"Super IPO" Returned to US Stocks! Ticket platform StubHub (STUB.US) is set to make a big splash with a market value expected to reach $9.2 billion.

U.S. ticketing sales platform StubHub Holdings Inc plans to raise up to $851 million through its initial public offering (IPO). According to the filing submitted to the U.S. Securities and Exchange Commission (SEC) on Monday, the New York-based company plans to issue around 34 million shares, priced between $22 and $25 per share. At the upper end of the range, based on the shares listed in the filing, StubHub's market value will be approximately $9.2 billion, making it another super IPO after leading AI cloud computing company CoreWeave, stablecoin pioneer Circle, and emerging cryptocurrency force Bullish. The latest filing shows that StubHub recorded a net loss of $76 million in the six months ending June 30, with total revenue of approximately $827.9 million. In the same period in 2024, the net loss was about $24 million, with revenue of about $803.5 million. In early April, after the Trump administration announced broad tariffs affecting the global market and causing significant market volatility, this ticketing company operating StubHub and Viagogo platforms was one of the major enterprises that halted their U.S. IPO plans. The global IPO market has rebounded significantly, with the U.S. IPO market expected to continue its strong momentum in the near term, potentially experiencing the busiest week for U.S. stock market listings this year. According to data compiled by institutions, excluding closed-end funds and other financial instruments, U.S. IPOs this year have raised $24.4 billion, significantly higher than the $20.4 billion raised in the same period last year. The latest filing shows that StubHub's Gross Merchandise Sales, referring to the total amount paid by ticket buyers including fees and payments to sellers, rose to $4.4 billion in the six months ending June 30, higher than the $3.9 billion in the same period last year. The company processed ticket sales for over one million independent sellers in more than 90 countries and regions for events such as concerts since last year. Since at least 2022, the company has been seeking to list on the U.S. stock market through direct listing, with an estimated valuation exceeding $13 billion. Insiders say the company attempted to go public last year, driven by Taylor Swift's "The Eras Tour" which led to a surge in sales in the short term, but the IPO plan was postponed shortly after filing due to unfavorable market conditions. The filing shows that the company's Gross Merchandise Sales in 2024 increased by 27% year-on-year; excluding the impact of Taylor Swift's tour, the increase was 29%. CEO Eric Baker is one of the co-founders of StubHub, and he left the company in 2007 before it was sold to eBay Inc. for $3.1 billion. Baker later founded Viagogo in Europe. In 2019, Viagogo agreed to acquire StubHub for $4.05 billion. The merger was completed the following year, and the combined company operates under both brand names. According to the filing, Baker holds nearly 5% of Class A shares; with Class B shares that give him 100 votes per share, his voting power in the company is slightly below 90% before the sale. Madrone Partners LP holds a 24.5% stake in the business, with 2.7% voting rights before the IPO; WestCap Management holds 12.3% equity; Bessemer Venture Partners holds 8.8%. Madrone and Bessemer have seats on the company's board. The IPO is led by JPMorgan and Goldman Sachs, with participation from over 10 other banks. The company plans to list its stock on the New York Stock Exchange under the ticker symbol "STUB". The core business of global ticketing secondary market platform StubHub is to facilitate the trading of live entertainment tickets such as sports events, concerts, and plays, and earn revenue by charging fees/commissions on transactions. The business was formed from the merger of StubHub and viagogo, with the group headquartered in New York and profits generated through connecting buyers and sellers, ensuring performance, and collecting platform fees.