StubHub to price IPOs at $23.50 and cherish them at $8.6 billion

Online ticketing platform StubHub is priced at $23.50 for the IPO, CNBC’s Leslie Picker confirmed on Tuesday.

Prices are at the midpoint of the forecast range provided by the company last week. At $23.50, the price gives StubHub a $8.6 billion valuation.

StubHub confirmed the pricing of the IPO with its release late Tuesday. The company said the shares are expected to begin trading on the New York Stock Exchange under the symbol “Stub” on Wednesday.

The San Francisco-based company was co-founded by Eric Baker in 2000 and was acquired by eBay seven years later for $310 million. Baker re-acquired StubHub for around $4 billion in 2020 through Viagogo, a new company that operates ticket markets in Europe.

StubHub has been trying to release it for the past few years, but has delayed its public debut twice. The latest food stall came in April after President Donald Trump’s “liberation day” tariffs held the market.

The company submitted its updated prospectus in August and resumed the process of effectively publishing it.

The IPO market has bounced back in recent months after extended dry spells due to high inflation and rising interest rates. Klarna Online lenders also made their debut on NYSE last week after delaying their IPO in April. Tyler and Cameron Wincrevos GeminiStablecoin publisher RoundPeter Thiel-backed cryptocurrency exchange strong Design Software Company Figma All of them increased dramatically with each debut.

At the top of StubHub’s price range offered last week, the company would have been valued at $9.2 billion. CNBC reported previously that StubHub had sought a $16.5 billion valuation before starting the IPO process.

In its latest prospectus, StubHub said its first quarter revenues rose 10% from the previous year to $397.6 million. Operating profit was $206.8 million over that period.

The company’s net losses increased to $35.9 million from $29.7 million the previous year.

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