StubHub IPO: Ticket Marketplace Aiming for $1 Billion Raise

StubHub's Potential Return to the IPO Market

Signals suggest that StubHub is actively preparing for an Initial Public Offering (IPO) once more. The company initially submitted a public S-1 filing in late March, but subsequently paused the process in April due to concerns arising from tariffs imposed by the Trump administration.

An updated S-1 filing, incorporating the financial results for the first quarter of 2025, was submitted on Monday. This development indicates a renewed push towards going public.

IPO Expectations and Timeline

Renaissance Capital, a firm specializing in IPOs, previously estimated in March that the offering could generate approximately $1 billion. They believe this recent S-1 update may signal a potential market debut as early as next month.

StubHub has refrained from commenting on its IPO intentions, citing restrictions during the quiet period preceding a public offering.

Financial Performance and Shareholder Structure

Throughout 2024, StubHub achieved nearly $1.8 billion in revenue. Despite this substantial revenue, the company reported a net loss of $2.8 million.

The largest stakeholder in StubHub is Madrone Partners, holding a 27.1% share. WestCap Management follows with a 10.8% stake, and Bessemer owns 9.6% of the company.

Voting Control

While Founder and CEO Eric Baker possesses only 5.2% of the Class A shares, he maintains firm control through his ownership of all 4.95 million super-voting rights Class B shares. This grants him a commanding 90% of the total voting power.

Key shareholders wield significant influence over the direction of the company.