StubHub is targeting up to $851 million in its IPO
StubHub Holdings Inc., the operator of ticket-selling platforms StubHub and Viagogo, is moving forward with its long-anticipated public debut, aiming to raise as much as $851 million in an initial public offering.
In a filing with the U.S. Securities and Exchange Commission on Monday, the New York-based company outlined plans to sell about 34 million shares at a price range of $22 to $25 each. At the top of that range, StubHub would be valued at roughly $9.2 billion, based on the shares outstanding.
The offering comes after a challenging stretch for the company. StubHub reported a net loss of $76 million on revenue of $827.9 million for the first six months of 2025, compared with a $24 million loss on $803.5 million in revenue during the same period last year. Still, gross merchandise sales — the total value of tickets sold, including fees and seller proceeds — rose to $4.4 billion in the first half, up from $3.9 billion a year earlier.
StubHub had initially pursued a direct listing in 2022 that might have valued it above $13 billion and attempted an IPO in 2024, buoyed by record ticket demand from Taylor Swift’s Eras Tour. Both efforts were delayed, most recently due to unfavorable market conditions and volatility sparked by U.S. tariff announcements.
The timing appears more favorable now. The U.S. IPO market has rebounded strongly, with first-time share sales raising $24.4 billion so far this year, up from $20.4 billion during the same period in 2024, according to Bloomberg data. Bankers are preparing for what could be the busiest week of the year for new listings.
Founded in 2000, StubHub was sold to eBay Inc. in 2007 for $310 million before being acquired by Viagogo — founded by StubHub’s co-founder Eric Baker — in 2020 for $4.05 billion. Today, the combined company operates in more than 90 countries and territories, facilitating sales from over a million unique ticket sellers last year.
Baker, who returned to lead the company as CEO, holds just under 5% of the Class A shares but retains nearly 90% of the voting power through his high-vote Class B shares. Other major shareholders include Madrone Partners LP (24.5% stake), WestCap Management (12.3%), and Bessemer Venture Partners (8.8%). Madrone and Bessemer hold board seats.
The IPO will be led by JPMorgan Chase & Co. and Goldman Sachs Group Inc., alongside more than 10 additional underwriters. StubHub plans to list its shares on the New York Stock Exchange under the ticker symbol STUB.
