StubHub plans to go public in the summer, a person familiar with the matter told CNBC.
The online ticketing service is seeking a valuation of at least $16.5 billion, which is what it was valued at in its most recent private funding round at the end of 2021.
The company has collaborated with JP Morgan And Goldman Sachs in the last two years when it went public. Information was the first to report the news.
StubHub has been a long-standing player in the ticketing industry since its launch in 2000. It was purchased by Ebay for $310 million in 2007, but was reacquired by its co-founder Eric Baker in 2020 for $4 billion through his new company Viagogo.
Online ticketing rival SeatGeek is also reportedly exploring a possible IPO this year. When StubHub enters the public market, it will trade alongside its competitors Vibrant seats And Live Nation. According to FactSet, Vivid Seats has a market cap of $1.2 billion and Live Nation is valued at just under $24 billion.
The live events market has flourished in the wake of the Covid-19 pandemic as people have turned to entertainment and experiences outside the home. Record-breaking concert ticket sales, such as those seen for Taylor Swift’s Eras Tour and Beyoncé’s Renaissance Tour, have boosted revenue for ticket companies across the board.
StubHub, JPMorgan and Goldman Sachs all declined to comment on the possible timing of an IPO.
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2024-04-12 20:33:18
www.cnbc.com
