- allow companies to begin the process without publicly disclosing information until a few weeks out from the actual IPO date.
Bloomberg last month also reported that TripActions was readying a confidential IPO filing, with Goldman Sachs assisting in the process.
Source: Business Travel News