Online ticket platform StubHub priced its initial public offering at $23.50 per share late Tuesday, securing an $8.6 billion valuation ahead of its market debut.
The share sale, which raised $800 million, was priced at the midpoint of the company’s previously stated range. Trading is set to begin Wednesday on the New York Stock Exchange under the ticker symbol “STUB.”
Co-founded by Eric Baker in 2000, the San Francisco-based company was acquired by eBay in 2007 for $310 million. In 2020, Baker reacquired StubHub for approximately $4 billion through his European ticket marketplace, Viagogo.
The public offering follows several years of planning and two previous delays. The company most recently postponed its debut in April due to unfavorable market conditions before restarting the process by filing an updated prospectus in August.
StubHub’s IPO comes amid a resurgence in the public offering market, which had slowed due to high inflation and rising interest rates. It joins a string of successful recent debuts, including those from fintech company Klarna, design software firm Figma, and several crypto-related companies such as Gemini, Circle, and Bullish.
While the final valuation is significant, the company had previously sought a valuation as high as $16.5 billion. According to its updated prospectus, StubHub’s first-quarter revenue grew 10% year-over-year to $397.6 million, with an operating income of $26.8 million. However, its net loss widened during the same period, increasing from $29.7 million to $35.9 million.
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