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StubHub, the net ticket market that earned a windfall from Taylor Swift’s Eras live performance tour, has filed for a US preliminary public providing that can check investor urge for food for tech listings amid a droop in Wall Avenue shares.
The New York-based firm mentioned in a submitting on Friday that it deliberate to checklist its widespread inventory on the New York Inventory Alternate beneath the image STUB.
StubHub didn’t disclose the scale or value vary of the share sale however would search to boost greater than $1bn within the providing, in accordance with individuals near the matter, implying a market worth of about $16.5bn. JPMorgan and Goldman Sachs will act as lead underwriters for the providing.
Final 12 months the group reported a web lack of $2.8mn on income of $1.77bn, having made $405mn in revenue on income of $1.37bn in 2023, in accordance with its submitting to US regulators. StubHub had an accrued debt of $1.5bn as of the tip of final 12 months. 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 progress and doubts concerning the revival of the IPO market after a three-year drought induced by larger rates of interest.
However US fairness capital markets exercise has picked up in latest weeks regardless of the volatility and a 3.6 per cent drop within the blue-chip S&P 500 this 12 months.
Google father or mother Alphabet on Monday agreed to purchase cyber safety start-up Wiz for $32bn, whereas New Jersey-based knowledge centre operator CoreWeave mentioned it needed to boost as a lot as $2.7bn in what is predicted to be the largest tech IPO of the 12 months. 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.
Final 12 months, shoppers 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 12 months.
StubHub was among the many principal 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 12 months.
