NEW YORK (AP) — StubHub received a lackluster reception on Wall Street Wednesday.

The ticket marketplace's stock fell 6.4% from its initial public offering price of $23.50 per share on its first day of trading. The company's shares are trading on the New York Stock Exchange under the symbol “STUB."

StubHub offered just over 34 million shares and raised approximately $800 million. At the closing price, the company has a market valuation of about $8.1 billion.

StubHub plans to use proceeds from the sale to pay down debt and for general corporate purposes.

The company, which is based in New York, said buyers in more than 200 countries and territories used its platform to purchase more than 40 million tickets in 2024. It was co-founded in 2000 by current CEO, Eric Baker. He will remain CEO

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