By Ateev Bhandari
Sept 12 (Reuters) - Ticket reseller StubHub, which
delayed its U.S. listing in April amid market volatility, has
drawn over 20 times as many orders for its planned initial
public offering as there are available shares, a source familiar
with the matter said on Friday.
The outsized demand for the IPO, which is set to price
shares on Tuesday, reflects pent-up investor appetite for
tech-heavy consumer platforms.
StubHub did not immediately respond to Reuters' request for
comment.
Madrone Partners-backed StubHub had postponed its IPO
roadshow earlier this year as U.S. President Donald Trump's
tariffs roiled global markets and froze all dealmaking.
In a stark turn of events, U.S. IPOs have had a triumphant
week as companies ranging from crypto to consumer tapped the
public markets amid record high equity markets and easing tariff
worries.
Swedish buy-now, pay-later firm Klarna's ( KLAR ) shares
jumped in its long-awaited debut earlier this week, reinforcing
bullish investor sentiments for fintechs.
Separately, cafe chain Black Rock Coffee Bar's
shares rose above their issue price earlier in the day, as
investors brushed off residual concerns over the consumer
company's health.
StubHub is targeting a valuation of up to $9.2 billion in
its U.S. IPO, seeking to raise up to $851 million by offering 34
million shares priced between $22 and $25 each.
The company was co-founded in 2000 by Jeff Fluhr and current
CEO Eric Baker, who had exited StubHub ahead of its $310-million
sale to e-commerce firm eBay ( EBAY ) in 2007.
Baker in 2006 launched viagogo, a rival ticket reseller in
Europe, which in 2020 bought StubHub from eBay ( EBAY ) for $4.05
billion.
J.P. Morgan and Goldman Sachs are the lead underwriters of
the offering.
StubHub will list on the New York Stock Exchange under the
ticker symbol "STUB".