StubHub, a major online platform for buying and selling event tickets, began trading on the New York Stock Exchange on Wednesday. The company priced its initial public offering (IPO) at $23.50 per share, raising about $800 million.
The offering included over 34 million shares of its Class A common stock, placing StubHub's overall value at approximately $8.6 billion. The IPO price was set within the planned range of $22 to $25 per share.
StubHub operates as a secondary ticket marketplace, which means it allows people to resell tickets to concerts, sports, and other live events. This resale model has faced criticism for sometimes leading to high ticket prices, but the company says it provides a needed service for fans who can’t access tickets through official sources.
StubHub's IPO comes as rival Ticketmaster faces a federal investigation over its own ticket-selling practices. StubHub had delayed its public debut twice because of stock market volatility earlier this year.
StubHub is a website where people can buy and sell tickets to concerts, sports, and other live events.
StubHub raised about $800 million by selling shares at $23.50 each.
StubHub has been criticized because ticket resales on its platform can lead to higher prices for popular events.
The IPO is happening as other major ticket sellers like Ticketmaster face government investigation, bringing more attention to the ticket resale industry.
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