StubHub delays IPO until later this year – reports

StubHub has delayed its planned initial public offering (IPO) due to “stagnant market conditions” according to numerous reports.

The ticketing marketplace had been tipped to go public this summer. However, the Wall Street Journal was among the publications suggesting this plan has been shelved until September at the earliest.

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 $16.5bn market valuation through the offering.

Bloomberg quoted a person familiar with the matter saying that StubHub was set to announce the filing last week. 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).

It is now expected that the IPO will not take place until after Labor Day, in early September, at the earliest.

In June, Bloomberg claimed the ticketing operator is working with banks such as Goldman Sachs, JPMorgan, and Bank of America on the planned IPO. Deliberations are still ongoing, and no final decisions have been made, according to a source cited by Bloomberg.

StubHub had $350m in EBITDA for the year ending in March, according to the report. The operator of ticketing resale platforms StubHub and Viagogo had $1.4bn in revenue in the period and $505m of unlevered free cash flow.