Ticket selling platform StubHub Holdings Inc. filed for an initial public offering disclosing revenue growth but an annual loss for 2024.
The New York-based company had a loss of $2.8 million on revenue of $1.77 billion last year, compared with net income of $405 million on revenue of $1.37 billion in 2023, according to its filing Friday with the US Securities and Exchange Commission.
StubHub won’t disclose the proposed size or price range for the share sale until a future filing when it’s ready to begin marketing the offering to investors.
StubHub had prepared for an IPO last year after sales boomed from Taylor Swift’s The Eras Tour, only to postpone those plans citing unfavorable market conditions, Bloomberg News reported in July.
Chief Executive Officer Eric Baker, one of StubHub’s co-founders, left before the business was sold in 2007 to eBay Inc. for $310 million. Baker later founded Viagogo in Europe. In 2019, Viagogo agreed to acquire StubHub for $4.05 billion. The deal was completed the following year, with combined company continuing to do business under both names.
Baker holds 5.2% of the Class A shares and, with his Class B shares that carry 100 votes each, has more than 90% of the voting power in the company before the offering, the filing shows.
Madrone Partners LP has a 27% stake in the business and 2.8% of the voting power, while WestCap Management owns an 11% stake and Bessemer Venture Partners holds 9.6%. Madrone and Bessemer have board seats at the company.
Across its ticketing platforms, StubHub and Viagogo, the ticket reselling operations span more than 200 countries, according to StubHub’s website.
The offering is being led by JPMorgan Chase & Co. and Goldman Sachs Group Inc. along with more than 10 other banks. The company plans for its shares to trade on the New York Stock Exchange under the symbol STUB.
