StubHub has officially priced its long-awaited initial public offering at $23.50 per share, landing in the middle of the $22–$25 range floated to investors last week. The pricing gives the online ticketing platform a valuation of roughly $8.6 billion as it prepares to begin trading Wednesday on the New York Stock Exchange under the ticker symbol STUB.
The IPO marks a major milestone for StubHub and its co-founder and CEO Eric Baker, who reacquired the business from eBay in 2020 through his European ticketing venture Viagogo. StubHub had been seeking a public listing for several years but delayed its debut twice, most recently this spring amid turbulence from tariffs imposed by former President Donald Trump. The company filed an updated prospectus in August to restart the process as the broader IPO market began to rebound.
From $16.5B Aspirations to $8.6B Reality
At the top of its marketed range, StubHub could have reached a $9.2 billion valuation, though still far below the $16.5 billion figure the company originally targeted before officially beginning the IPO process, according to CNBC. The reset reflects a more cautious environment even as offerings from Klarna, Gemini, Circle, Bullish, and Figma have reignited Wall Street’s appetite for high-profile debuts.
Despite moderating its valuation, StubHub enters the public markets with strong name recognition and a sizable share of the online ticketing space. In its most recent filings, the company reported $397.6 million in revenue for the first quarter of 2025, up 10% year-over-year, with operating income of $26.8 million. However, net losses also widened, reaching $35.9 million, compared to $29.7 million a year earlier.
Industry Context
StubHub’s arrival comes at a time of heightened competition in live event ticketing. Rivals like Vivid Seats (SEAT) have struggled with shrinking margins under the weight of StubHub’s aggressive spending, while Ticketmaster, controlled by Live Nation Entertainment (LYV), continues to dominate the global marketplace.
With investors lining up for shares and consumer demand for live events remaining robust, StubHub’s public debut will be closely watched as a barometer for both the IPO market’s recovery and the future dynamics of the ticketing industry.
