StubHub Holdings, which owns controversial secondary ticketing services StubHub and Viagogo, is understood to be preparing to go public via a direct listing.
According to a report by Bloomberg, StubHub Holding has confidentially filed paperwork with the US Securities and Exchanges Commission and is working with advisers including JPMorgan Chase and Goldman Sachs on a potential listing that could value the company at around $13 billion (£9.5bn).
In September last year, following a lengthy investigation, the UK’s Competition & Markets Authority approved the acquisition of eBay-owned StubHub by Pugnacious Endeavors (Viagogo) for $4.05bn (£3.2bn).
Adam Webb of anti-ticket touting campaigner FanFair Alliance said, “Research by the Competition & Markets Authority has highlighted conclusively that the size of the UK’s secondary ticketing market has been grossly overestimated – and it’s probably worth less than 20% of the self-interested valuations previously suggested by Viagogo. And that’s before you start exploring issues like speculative ticketing. Quite honestly, whether you’re a customer or an investor, anything this company says should be taken with a liberal dose of salt.
“However, when you bear in mind that Viagogo bought StubHub for $4.05bn in February 2020, and we’ve then had a global pandemic, the idea that this business has somehow more than tripled in value is puzzling to say the least.”