Group 1: Company Overview - Stubhub Holdings raised $800 million in its IPO, but the stock price fell by 6.4% on the first day of trading, closing at $22 per share after an initial rise [1] - The company had initially planned a direct listing with a valuation exceeding $13 billion but faced delays due to market volatility and external factors [1][2] - Stubhub has focused on secondary ticket sales since its founding in 2000 and has recently expanded into primary ticket sales, although this segment remains small [2] Group 2: Financial Performance - For the six months ending June 30, the company reported revenues of $827.9 million and a net loss of $76 million, compared to revenues of $803.5 million and a net loss of $24 million in the same period last year [2] - Total merchandise sales (including fees and seller earnings) increased to $4.4 billion, up from $3.9 billion year-over-year [2] Group 3: Market Context and Regulatory Environment - The U.S. IPO market has been strong recently, raising approximately $5.3 billion since September 1, excluding special purpose acquisition companies [1] - The ticketing industry is under increased scrutiny from U.S. regulators, with investigations into practices by Live Nation's Ticketmaster and proposed legislation aimed at preventing resale of tickets not held by resellers [2] - Stubhub's CEO has advocated for the "Better Online Ticket Sales Act" to promote secure and democratic ticket distribution [2] Group 4: Ownership and Corporate Structure - Stubhub was acquired by eBay for $310 million in 2007 and later sold to Viagogo for $4.05 billion in 2019, with the two companies integrating after regulatory approval in 2022 [3] - The ownership structure shows CEO Eric Beck holding 4.2% of Class A shares, with significant voting power due to Class B shares, resulting in a total voting power of 88.3% [3] - The IPO was led by JPMorgan and Goldman Sachs, with participation from over ten other banks, and the stock is traded on the New York Stock Exchange [3]
票务平台StubHub(STUB.US)募资8亿美元IPO，上市首日破发股价逆势跌6.4%