SeatGeek has reportedly filed confidentially for an initial public offering (IPO).
The event ticketing firm is making the move as people continue to return to concerts and sporting events after the pandemic, and it expects its revenue to top $500 million this year, The Information reported Wednesday (April 19), citing unnamed sources.
SeatGeek did not immediately reply to PYMNTS’ request for comment.
The firm competes with Live Nation’s Ticketmaster; with Vivid Seats, which went public in October 2021; and with StubHub, which was reported to be looking to go public last year, Seeking Alpha reported Wednesday.
Last August, SeatGeek raised $238 million from private investors after canceling its plans to go public at that time.
The Wall Street Journal (WSJ) reported Aug. 31 that the fundraise valued SeatGeek at around $1.2 billion, which was down from as high as $2 billion in its proposed special purpose acquisition company (SPAC) merger deal.
The company had planned to merge with the SPAC, RedBall Acquisition Corp., but pointed to the difficult market for rapidly growing companies when ending the merger, according to the report.
When announcing Aug. 31 that it had raised $238 million, SeatGeek said in a press release that it would use the new capital to invest in people, product, partners, its personalized event-day experience platform, its return policy and its enterprise ticketing software.
“Securing $238 million in a volatile market speaks to the strength of our business and the incredible opportunity ahead,” SeatGeek CEO and Co-Founder Jack Groetzinger said in the release. “We have ambitious plans for the future and are approaching business expansion with extra diligence, care and a long-term view of success in mind.”
The entire events industry is under pressure to up the quality of its technological game, particularly around payments, to meet the rapidly rising tide of demand, SeatGeek Director of Payment and Risk Operations Shawn Kelley told PYMNTS in an interview posted in March 2021.
“Ticketing is interesting because it isn’t a typical eCommerce flow where you can say, ‘Oh, sorry, we’re having a problem. Try your purchase again in a few minutes and you can hold something in a basket,’” Kelley said at the time.