StubHub pops, then wobbles: ticket giant opens at $25.35 in long-awaited NYSE debut

StubHub finally hit the public stage Wednesday—and got a warm, if bumpy, reception. Shares opened at $25.35 on the NYSE under ticker STUB, after the company priced its IPO at $23.50—smack in the middle of the $22–$25 range—to raise $800 million. The deal implies an initial market cap around $8.5 billion, and adds more fuel to a suddenly busy tech-IPO calendar.

It’s been a journey. The ticket marketplace shelved an April listing when President Trump’s “Liberation Day” tariffs rattled markets—after already pausing plans in 2024 during volatility. Founded in 2000, StubHub was sold to eBay for $310 million in 2007, then re-acquired in 2020 by co-founder Eric Baker via Viagogo for roughly $4 billion.

Live events are booming again—think Taylor Swift’s Eras Tour, Beyoncé’s Renaissance, the Super Bowl—and resale volume has followed. StubHub moved 40+ million tickets last year from about 1 million sellers. Still, the business is lumpy: in Q1, revenue rose 10% to $397.6 million, but net loss widened to $35.9 million (from $29.7 million). Q1 gross merchandise sales hit $2.08 billion.

StubHub battles Vivid Seats, SeatGeek, and Live Nation/Ticketmaster. Regulators are circling the sector: the FTC warned StubHub in May on “junk fees,” while Ticketmaster faces probes over bot enforcement and a DOJ breakup case heads to trial next March.

Pre-IPO holders include Madrone Partners (~24.5% of Class A), WestCap (~12.3%), and Bessemer (~8.8%). The offering was led by JPMorgan and Goldman Sachs.

A solid open after a long wait—then reality: early gains faded as trading wore on. But with IPO windows cracked back open (Klarna, Gemini, Bullish, Figma, Circle all circling or landing), StubHub now has fresh cash to de-leverage and chase direct-issuance deals—while navigating a ticketing industry under the brightest lights it’s seen in years.

With input from CNBC, Bloomberg, and Axios.