Ticket marketplace SeatGeek reportedly added banks CitiGroup and Wells Fargo to its planned initial public offering — which is set to take place towards the end of the year.
According to Bloomberg, people familiar with the matter said the company is working with Citigroup Inc. and Wells Fargo & Co. on the planned listing, led by Morgan Stanley. SeatGeek is reportedly targeting a valuation in an IPO exceeding $1.35 billion, which was agreed in a 2021 deal set to go public via special purpose acquisition company (SPAC) that was later scrapped. Sources told the publication that SeatGeek hasn’t made a final decision, and their IPO plans could still change.
As previously reported by Bloomberg, SeatGeek was considering an IPO as soon as the current quarter of this year.
The New York-headquartered company, launched by Jack Groetzinger and Russell D’Souza in 2009, has expanded from resale into the primary ticketing market, competing with giants like Live Nation Entertainment’s Ticketmaster and AEG Worldwide’s AXS. Most recently, SeatGeek expanded its MLB roster with the addition of 10 teams; the news follows SeatGeek’s move to become the Official Ticket Marketplace of the league.
