StubHub, the ticket resale platform backed by Madrone Partners, is seeking a valuation of up to $9.2 billion in its planned U.S. IPO, the company said Monday. The listing comes after being postponed in April due to tariff uncertainty, making StubHub one of the latest firms to return to equity markets following improved sentiment.
The New York-based firm aims to raise up to $851 million by selling 34 million shares at a price range of $22 to $25 each, with J.P. Morgan and Goldman Sachs leading the underwriting. Shares will trade on the NYSE under the ticker “STUB.”
StubHub has had a winding ownership history: founded in 2000 by Jeff Fluhr and Eric Baker (now CEO), it was sold to eBay in 2007 for $310M before being acquired by Baker’s other venture viagogo for $4.05B in 2020. The company was once valued at $16.5B in 2021, though its current IPO target is well below that.
Despite cautious pricing, some investors suggest the IPO may price higher, given strong demand for live events. Rival Live Nation’s Ticketmaster has seen record ticketing volumes driven by blockbuster tours such as Beyoncé’s “Cowboy Carter.” StubHub’s own revenue rose 3% to $827.9M in the first half of 2024, though net losses more than doubled to $111.8M.
The IPO will test investor appetite for consumer-focused platforms in a market dominated by tech and crypto listings. As IPO strategist Matt Kennedy put it: “The bankers will also try to sell the deal on its valuation, which is below prior expectations.”
If successful, StubHub could capture investor enthusiasm for the booming experience economy, even as regulatory and competitive pressures linger in the ticketing industry.