StubHub is postponing its initial public offering (IPO) until after Labor Day due to stagnant market conditions, despite previously targeting a summer launch with a valuation of at least $16.5 billion.

The company, which has been preparing for the IPO with JPMorgan and Goldman Sachs for two years, has faced challenges due to the lack of recent major consumer IPOs, making it hard to assess investor interest.

Founded in 2000 and acquired by eBay in 2007 for $310 million, StubHub was repurchased by co-founder Eric Baker in 2020 for $4 billion.

Competing ticketing service SeatGeek is also considering an IPO, aiming for a valuation above $1.35 billion.

If StubHub proceeds, it will join competitors Vivid Seats and Live Nation, valued at $1.5 billion and nearly $23 billion, respectively, CNBC has reported.

The live events market has surged post-pandemic, driven by record ticket sales for major concerts.

Written by B.C. Begley