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StubHub Targets $9.2B Valuation in U.S. IPO Amid Live Events Boom

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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.

Dye & Durham Investor Plantro Pushes for Board Change and Company Sale

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Plantro Ltd, the second-largest investor in Canadian legal software firm Dye & Durham (DND.TO), has initiated a proxy fight to elect new directors and is calling for a full sale of the company, according to documents reviewed by Reuters.

Owning an 11% stake, Plantro formally nominated three candidates—Brian Bidulka, David Danziger, and Martha Vallance (a former COO of Dye & Durham)—to the seven-member board. The nominations seek to replace board chair Arnaud Ajdler and directors Tracey Keates and Ritu Khanna. Plantro has also requisitioned a special shareholder meeting to vote on the proposed directors.

Plantro emphasized that its nominees bring expertise in mergers and acquisitions, capital allocation, operations, technology, and governance. The investor argues that a mere divestiture of the company’s financial services division, previously suggested, is insufficient. Instead, it urges an immediate full sale to secure a control premium for shareholders and stabilize the business.

Since January, Dye & Durham’s stock price has dropped 42%, valuing the company at about $488 million. Plantro criticized the current board for resisting engagement with potential buyers despite acknowledging that unsolicited acquisition interest exists. The company revealed in February it had received a takeover offer at C$20 per share but declined to engage with the bidder.

Last year, Dye & Durham retained Goldman Sachs as a strategic adviser to explore options but paused the review in November after shareholder feedback.

Dye & Durham and the nominated directors did not respond immediately to requests for comment.

Hedge Funds Rapidly Exit Tech Stocks Ahead of U.S. Tariff Deadline, Goldman Sachs Reports

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Hedge funds have been unloading tech stocks at their fastest pace in six months, marking the largest tech-sector exodus in five years, according to a Goldman Sachs note released Friday and seen by Reuters on Monday. The move comes just ahead of the April 2 tariff deadline announced by U.S. President Donald Trump, which has sparked widespread market uncertainty and fears of an economic downturn.

According to Goldman Sachs’ prime brokerage desk — which tracks hedge fund activity — the information technology sector, including the “Magnificent-7” tech stocks, was “by far the most net sold” last week. Both long positions (bets that prices will rise) and short positions (bets on a decline) in tech stocks were rapidly closed, reflecting a strong pullback across the board.

Analysts at Edmond de Rothschild linked this abrupt sell-off to the anticipated tariffs on copper and other raw materials, which are expected to weigh heavily on tech manufacturers and AI-related hardware producers.

A separate note from Morgan Stanley revealed that hedge funds are increasingly betting against some of the sector’s biggest names. Nvidia, AMD, and Tesla were identified as the top three short positions as of Wednesday.

Goldman said that around 75% of last week’s hedge fund selling activity was concentrated in U.S. tech stocks, particularly those connected to AI hardware development. Total hedge fund exposure to tech is now at a five-year low, despite heavy buying just a few weeks ago in mid-March.

Another dataset from JPMorgan noted a reversal of positions by hedge funds last week, possibly influenced by strong retail investor activity. This surge in retail buying may have triggered a short squeeze, forcing some bearish investors to unwind their positions as stock prices climbed unexpectedly.

“With the tariff news, it was interesting that hedge fund flows and positioning might suggest they’re already somewhat prepared—at least in terms of key areas that have been in focus,” said JPMorgan in its client note.

As the April 2 deadline looms, hedge funds appear to be bracing for volatility, shifting away from one of the market’s most lucrative sectors in recent years.