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Investing.com -- StubHub, the well-known ticket exchange platform, has officially filed its S-1 with the Securities and Exchange Commission (SEC) on Friday, signaling its intention to go public. The company announced its plans to list on the New York Stock Exchange (NYSE) under the ticker symbol "STUB."
Leading the offering are financial giants J.P. Morgan and Goldman Sachs, setting the stage for what is anticipated to be a significant initial public offering (IPO).
In its filing, StubHub revealed impressive growth, with Gross Merchandise Sales (GMS) reaching $8.7 billion in 2024, marking a 27% increase year-over-year. The platform’s reach extended to over 40 million tickets sold, facilitated by more than 1 million unique sellers.
Revenue for the company in 2024 soared to $1.77 billion, up from $1.37 billion the previous year. Despite this revenue growth, StubHub reported a GAAP net loss of $2.8 million in 2024 versus net income of $405.2 million in 2023. Net loss attributable to common stockholders of $55.1 million in 2024, compared to a net income of $351.5 million in 2023.
StubHub’s market opportunity was discussed in terms of Serviceable Addressable Market (SAM) and Total (EPA:TTEF) Addressable Market (TAM). The company currently addresses the SAM, which includes the global markets for secondary, original issuance, and unsold tickets. StubHub claims leadership in the $18 billion North American secondary ticketing market based on its 2024 GMS in comparison to similar metrics from its largest competitors. The company also considers itself a leader in the international secondary ticketing market, which is seen as a $23 billion opportunity as digital commerce continues to penetrate these markets.
Furthermore, StubHub is expanding into the $132 billion global original issuance market and aims to facilitate the distribution and recovery of approximately $22 billion in unsold tickets through its marketplace. The combined markets make up StubHub’s estimated SAM of $194 billion. Additionally, the company has identified several adjacent live events and experiences markets and ancillary services, which could expand its TAM to an estimated $726 billion.