StubHub Holdings (STUB Proposed) dropped the mic on its IPO early today: The ticket reseller is offering 34.04 million shares at a price range of $22.00 to $25.00 to raise $799.94 million, if the IPO is priced at the $23.50 mid-point of its range. At pricing, StubHub would have a market cap of about $8.64 billion.
J.P.Morgan and Goldman Sachs are leading the joint book-runners’ team. BofA Securities, Evercore ISI, BMO Capital Markets, Mizuho, TD Cowen, Truist Securities and the Wolfe Nomura Alliance are also joint book-runners, according to the prospectus.
StubHub, founded in 2000, was “the first online marketplace for secondary tickets,” the prospectus said.
“When we started, secondary ticketing was a fragmented offline market, untouched by technology and data, with complicated problems to solve,” the prospectus said. “To win in secondary ticketing, we had to create a technology-enabled marketplace where tickets were sourced and priced dynamically and all types of live events could be supported.
“Today, we believe we operate the largest global secondary ticketing marketplace for live events. Our business model has achieved scale with high growth and generated significant revenue, profit and cash flow. We connect fans around the world with sellers who use our marketplace to reach passionate fans and price tickets efficiently.”
StubHub is not profitable. For the 12 months that ended March 31, 2025, StubHub Holdings reported a net loss of $35.44 million on revenue of about $1.81 billion.
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