StubHub Files for IPO

Prime Highlights:

The online ticketing platform has filed to go public under the ticker symbol STUB on the New York Stock Exchange.

StubHub reported a net loss of $2.8 million on $1.77 billion in revenue for 2024, compared to a profit of $405 million on $1.37 billion in 2023.

Key Background:

StubHub, the popular online marketplace for ticket reselling, has officially filed for an initial public offering (IPO) under the ticker symbol STUB on the New York Stock Exchange. This move marks a significant step in the company’s long-anticipated journey toward becoming a publicly traded entity.

In its IPO prospectus, StubHub reported a net loss of $2.8 million on revenues of $1.77 billion for 2024, a stark contrast to a $405 million profit on $1.37 billion in revenue in 2023. Despite the loss, the company remains a key player in the ticketing industry, facilitating the sale of over 40 million tickets last year through its platform, which is supported by roughly one million sellers.

Founded in 2000, StubHub was acquired by eBay in 2007 for $310 million. However, in 2020, the company was reacquired by its co-founder Eric Baker for $4 billion through his new venture, Viagogo. The company had previously considered an IPO in 2023 but delayed its plans due to unfavorable market conditions.

StubHub’s filing comes at a time when other companies are also preparing for public debuts. AI infrastructure firm CoreWeave is expected to go public next week, and other companies such as Klarna and Hinge Health have recently filed IPOs. The broader IPO market, which had been relatively dormant since early 2022 due to rising interest rates and inflation, is showing signs of recovery, with a few notable tech IPOs gaining momentum, including those of ServiceTitan and Reddit. StubHub faces competition from other ticketing services, including SeatGeek, Vivid Seats, and Live Nation. The market’s thawing conditions suggest that more companies may soon follow suit, signaling a potential shift in the IPO landscape.