Overview
- StubHub priced its IPO at $23.50, selling about 34 million shares for roughly $800 million at an $8.6 billion valuation under the ticker STUB.
- Shares opened at $25.35 but later fell below the offer price and finished the session lower, marking a tepid first-day reception.
- Management is promoting expansion into primary ticket sales, or direct issuance, highlighted by a new multi‑year MLB agreement, though direct sales remain a small slice of volume.
- Recent filings show slowing growth and thinner profitability, with adjusted EBITDA margin down from 26% in 2023 to 17% in 2024 and 12% in the first half of 2025, and a widened H1 net loss of $76 million on about $828 million in revenue.
- Regulatory and legal pressures include a D.C. lawsuit over alleged drip pricing and an FTC warning on “junk fees,” while CEO Eric Baker retains 88.3% voting power through a dual‑class structure.