StubHub is eyeing a summer initial public offering, an individual acquainted with the matter told CNBC.
The web ticketing service is aiming for a valuation of no less than $16.5 billion, which is what it was valued at in late 2021 during its latest round of personal funding.
The corporate has been working with JPMorgan and Goldman Sachs over the past two years on the IPO. The Information was the primary to report the news.
StubHub has been a longtime player within the ticketing industry since its launch in 2000. It was purchased by eBay for $310 million in 2007, but reacquired by its co-founder Eric Baker in 2020 for $4 billion through his recent company Viagogo.
Online ticketing rival SeatGeek has also reportedly been evaluating a possible IPO this yr. If StubHub does enter the general public market, it can trade alongside competitors Vivid Seats and Live Nation. Vivid Seats has a market cap of $1.2 billion and Live Nation is valued at just below $24 billion, in response to FactSet.
The live events marketplace has bloomed within the wake of the Covid-19 pandemic, as people have gravitated toward out-of-home entertainment and experiences. Record-breaking concert ticket sales, comparable to those seen for Taylor Swift’s Eras Tour and Beyoncé’s Renaissance Tour, have fueled revenues for ticketing corporations across the board.
StubHub, JPMorgan and Goldman Sachs all declined to comment about potential timing for an IPO.
