StubHub began its life as a public company with a modest decline on the New York Stock Exchange, as its shares fell below the IPO price. The secondary ticketing company’s shares opened at $25.35 and peaked at $26.34 before ending the day at $22.00, 6.4% below the $23.50 initial public offering price set a day earlier.

A first-day drop isn’t unusual for companies that go public. From 1980 to 2024, 16.5% of IPO stocks had first-day losses, according to statistics compiled by the University of Florida’s Jay R. Ritter. But a far higher percentage of IPO stocks fell on their first day of trading in recent years. In 2023 and 2024, that figure rose to 53.7% and 34.7%, respectively.

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