StubHub Launches $851 Million IPO, Eyes $9.2 Billion Valuation

Lead Secondary ticket‐reseller StubHub kicked off its IPO roadshow Tuesday, aiming to sell 34 million shares at $22-$25 each to raise up to $851 million and achieve a valuation of $9.2 billion.

Nut Graf The New York-based platform has resumed public‐listing plans shelved in April amid trade‐policy uncertainty, signaling renewed confidence in equity markets and strong consumer demand for live events.

IPO Details

Shares offered: 34 million Class A shares, with a 30-day underwriter option for 5.1 million more
Price range: $22-$25 per share
Expected proceeds: up to $851 million (approximately $735.5 million net)
Listing venue: New York Stock Exchange under ticker “STUB”
Lead underwriters: J.P. Morgan and Goldman Sachs

Financial Performance

First‐half revenue: $827.9 million, up 3% year-on-year
Q2 revenue: down 2.9% from the prior year
Net loss: $111.8 million for six months ended June 30, compared with $24 million a year earlier
Q1 operating income: $26.8 million; net loss $35.9 million on revenue of $397.6 million

Market Context

Industry observers view StubHub’s IPO as a barometer for consumer‐focused tech listings after a market dominated by crypto and enterprise software debuts. Robust live‐events demand-exemplified by record‐breaking concert sales-has bolstered secondary‐ticketing platforms, even as regulators debate tighter oversight.

Company Background

Founded in 2000 by Jeff Fluhr and Eric Baker, StubHub was sold to eBay in 2007 for $310 million. In 2020, Baker’s new venture Viagogo reacquired the platform for $4.05 billion. StubHub’s valuation aspirations contrast with current investor estimates of $14-$15 billion, hinting at potential pricing upside.