StubHub slides 6% in first day of trading on NYSE

Ticket-selling platform StubHub STUB.N erases early gains and finishes down in its NYSE debut on Weds after long-awaited IPO

STUB opened at $25.35 vs $23.50 IPO price and traded as high as $27.89 early on. But then the stock declined sharply and ended down 6.4% at session low of $22

New York-based STUB late Tues said it sold about 34 mln shares in middle of $22-$25 range for total raise of $800 mln

Led by co-founder Eric Baker, STUB achieved a valuation of roughly $8.6 bln at the IPO price

This as the IPO market is continuing a strong comeback after the Labor Day holiday

STUB had eyed going public since at least 2022, first via a direct listing, and then paused its IPO plans in Apr as tariff-driven volatility shut down the new listings market

The IPO comes as Live Nation's LYV.N Ticketmaster was being probed by U.S. regulators over whether it’s done enough to keep bots from illegally reselling tickets on its platform, Bloomberg News reported on Mon

JP Morgan and Goldman Sachs leading a 14-firm underwriting syndicate for STUB's IPO. (Click here for the offering prospectus)