StubHub priced at the midpoint while its market shrank — day one closed 6% under

StubHub, one of the largest secondary-ticket marketplaces, listed on the New York Stock Exchange on 17 September 2025 after twice delaying the attempt — for market volatility in July 2024 and for the tariff shock of April 2025. The company priced at $23.50, the midpoint of its $22–25 range, raising about $800 million at an $8.6 billion valuation.

The debut landed against a hot tape — recent listings had opened well above their prices — and StubHub's shares opened up at $25.35 before fading all day to close at $22, down 6.4% from the IPO price. The market it listed into was shrinking: the resale ticket business was projected to contract about 5% after the Eras Tour ended in December 2024 and federally mandated all-in pricing arrived in the US in May 2025.

The proceeds were largely earmarked for paying down $2.38 billion of long-term debt rather than growth. Investors in other words paid public-market prices for a refinancing, in a market a size smaller than the year before.