:max_bytes(150000):strip_icc()/GettyImages-2156874807-b4469e03ca894eaab54522eca584b6d8.jpg?w=1024&resize=1024,1024&ssl=1 "StubHub Reportedly Puts Off IPO Plans Because of Weak Market Conditions")
Key Takeaways
- Various reports said StubHub has put off its planned initial public offering until after the summer because of poor market conditions.
- The operator of ticketing platforms StubHub and viagogo will have to file new financial information with the Securities and Exchange Commission.
- StubHub was sold to eBay in 2007, but co-founder Erik Baker bought it back, and is the current CEO.
The planned initial public offering (IPO) of ticketing company StubHub apparently is off until after Labor Day at the earliest.
Various reports said that the operator of resale sites StubHub and viagogo had hoped for a summer IPO, but has delayed the move because of weak market conditions.
The Wall Street Journal reported a person close to the deal called it a “tricky time” for companies to go public. It noted that StubHub had been looking to have a $16.5 billion market valuation through the offering.
Bloomberg quoted a person familiar with the matter saying that StubHub was set to announce the filing by Friday. The person pointed out that because of the change in timing, StubHub will have to resubmit financial data to the Securities and Exchange Commission (SEC).
Bloomberg had reported in January 2022 that StubHub had secretly filed paperwork with the SEC for a direct listing.
StubHub was launched in 2000 by Erik Baker and Jeff Fluhr, and was purchased by eBay (EBAY) in 2007 for $310 million. In 2019, Ebay sold it back to Baker through viagogo, which he also founded and was CEO, for $4.05 billion in cash. Baker is now CEO of StubHub.
Source link