Street Calls of the Week
NEW YORK - StubHub Holdings, Inc. announced Tuesday the pricing of its initial public offering at $23.50 per share, with plans to offer 34,042,553 shares of Class A common stock. According to InvestingPro data, the company generated revenue of $1.8 billion in the last twelve months, with an impressive gross profit margin of 80.76%, though it remains unprofitable with a net loss of $116.74 million.
The global secondary ticketing marketplace for live events is expected to begin trading on the New York Stock Exchange Wednesday under the ticker symbol "STUB," with the offering anticipated to close September 18, subject to customary conditions. InvestingPro analysis reveals the company is trading at relatively high valuation multiples, with subscribers having access to detailed valuation metrics and 7 additional key insights about the company’s financial health.
StubHub has granted underwriters a 30-day option to purchase up to an additional 5,106,382 shares at the initial offering price, less underwriting discounts and commissions.
J.P. Morgan and Goldman Sachs & Co. LLC are serving as lead joint book-running managers for the offering, with BofA Securities, Evercore ISI, BMO Capital Markets, Mizuho, TD Cowen, Truist Securities and Wolfe | Nomura Alliance acting as additional joint book-running managers.
Citizens Capital Markets, Oppenheimer & Co., Wedbush Securities and PNC Capital Markets LLC are acting as co-managers for the offering.
StubHub operates in over 200 countries and territories through its StubHub platform in North America and viagogo internationally, supporting more than 30 languages and accepting payments in over 45 currencies. The company has demonstrated strong growth with revenue increasing by 18.61% over the last twelve months, while maintaining a healthy current ratio of 1.01.
A registration statement relating to the offering has been filed with and declared effective by the SEC, according to the company’s press release statement.
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