Ticket platform StubHub files for IPO

Ticket selling level StubHub Holdings Inc. filed for an archetypal nationalist offering disclosing gross maturation and a tiny yearly nonaccomplishment for 2024.

StubHub had a nonaccomplishment of $2.8 cardinal connected gross of $1.77 cardinal past year, compared with nett income of $405 cardinal connected gross of $1.37 cardinal successful 2023, according to its filing Friday with the Securities and Exchange Commission. The company’s adjusted 2024 net earlier interest, taxes, depreciation and amortization of $299 million, though down from the erstwhile year, contrasted with a $57-million nonaccomplishment successful 2022.

The New York-based institution won’t disclose the projected size oregon terms scope for the stock merchantability until a aboriginal filing erstwhile it’s acceptable to statesman selling the offering to investors.

StubHub had prepared for an IPO past twelvemonth aft income boomed from Taylor Swift‘s The Eras Tour, lone to postpone those plans citing unfavorable marketplace conditions, Bloomberg News reported successful July.

Chief Executive Eric Baker, 1 of StubHub’s co-founders, near earlier the concern was sold successful 2007 to eBay Inc. for $310 million. Baker aboriginal founded Viagogo successful Europe. In 2019, Viagogo agreed to get StubHub for $4.05 billion. The woody was completed the pursuing year, with the combined institution continuing to bash concern nether some names.

Baker holds 5.2% of the Class A shares and, with his Class B shares that transportation 100 votes each, has much than 90% of the voting powerfulness successful the institution earlier the offering, the filing shows.

Madrone Partners LP has a 27% involvement successful the concern and 2.8% of the voting power, portion WestCap Management owns an 11% involvement and Bessemer Venture Partners holds 9.6%. Madrone and Bessemer person committee seats astatine the company.

Across its ticketing platforms, StubHub and Viagogo, the summons reselling operations span much than 200 countries, according to StubHub’s website.

The offering is being led by JPMorgan Chase & Co. and Goldman Sachs Group Inc. on with much than 10 different banks. The institution plans for its shares to commercialized connected the New York Stock Exchange nether the awesome STUB.

Lipschultz and Roof constitute for Bloomberg, with assistance from Gillian Tan.