• Artificial intelligence likely to be key topic for book build
• Dual-class share structure may concern some investors

StubHub Holdings, the online ticketing platform, is preparing to launch its initial public offering on the New York Stock Exchange after Labor Day, according to two sources familiar with the matter.

The New York-based company has postponed its IPO twice — most recently in April due to tariff-related stock market uncertainty, and last summer amid a broader downturn in growth stocks.

Investor roadshows are expected to kick off in September or October, the sources said. StubHub had initially planned to begin its investor outreach the week of 7 April, but a surprise tariff announcement by President Donald Trump triggered a stock sell-off and a spike in the Volatility Index (VIX), which surged above 52. The VIX has since stabilized around 16.

The company’s strong brand recognition, global footprint, and experienced leadership team are seen as key selling points for investors, one source noted. However, its dual-class share structure — which gives founder and CEO Eric Baker over 90% of the company’s voting power — could raise concerns among some institutional investors, this source conceded.

Artificial intelligence is expected to play a significant role in investor interest. A consultant noted that questions will likely arise around how StubHub is leveraging AI to reduce costs and better target consumers. According to its S-1 filing, the company is using AI to drive innovation across its operations, particularly in matching buyers and sellers to increase conversion rates.

Investors will need to weigh StubHub’s positioning between high-growth tech and traditional consumer marketplace metrics, the first source said. The company is expected to be compared with entertainment giants like Live Nation, which owns Ticketmaster, and ticketing platforms such as Vivid Seats and Eventbrite. StubHub is reportedly targeting a valuation of USD 16.5bn.

The company reported USD 1.77bn in revenue for 2024, representing 30% year-over-year growth. This growth trajectory will be a key factor in determining its final valuation during IPO pricing, which is now on track to occur sometime this autumn, the source added.

A first mover in the secondary ticketing market, StubHub was founded in 2000 by Baker while he was an MBA student at Stanford. He left the company in 2004, and StubHub was acquired by eBay for USD 310m in 2007. In a full-circle moment, Baker — who had gone on to launch rival platform viagogo in 2006 — acquired StubHub back from eBay in 2019 for USD 4.05bn.

JPMorgan and Goldman Sachs are the lead underwriters for StubHub’s listing.

Proceeds from the IPO will be allocated toward working capital, general corporate expenses, and debt reduction, according to the S-1. Capital may also be used for acquisitions of adjacent technology, data analytics, or live event businesses, one of the sources said.

StubHub did not return a message seeking comment. JPMorgan and Goldman Sachs declined to comment.