Talks have reported started with bankers about IPO
London-based Abercrombie & Kent Travel Group is preparing to join the stock market, according to reports.
The upmarket brand has reportedly started talks with bankers about an initial public offering (IPO) in 18 to 24 months’ time.
Cristina Levis, chief executive, told the Telegraph that joining the stock market could help Abercrombie & Kent become “the Louis Vuitton Moet Hennessy [LVMH] of luxury experiential travel”, referencing the €338bn (£285bn) French luxury giant.
However, Levis said executives were considering joining the New York stock market rather than pursuing a local listing on the London Stock Exchange.
Levis said she and other executives had not yet decided where to list Abercrombie & Kent but said New York was appealing because the company is expanding in the US and there are more analysts covering travel businesses there.
The Telegraph said the decision to list the company comes on the back of strong demand for luxury travel since the pandemic, despite turbulent economic conditions and geopolitical unrest.
News of the talks comes a few weeks after the Abercrombie & Kent Travel Group (ATKG) secured $500 million of financing from global investment bank Citi.
AKTG said the agreement would allow for it to continue its global expansion.
The funding was underwritten by Citi and will enable the company to restructure existing legacy financing arrangements.
As well as Abercrombie & Kent, the group includes Cox & Kings, cruise line Crystal and Sanctuary Retreats, which runs lodges and boat tours in Africa.
