StubHub delays IPO until after Labor Day [Video]

StubHub is delaying a potential initial public offering until after Labor Day, according to a person familiar with the deal.

The online ticketing service had been eyeing a summer IPO, aiming for a valuation of at least $16.5 billion. However, stagnant market conditions have led the company to postpone its efforts. There haven’t been any major consumer IPOs in recent months and, therefore, it has been difficult to gauge investor appetite.

The company has been working with JPMorgan and Goldman Sachs over the past two years on the IPO, CNBC previously reported. StubHub declined to comment.

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 been evaluating a potential IPO this year, according to media reports. In early June, Bloomberg reportedCitigroup and Wells Fargo joined …