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StubHub, an online ticket marketplace that fell wind from Taylor Swift’s ERAS concert tour, has filed an early US offer to test investors’ appetites for investors amid a slump in Wall Street stocks.
The New York-based company said in its filing Friday it plans to list common stock on the New York Stock Exchange under the symbol stub.
StubHub did not disclose the size or price range of its stock sales, but people close to the issue suggest a market value of around $16.5 billion in search of supply in excess of about $1 billion. JPMorgan and Goldman Sachs act as major underwriters of the offering.
Last year, the group reported a net loss of $2.8 million on revenue of $1.377 billion in 2023, earning $455 million in revenue, and $1.777 billion in revenue, according to a submission to US regulatory authorities. StubHub had accumulating $1.5 billion in debt as of the end of last year. He said “material weaknesses” were identified in internal controls over financial reporting.
The StubHub submission incites concerns about easing economic growth and doubts about the revival of the IPO market after a three-year drought induced by higher interest rates when President Donald Trump’s trade agenda recorded US stocks.
However, US equity capital market activity has been featured in recent weeks despite the volatility of the Blue Chip S&P 500 this year and a 3.6% drop.
Google Parent Alphabet agreed to purchase the Cyber Security Start-Up Wiz for $32 billion on Monday, but CoreWeave, a data center operator in New Jersey, said it wanted to raise $2.7 billion in what is expected to be the largest technology IPO of the year. Swedish fintech group Klarna also applied for a New York list this month.
StubHub was co-founded by Eric Baker in 2000 and left the company seven years later before eBay bought it for $310 million. It was then acquired in 2006 by Viagogo, which Baker launched in 2019 for just over $4 billion.
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Last year, consumers purchased over 40 million tickets from over 1 million sellers on the StubHub market. The company reported total revenue of $8.7 billion in 2024, up 27% from the previous year.
StubHub was one of the main beneficiaries of Swift’s 2023 ERAS tour, accounting for $665 million (about 10%) of the group’s annual ticket sales that year.
