Core Insights - StubHub Holdings Inc. had a challenging debut on the New York Stock Exchange, with shares opening at $24.50/$25.50, an increase of up to 8.5% from the initial offering price of $23.50, but ultimately closing down 6.4% at $22 after raising $800 million in its IPO [1][2]. Company Performance - StubHub's IPO was oversubscribed multiple times, indicating strong investor interest [5]. - The company reported a net loss of $76 million on revenue of $827.9 million for the first half of 2025, compared to a net loss of $24 million on revenue of $803.5 million in the same period of 2024 [7]. - Gross merchandise sales increased to $4.4 billion in the first half of 2025, up from $3.9 billion in the same period last year [7]. Market Context - The US IPO market has been robust recently, raising approximately $5.3 billion since the Labor Day holiday, excluding special purpose acquisition companies [4]. - StubHub's IPO comes amid increased scrutiny of the ticket industry, particularly regarding practices at Live Nation Inc.'s Ticketmaster, which is under investigation by the US Federal Trade Commission [8]. Strategic Moves - StubHub has shifted focus towards new ticket issuance, which currently represents a small portion of its sales, and has entered a multi-year partnership with Major League Baseball to offer tickets to games [6].