StubHub has reportedly delayed its initial public offering (IPO) until at least September, joining several other companies that have done so because of an unpredictable market.
Before adjusting its timing, the company had filed confidentially with the Securities and Exchange Commission (SEC) and planned to make the paperwork public this week, the Wall Street Journal (WSJ) reported Friday (July 12).
The situation is fluid and StubHub could push the IPO date further into the future, the report said.
StubHub did not immediately reply to PYMNTS’ request for comment.
The company had been considering a valuation of about $16.5 billion for its IPO, according to the WSJ report.
The IPO market remains choppy, with March seeing strong performances by Reddit and Astera Labs but June seeing Waystar’s stock open lower in its trading debut, the report said.
Goldman Sachs said in February that 2024 could mark a recovery for the IPO market, with its IPO Issuance Barometer rising to its highest level in two years at that time.
“We expect the U.S. economy will continue to grow, the nominal 2-year UST yield will decline modestly, and valuations will remain elevated relative to history,” Goldman Sachs strategists wrote. “If soft data improve to match the hard economic data and equity investor pricing of economic growth, it could lead to a further increase in our IPO Issuance Barometer in coming months.”
In May, the CEO of Swedish FinTech Trustly said going public is not yet on the company’s radar, despite showing strong financials, because it has to sell its business model to investors before it can consider a public listing.
“We need another year or two to really demonstrate to the market that open banking is happening, it’s here,” Trustly CEO Johan Tjarnberg said at the time.
In June, it was reported that investing and checking accounts app Acorns expects to launch an IPO, possibly sometime in the next couple of years.
“That is likely something we will do in the future,” Acorns CEO Noah Kerner said at the time, adding that it could be in the next couple of years.
Acorns considered going public once before but called it off in January 2022.
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