Ticket marketplace StubHub slips on the public stage in its trading debut on Wall Street
By DAMIAN J TROISE NEW YORK AP StubHub received a lackluster reception on Wall Street Wednesday Related Articles Starbucks workers sue over company s new dress code What savers should do after the Fed s first rate cut in Ticker Brandeis University names permanent president Chinatown project brings housing library branch Amazon spends billion to increase pay and lower wellness care costs for US workers What the Fed rate cut will mean for your finances The ticket marketplace s stock fell from its initial inhabitants offering price of per share on its first day of trading The company s shares are trading on the New York Stock Exchange under the symbol STUB StubHub offered just over million shares and raised approximately million At the closing price the company has a realm valuation of about billion StubHub plans to use proceeds from the sale to pay down debt and for general corporate purposes The company which is based in New York revealed buyers in more than countries and territories used its platform to purchase more than million tickets in It was co-founded in by current CEO Eric Baker He will remain CEO and maintain control of the company EBay bought StubHub in Baker left the company ahead of that sale and founded international online ticket exchange Viagogo in EBay sold StubHub to Viagogo in for billion essentially returning it to Baker who then changed the name of the combined company to StubHub Holdings It is among the largest platforms for secondary ticket sales Its competitors include SeatGeek and Vivid Seats StubHub disclosed just a increase in revenue to million during the first half of compared with the same period in That puts the company on pace for slower revenue progress after notching a jump for all of StubHub President Nayaab Islam left and CEO Eric Baker pose for photos outside the New York Stock Exchange before the company s IPO Wednesday Sept AP Photo Richard Drew Live Nation which dominates the primary arena for ticket sales through Ticketmaster announced a jump in revenue to just under billion in StubHub has come under criticism along with the broader ticketing industry over hidden fees and inflated ticket prices The attorney general for Washington D C sued StubHub last year accusing the ticket resale platform of advertising deceptively low prices and then ramping up prices with extra fees The company is also facing pricing and fee inquiries in Pennsylvania and New York Ticket prices for concerts and sporting events have been among the sharper rising costs for consumers over the last inadequate years Ticket prices rose in after rising in according to the U S Labor Department s consumer price index Rising ticket prices outpaced the broader increases for overall inflation in both years and that trend has continued through The IPO territory is on track for its best year since Other notable debuts this year include the design system company Figma the buy now pay later company Klarna Circle Internet Group which issues the USDC stablecoin and the cryptocurrency exchange Gemini which is majority owned by the Winklevoss twins This story has been corrected to show the correct figures for revenue for Live Nation
