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StubHub is eyeing a summer initial public offering, a person familiar with the matter told CNBC.
The online ticketing service is aiming for a valuation of at least $16.5 billion, which is what it was valued at in late 2021 during its latest round of private funding.
The company has been working with JPMorgan and Goldman Sachs over the past two years on the IPO. The Information was the first to report the news.
StubHub has been a longtime player in 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 new company Viagogo.
Online ticketing rival SeatGeek has also reportedly been evaluating a potential IPO this year. If StubHub does enter the public market, it will 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 under $24 billion, according to FactSet.
The live events marketplace has bloomed in the wake of the Covid-19 pandemic, as people have gravitated toward out-of-home entertainment and experiences. Record-breaking concert ticket sales, such as those seen for Taylor Swift’s Eras Tour and Beyoncé’s Renaissance Tour, have fueled revenues for ticketing companies across the board.
StubHub, JPMorgan and Goldman Sachs all declined to comment about potential timing for an IPO.