StubHub Files for NYSE IPO Following 29% Revenue Surge in 2024
StubHub has filed for an IPO with plans to trade on the New York Stock Exchange under the ticker 'STUB.' The secondary ticketing marketplace reported $1.77 billion in revenue for 2024, marking a 29% increase from 2023, though with a net loss of $2.8 million compared to the previous year's $405 million profit.
Photo Credit: StubHub
The company's journey includes its 2000 launch, followed by eBay's $310 million acquisition in 2007. In 2020, Viagogo's Eric Baker, who co-founded StubHub, repurchased the company for $4 billion. The two companies completed their business integration in 2022.
Key highlights from StubHub's current position:
- Sold over 40 million tickets globally in 2024
- Operating with approximately one million sellers
- Major shareholders include Madrone Capital and Bessemer Venture Partners
- J.P. Morgan and Goldman Sachs leading the IPO as underwriters
The company plans to use IPO funds for debt repayment and general corporate purposes. Over 10 Wall Street banks are involved in the offering.
In the competitive landscape, rival SeatGeek filed for its own IPO in April 2023, with a valuation exceeding $1.35 billion. SeatGeek previously cancelled a SPAC merger with RedBall Acquisition in 2021 and secured $238 million in Series E funding led by Accel in August 2022. Recent reports indicate potential layoffs affecting 15% of SeatGeek's staff.