Ticketing platform StubHub (STUB.US) increased revenue by 10% or followed the market to restart its US stock IPO

The Zhitong Finance App learned that the ticketing platform StubHub Holdings Inc. updated the IPO application documents, showing that losses and revenue are expanding at the same time, and that it may become a member of the return wave of US companies that have delayed listing.

According to documents submitted to the US Securities and Exchange Commission on Monday, the New York company had a net loss of 35.9 million US dollars and revenue of 397.6 million US dollars; compared with a loss of 29.7 million US dollars and revenue of 360.1 million US dollars in the same period in 2024, the loss rate increased 21% and revenue increased 10%.

StubHub did not specify the IPO schedule, nor did the latest documents disclose the proposed fundraising scale. The company that operates StubHub and Viagogo platforms suspended its IPO plans after the US announced a comprehensive tariff policy that caused stock market turmoil. People familiar with the matter revealed that the digital payment company Klarna Group Plc, which also postponed its listing in the US, is considering restarting as early as September.

According to the documents, the total transaction volume (GMV), including tickets and service fees, reached 2.1 billion US dollars in the first quarter of this year, exceeding 1.8 billion US dollars in the same period last year. Last year, the company processed ticketing transactions from over one million unique sellers for events in more than 90 countries and regions.

StubHub has sought to achieve a valuation of over $13 billion through direct listing since at least 2022. People familiar with the matter said that after Taylor Swift's “The Eras Tour” tour led to a surge in sales, the company tried to go public last year, but it was delayed soon after submitting an application due to unfavorable market conditions.

Co-founder and CEO Eric Baker (Eric Baker) left his job before selling StubHub to eBay Inc. for $310 million in 2007, then founded Viagogo in Europe. In 2019, Viagogo agreed to acquire StubHub for $4.05 billion, and the merged company retained dual-brand operations.

Documents revealed that Beck held 5.2% of Class A shares and Class B shares with 100 times the voting power, and controlled more than 90% of voting rights before listing. Major shareholders include Madrone Partners LP, which holds 27% of the shares (2.8% voting rights), WestCap Management, which holds 11% of the shares, and Bessemer Venture Partners, which holds 9.6% of the shares. The latter two institutions hold board seats.

The IPO was led by J.P. Morgan Chase and Goldman Sachs Group, with more than 10 investment banks participating, to be listed on the NYSE under the code “STUB”. Notably, its ticketing sales cost surged 34% year over year to US$287 million in the first quarter, mainly due to increased ticket guarantee commitments to sellers, which may be a key indicator for investors to evaluate the sustainability of their profit model.