StubHub, a major player in the online ticket resale market, is said to be aiming for an initial public offering (IPO) by the end of summer 2024, aiming for a valuation of 16.5 billion USD.
Information reported Friday (April 12), citing people close to the company, StubHub will test investors' appetite for cash-strapped companies as the company has accumulated more 2 billion USD in debt.
Individual, CNBC reported that StubHub has been quietly working with JP Morgan And Goldman Sachs over the past two years on IPOs.
The 16.5 billion USD The valuation target lines up nicely with the number StubHub achieved in its last fundraising round at the end of 2021.
In terms of perspective, the current market capitalization of competitors Vivid chairlisted on NASDAQ, at $1.2 billion, while listed on NYSE Living country boasts a much larger valuation of $23.3 billion as of April 12.
StubHub, launched in 2000, was acquired by eBay for $310 million in 2007. However, that is repurchase by its co-founder Eric Baker in 2020 for $4 billion through a secondary ticketing company based in Switzerland viagogo.
StubHub's reported decision to go public comes more than two years later viagogo sold StubHub's business outside North America, including in the United Kingdom, Digital Fuel Capital LLC.
The sale was activated by competition concerns identified by the UK Competition and Markets Authority (CMA).
StubHub's potential IPO also comes during a recovery for the live events industry. The COVID-19 pandemic has significantly impacted concert tours, sporting events, and other in-person gatherings, leading to a decline in ticket sales and a corresponding slowdown for companies like StubHub .
However, with restrictions easing and live events returning to full strength, StubHub could be aiming to capitalize on this new demand and position itself for future growth.
A post-pandemic recovery in live events has recently resulted Record ticket sales for artists like Taylor Swift And Beyoncéalso leads to strong revenue for their concert films.
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