Core Insights - The IPO market has experienced a strong summer with successful launches from crypto and tech companies, but there are signs of weakness in consumer-related IPOs [1][2][3] Group 1: IPO Performance - StubHub's stock fell nearly 20% below its IPO price after a poor market debut [2] - Pattern Group had a lackluster debut, pricing at the midpoint of its range and briefly dipping below its IPO price of $14 [2] - Klarna, a buy-now pay-later lender, has also seen a significant decline from its IPO price, indicating investor concerns about consumer spending [3]

Company Overview - StubHub went public with an IPO price of $23.50, closing 6% below that price, which values the company at over $7 billion, highlighting the perseverance of its co-founder Eric Baker [1] - The company was co-founded in 2000 by Eric Baker and Jeff Fluhr while they were students at Stanford, shortly after the dotcom bubble burst [1] Historical Context - Baker noted that the exit of less competent competitors allowed for the opportunity to build a lasting business after the initial downturn [2] - In 2004, Baker was pushed out of the company due to differences in vision with Fluhr [2] Strategic Moves - After leaving StubHub, Baker founded Viagogo in Europe, with aspirations to merge it with StubHub [3] - In 2019, eBay spun off StubHub, which Baker seized as an opportunity to purchase the company for $4.05 billion with backing from various investors [3] Financial Performance - StubHub faced significant revenue challenges during the COVID-19 pandemic due to the cancellation of live events [4] - Following the pandemic, StubHub's revenue rebounded significantly, driven by high-demand events, with a reported 10% revenue growth to $397.6 million in Q1 2025 compared to the same period last year [4] Ownership Structure - In the S-1 filing, it was disclosed that Baker owns 4.7% of StubHub, while investors Madrone Partners, WestCap, and Bessemer Venture Partners hold 24.5%, 12.3%, and 8.8% respectively [5]

Company Overview - Cybersecurity company Netskope is targeting a valuation of $7.3 billion after pricing its shares at $19 for its upcoming IPO, which is at the top end of its expected range [1] - The share sale raised $908.2 million, and Netskope will begin trading on the Nasdaq under the ticker symbol "NTSK" [1] IPO Market Context - Netskope's IPO is occurring during a resurgence in IPO activity following a prolonged period of inactivity due to high inflation and rising interest rates, which has generated optimism on Wall Street and among venture capitalists [2] - Other recent IPOs include StubHub, which saw a 6% decline on its first trading day, and CoreWeave, which closed flat but later saw its shares triple [2] Recent Market Trends - The buy now, pay later firm Klarna experienced a 15% increase in its debut this month, indicating positive market reception for new listings [3] - Other companies like Bullish, Figma, and Circle have also seen significant gains since their market debuts, reflecting a favorable environment for IPOs [3]

Core Insights - The ongoing trend of initial public offerings (IPOs) continues with a significant IPO taking place today, specifically for the ticket reseller giant StubHub [1] Group 1 - StubHub is a major player in the ticket resale market, indicating strong investor interest in the company's public offering [1] - The IPO is closely watched, suggesting that market participants are keen on the performance and potential valuation of StubHub [1]

Core Viewpoint - Ticket reseller StubHub has priced its initial public offering (IPO) at $23.50 per share, which is within the marketed range of $22 to $25, raising approximately $800 million [1] Group 1 - StubHub's IPO pricing is set at $23.50, aligning with its anticipated range [1] - The company aims to raise about $800 million through this IPO [1] - This IPO marks a significant milestone for StubHub, which has been long-awaited [1]

Company Overview - StubHub, a ticket reseller, has experienced significant demand for its upcoming IPO, with over 20 times as many orders as available shares, indicating strong investor interest in tech-heavy consumer platforms [1] - The company is targeting a valuation of up to $9.2 billion and aims to raise up to $851 million by offering 34 million shares priced between $22 and $25 each [3] Market Context - StubHub had previously postponed its IPO roadshow due to market volatility caused by U.S. tariffs, which affected global markets and dealmaking [2] - Recent trends show a resurgence in U.S. IPOs, with various companies successfully tapping public markets amid record high equity markets and reduced tariff concerns [2] Historical Background - StubHub was co-founded in 2000 by Jeff Fluhr and current CEO Eric Baker, who left the company before its $310 million sale to eBay in 2007 [4] - In 2020, viagogo, a rival ticket reseller founded by Baker, acquired StubHub from eBay for $4.05 billion [4] Underwriting and Listing - J.P. Morgan and Goldman Sachs are the lead underwriters for StubHub's IPO [4] - The company plans to list on the New York Stock Exchange under the ticker symbol "STUB" [4]

Core Viewpoint - The IPO market is showing signs of revival as companies like StubHub and Klarna prepare for their public listings, targeting significant valuations despite a backdrop of fluctuating consumer sentiment and recent losses [2][4]. Group 1: IPO Plans and Valuations - StubHub aims for a valuation of up to $9.2 billion in its IPO, planning to raise up to $851 million by offering 34 million shares priced between $22 to $25 [2][4]. - Klarna, a prominent buy now, pay later firm, is targeting a valuation of approximately $14 billion and plans to raise around $1.3 billion through the sale of 34 million shares priced at $35 to $37 [4]. Group 2: Market Conditions and Performance - The S&P 500 has increased by 10% year-to-date, driven by positive tech earnings, which has led analysts to anticipate a resurgence in the IPO market after a quiet period since 2021 [3]. - Recent IPOs have shown volatility, with companies like Circle and Bullish experiencing significant declines from their debut highs, indicating a cautious approach for investors considering new listings [7]. Group 3: Financial Performance of Companies - StubHub reported a loss of $76 million in the first half of 2025 on revenues of $873 million, a decline from a loss of $24 million in the same period the previous year [5]. - Klarna disclosed a second-quarter loss of $53 million, which is an increase from the $18 million loss reported in the same quarter last year [5].