StubHub, the ticketing market that spun out of eBay in 2020, has resumed its plans to go public and is now aiming to carry its IPO subsequent month, CNBC has realized.
The company initially paused its IPO plans in April because the inventory market was reeling from President Donald Trump’s “liberation day” tariffs. The determination got here after StubHub submitted its prospectus in March indicating it will listing on the New York Stock Exchange below the ticker “STUB.”
StubHub now expects to kick off its IPO roadshow after Labor Day, Sept. 1, and make its debut later in the month, based on a supply aware of the matter who requested to not be named as a result of the discussions are confidential.
The company did not instantly reply to a request for remark.
StubHub additionally filed an up to date IPO prospectus on Monday. It reported income development in the primary quarter of 10% from a yr earlier to $397.6 million. Operating revenue got here in at $26.8 million for the interval, after the company misplaced $883,000 in the year-ago interval, however its internet loss widened to $35.9 million from $29.7 million a yr in the past.
The IPO market has come to life in current months after an prolonged dry spell resulting from excessive inflation and rising rates of interest. A flurry of startups have made their public debuts, together with rocket maker Firefly Aerospace, design software program company Figma, crypto agency Circle and AI infrastructure supplier CoreWeave. Bullish, the cryptocurrency alternate that counts Peter Thiel as an investor, also filed its IPO prospectus final month.
StubHub has been a longtime participant in the ticketing trade since its launch in 2000. It was bought by eBay for $310 million in 2007, however was reacquired by its co-founder Eric Baker in 2020 for $4 billion by means of his new company Viagogo.
The company had sought a $16.5 billion valuation earlier than it started the IPO course of, CNBC previously reported. StubHub did not present an anticipated pricing vary for its shares in the submitting.
As it prepares to go public, StubHub is contending with hefty competitors in the web ticketing market. In addition to Ticketmaster, which is owned by Live Nation, StubHub is up towards secondary market corporations, together with Vivid Seats, SeatGeek and TicketNetwork
For the primary quarter, StubHub reported gross merchandise gross sales of $2.08 billion, up 15% from a yr prior. That was a slowdown from 47% growth the earlier quarter. StubHub mentioned GMS, or the entire worth paid by consumers for tickets and success, builds in every quarter and that preliminary gross sales for main live performance excursions usually happen close to the tip of the yr.
