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StubHub, the web ticket market that earned a windfall from Taylor Swift’s Eras live performance tour, has filed for a US preliminary public providing that can take a look at investor urge for food for tech listings amid a stoop in Wall Avenue shares.
The New York-based firm mentioned in a submitting on Friday that it deliberate to listing its frequent inventory on the New York Inventory Alternate underneath the image STUB.
StubHub didn’t disclose the scale or worth vary of the share sale however would search to lift greater than $1bn within the providing, in response to folks near the matter, implying a market worth of about $16.5bn. JPMorgan and Goldman Sachs will act as lead underwriters for the providing.
Final yr the group reported a internet lack of $2.8mn on income of $1.77bn, having made $405mn in revenue on income of $1.37bn in 2023, in response to its submitting to US regulators. StubHub had an collected debt of $1.5bn as of the tip of final yr. It mentioned that “materials weaknesses” had been recognized in its inner management over monetary reporting.
StubHub’s submitting comes as President Donald Trump’s commerce agenda roils US equities, fanning issues about slower financial development and doubts in regards to the revival of the IPO market after a three-year drought induced by greater rates of interest.
However US fairness capital markets exercise has picked up in current weeks regardless of the volatility and a 3.6 per cent drop within the blue-chip S&P 500 this yr.
Google mum or dad Alphabet on Monday agreed to purchase cyber safety start-up Wiz for $32bn, whereas New Jersey-based information centre operator CoreWeave mentioned it needed to lift as a lot as $2.7bn in what is anticipated to be the largest tech IPO of the yr. Klarna, a Swedish fintech group, additionally filed for a New York itemizing this month.
StubHub was co-founded by Eric Baker in 2000, who left the corporate earlier than it was purchased by eBay for $310mn seven years later. It was then acquired for simply over $4bn by Viagogo, which Baker began in 2006, in 2019.
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Final yr, customers purchased greater than 40mn tickets from over 1mn sellers on StubHub’s market. The corporate reported gross merchandise gross sales of $8.7bn in 2024, up 27 per cent from the earlier yr.
StubHub was among the many fundamental beneficiaries of Swift’s 2023 Eras tour, which accounted for $665mn, or roughly 10 per cent, of the group’s annual ticket gross sales that yr.
