StubHub Announces IPO Filing as Secondary Ticket Sales Surge 29% in 2024
StubHub's secondary ticketing marketplace has filed for an IPO to trade on the NYSE under the ticker 'STUB.' The company reported revenue of $1.77 billion in 2024, marking a 29% increase from 2023, though it recorded a $2.8 million net loss compared to the previous year's $405 million profit.
Photo Credit: StubHub
Founded in 2000, StubHub was initially acquired by eBay for $310 million in 2007. In 2020, Viagogo's founder Eric Baker repurchased the company for $4 billion, with both companies completing their business integration in 2022.
Key business highlights from 2024:
- Sold over 40 million tickets globally
- Serviced approximately one million sellers
- Major shareholders include Madrone Capital and Bessemer Venture Partners
The IPO will be led by J.P. Morgan and Goldman Sachs, with over 10 Wall Street banks involved. Funds raised will be allocated toward debt repayment and general corporate purposes.
Competition landscape:
- SeatGeek filed for IPO in April 2023 (not yet completed)
- Valued at over $1.35 billion
- Led by Morgan Stanley, Citigroup, and Wells Fargo
- Recently underwent 15% staff reduction
StubHub's IPO filing demonstrates continued growth in the secondary ticketing market, despite facing operational losses in the most recent fiscal year. The company's global reach and substantial transaction volume position it as a significant player in the event ticketing industry.