StubHub, a ticketing platform startup known for helping fans resell event tickets, has officially filed its name to be made public on the New York Stock Exchange under the ticker “Stub.”
In the IPO’s prospectus, the San Francisco-based company reported revenue of $1.77 billion in 2024 with a net loss of $2.8 million. This contrasts with 2023, when it recorded a profit of $405 million on revenue of $1.37 billion. Adjusted revenue (EBITDA) for 2024 reached $299 million from last year, a significant improvement from the $57 million loss in 2022.
“StubHub’s revenue was $2.8 million in revenue last year, while its net profit of $1.37 billion in 2023 was $455 million,” Bloomberg reported.
StubHub has been involved in the ticketing business since 2000. While an MBA student at Stanford University, he was co-founded by Eric Baker and Jeff Fleur. eBay acquired the company in 2007 for $310 million. Baker had already left by then and had no say in the deal, but he completely got into circles in 2020, buying back Stubhub for $4 billion through his other company, Viagogo.
“If that was up to me, I wouldn’t have sold it, so I didn’t have to buy it, but everything ended up working,” Baker said.
StubHub sold over 40 million tickets last year, with around 1 million individual sellers using the platform.
The company was scheduled to be released in 2023 but paused as the IPO market freezes. It wasn’t alone. Rival Seatgeek was also exploring the IPO at the time, but the vibrant seats were made public in 2021 through SPAC trading. Live Nation remains another major player in this space.
It appears that the IPO window has resumed. As we reported last week, AI Infrastructure Startup CoreWeave is scheduled to debut next week. Klarna filed the documents last Friday. Earlier this month, it was submitted for public release by Hinge Health, and ServiceTitan was released in December. Reddit also made headlines when it began trading in February.
Tech IPOs are late from the end of 2021 when inflation and interest rate hikes have made investors more cautious. A smoother IPO on StubHub could potentially show wider returns for consumer-oriented tech companies looking to test their open market again.
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