StubHub Eyes Up to $9.2 Billion in IPO

StubHub is setting its sights high, aiming to raise up to $851 million in its much-anticipated initial public offering (IPO), valuing the ticket resale giant at a potential $9.2 billion. The company unveiled these details in a new SEC filing released on Monday.

According to the filing, StubHub plans to offer over 34 million shares with a price range of $22 to $25 each. This IPO marks a significant milestone for the company, especially after previous delays.

The road to IPO hasn’t been entirely smooth for StubHub. The company previously pressed pause on its IPO plans in April, citing market volatility triggered by President Trump’s tariffs. A prior attempt to go public in July 2024 was also postponed amidst a general slowdown in the IPO market. These delays underscore the sensitivity of IPOs to macroeconomic factors and investor sentiment.

Upon its debut, StubHub is slated to trade on the New York Stock Exchange under the ticker symbol “STUB.” This listing will provide investors with access to a key player in the evolving ticketing landscape.

The IPO market has witnessed a resurgence in recent months, fueled by successful debuts from companies like Peter Thiel-backed cryptocurrency exchange Bullish, design software company Figma, and crypto firm Circle. These successful IPOs point to renewed investor confidence and appetite for growth stocks.

Other prominent companies, including Swedish “buy now, pay later” provider Klarna and Gemini, the cryptocurrency exchange founded by the Winklevoss twins, are also preparing to enter the public markets this week. This flurry of IPO activity suggests a strong pipeline of companies seeking to capitalize on favorable market conditions.

StubHub’s updated IPO prospectus, filed last month, revealed a 10% year-over-year increase in first-quarter revenue, reaching $397.6 million. Operating income for the same period stood at $26.8 million. While revenue shows solid growth, the company reported a net loss that widened to $35.9 million, compared to $29.7 million in the previous year. This loss highlights the challenges of scaling a business in a competitive marketplace and the ongoing investments required to maintain market share.

StubHub holds a significant position in the ticketing industry, tracing its origins back to its launch in 2000. The company was acquired by eBay in 2007 for $310 million. However, in 2020, StubHub’s co-founder Eric Baker reacquired the company for $4 billion through his new venture, Viagogo. This acquisition demonstrates the sustained value of the StubHub brand and its strategic importance in the live event ecosystem. Analysts suggest that the higher valuation reflects StubHub’s dominance in the secondary ticketing market, as well as the increased value of live event experiences in a post-pandemic world.

Prior to initiating the IPO process, StubHub had sought a valuation of $16.5 billion. This target signals StubHub’s initial ambition and the potential upside it envisions in the public markets.