StubHub puts IPO on ice until after summer

StubHub Inc. has decided to put off its planned US initial public offering until after the summer on account of soured market conditions, according to reports citing sources.

The operator of ticketing resale sites like StubHub and Viagogo had been anticipated to make its IPO filing public as early as Friday, the person said, requesting anonymity. Now, the company will have to file updated financial information with the US Securities and Exchange Commission, the person said.

Speaking on condition of anonymity because the source was not authorised to release the information, the source added nothing is yet final, and the details of the plan can still change. A spokesperson for StubHub didn't immediately respond to a request for comment. The Wall Street Journal previously reported the IPO launch would be delayed until at least September.

StubHub produced $350 million in earnings before interest, taxes, depreciation, and amortisation for the year ending in March, people familiar with the matter have said.

San Jose, California-based StubHub had previously considered an initial public offering via a direct listing in 2022 that would have valued the company at more than $13 billion and filed confidentially with the SEC at the time, Bloomberg News reported.

Resale ticket operations at StubHub and Viagogo span more than 90 countries, according to its website. Chief Executive Officer Eric Baker, one of StubHub’s co-founders, left before the business was sold in 2007 to eBay Inc. for $310 million. Subsequently, he launched a similar venture in Europe by the name of Viagogo in Europe. In 2019, Viagogo agreed to a $4.05 billion deal for the acquisition of StubHub. The deal was completed in the following year.

This delay in the IPO is reflective of the current volatility in the market. As StubHub continues to prepare for its public debut, the company must be agile to meet the changing market conditions and regulatory requirements.