SeatGeek Confidential S-1 Filing

So, you want to know about SeatGeek? Well, it's a company that helps people buy and sell tickets for sports and concerts. Apparently, they're expecting to make over $500 million in revenue this year. Wow, that's almost as much as Jeff Bezos makes in a day! SeatGeek competes with other companies to win exclusive deals to resell tickets for arenas and sports leagues. They recently replaced StubHub as Major League Baseball's ticket marketplace but were then replaced by Ticketmaster at Barclays Center in Brooklyn. Looks like they're playing musical chairs with their competitors.

Confidential S-1 Filing

Before we dive into the history of SeatGeek, let's talk about their recent news. The Information reports that SeatGeek filed confidentially for an IPO. But what does that mean exactly? Well, when a company wants to go public and offer shares to the public, they need to file an S-1 registration statement with the Securities and Exchange Commission (SEC). This statement contains detailed information about the company's financials, operations, and risks.

However, companies can file their S-1 registration statement confidentially if they meet certain criteria. For example, if a company has less than $1 billion in annual revenue, they can file their S-1 confidentially under the JOBS Act. This allows companies to keep their financial information private until closer to the IPO date. More and more companies are opting for confidential S-1 filings,including Uber, AirBnB, and Slack, according to Forbes.

So when can we expect SeatGeek's IPO? Well, it's hard to say for sure since they filed confidentially. But typically, companies will publicly file their S-1 registration statement a few months before they plan to go public. After that, there is usually a waiting period of several weeks while the SEC reviews the filing and provides feedback. Once the SEC approves the filing, the company can set a date for its IPO.

History of SeatGeek

SeatGeek was founded in 2009 by two guys who met at Dartmouth College. They were apparently frustrated with the ticket-buying process and decided to create a platform that would make it easier for people to find the best deals on tickets. How noble of them! They launched their website and mobile app in 2010, which quickly gained popularity among users. Their "Deal Score" algorithm was apparently revolutionary because it analyzed ticket prices and seat locations to determine whether a particular deal was good or bad. Who knew we needed an algorithm for that?

In 2016, SeatGeek decided to take on Ticketmaster by launching its own primary ticketing platform. Because why not? They also partnered with major sports leagues and teams like Major League Baseball, the NFL's Dallas Cowboys, and New Orleans Saints. Looks like they're trying to take over the world of ticketing one partnership at a time.
Overall, SeatGeek has become quite the player in the ticketing industry by offering a unique platform that aggregates ticket listings from multiple sources. Who needs individual websites when you can just go through SeatGeek?
So why now? Well, a liquidity event has to happen at some point to satisfy investors and shareholders than need to see an exit. While SeatGeek may have missed a window during the SPAC craze of 2021, they are still technically a unicorn if you base their private valuation on their Series E funding. Private funding in 2021 and 2022 does not always translate into a robust IPO price though.

State of the Unicorn and IPO Market

In 2021, hundreds of startups saw their valuations soar, with many hoping to exit at high values. However, this trend proved to be an outlier rather than a new normal. Since then, the value of American startups has significantly declined, with total exit value in 2022 reaching only around 10% of 2021's total. The exit value in 2023 appears even lower.

The collective valuation of U.S.-based unicorns reached nearly $2.4 trillion, which is about 10% of the country's GDP. Most unicorns minted since 2021 have not exited, and liquidity has become scarce. Over 400 unicorn startups have not raised new funding since 2021.

The IPO market is the primary reason for the decline in startup valuations, with around 88% of 2021-era exit value coming from public offerings (as opposed to private series funding). Until the IPO window reopens, exit activity is unlikely to pick up. Down rounds, firesales, and shutdowns might be the most probable options for unicorns running low on cash in the coming months. Although software valuations have recovered somewhat, the backlog of unicorns will continue to struggle until several years of strong IPOs take place.

Brooklyn Fi’s involvement

Now, let's say you're one of those lucky SeatGeek employees who's been blessed with company equity (high five to you!). You might be wondering how on Earth you're going to navigate this whole IPO thing when it comes to selling your precious shares. Fear not, my friend, because Brooklyn Fi (www.brooklynfi.com) is here to save the day! They're like the superheroes of the financial world, swooping in to help you make sense of the madness that is equity compensation.

So, what exactly can these financial wizards do for you? For starters, they'll help you understand the ins and outs of your equity compensation plan. They'll decipher the jargon, crunch the numbers, and guide you through the process like it's a leisurely walk in the park. They'll also help you plan for taxes (ugh, the dreaded "T" word) so you don't end up in a financial pickle come tax season. Oh, and let's not forget about their expertise in helping you create a personalized investment strategy. After all, you don't want to put all your eggs (or SeatGeek shares) in one basket, right?

But wait, there's more! Brooklyn Fi is also there to support you during the actual liquidity event. They'll help you make informed decisions about when and how to sell your shares, maximizing your gains while minimizing risks. It's like having a personal finance guru by your side, guiding you every step of the way.

To sum it up, if you're a SeatGeek employee with equity, Brooklyn Fi is your go-to resource for navigating the potentially choppy waters of a liquidity event like an IPO. They're knowledgeable, reliable, and ready to help you turn your SeatGeek shares into cold, hard cash. So don't hesitate, check them out at www.brooklynfi.com, and let them help you ride the wave of SeatGeek's IPO with confidence and ease. After all, who wouldn't want a financial superhero in their corner?