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SeatGeek\u2019s long-anticipated flotation has moved a big step closer after confidential initial public offering (IPO) paperwork was filed with regulators in the United States.<\/p>\n
TheTicketingBusiness.com<\/em><\/strong> understands that the documents were filed with the Securities and Exchange Commission earlier this month.<\/p>\n The development comes nearly a year after the ticketing marketplace scrapped a plan to go public via special purpose acquisition company (SPAC)\u00a0RedBall Acquisition Corp<\/a>, citing market volatility.<\/p>\n Since then, SeatGeek has raised $238m (\u00a3192m\/\u20ac217m) in a Series E private financing round, valuing the company at $1bn on a pre-money basis<\/a>.<\/p>\n Following the closure funding round last August, SeatGeek CEO and co-founder Jack Groetzinger stressed that growth was being pursued with \u201cextra diligence, care, and a long-term view of success in mind\u201d.<\/p>\n Enterprises have been allowed to file confidential IPO paperwork in the US since 2012, with the legislation expanded to include businesses that generate more than $1bn in turnover five years later. Several big-name companies have since taken such a route to going public, including Uber and Airbnb.<\/p>\n With a confidential IPO, a business is only required to file a public S-1 form three weeks before flotation, rather than several months, allowing information to be withheld from competitors for longer.<\/p>\n One such rival \u2013 Live Nation\/Ticketmaster \u2013 is listed on the New York Stock Exchange.<\/p>\n