StubHub to price IPO at $23.50, valuing company at $8.6 billion

StubHub, the prominent online ticketing platform, has officially set its initial public offering (IPO) price at $23.50 per share, as confirmed by CNBC's Leslie Picker on Tuesday. This price represents the midpoint of the range projected by the company last week, leading to a valuation of approximately $8.6 billion for the platform. Trading on the New York Stock Exchange under the ticker symbol "STUB," StubHub is poised for a significant market entry. The company, founded in 2000 by Eric Baker, was acquired by eBay in 2007 for $310 million. In a twist of fate, Baker reacquired StubHub in 2020 for about $4 billion through Viagogo, a European ticket marketplace. StubHub's journey to going public has been marred by delays, with the most recent postponement occurring in April, following market turmoil triggered by tariffs announced during President Donald Trump's administration. However, the company reignited its IPO ambitions with an updated prospectus filed in August, marking a fresh start in its public offering efforts. After a prolonged period of inactivity in the IPO market due to rising inflation and interest rates, recent months have seen a resurgence in public offerings. Notable companies like Klarna and Gemini have successfully transitioned to public status, signaling a renewed investor interest. At the upper end of the pricing spectrum proposed last week, StubHub could have achieved a valuation of $9.2 billion. Initially, the company aimed for a lofty valuation of $16.5 billion before initiating the IPO process. According to its updated prospectus, StubHub reported a 10% year-over-year revenue increase in the first quarter, totaling $397.6 million, although it also noted an increase in net loss, widening to $35.9 million compared to $29.7 million the previous year.