US-EU Index Rebalances / Quantitative Researcher

Dimitris Ioannidis

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Index Rebalance

Alliance Laundry Holdings / Index Rebalance

<ul>
<li>All eligible US IPOs that went public from 1 August to 31 October will get added to a major US index in December 2025.</li>
<li>The largest forecasted IPO additions in terms of market cap are <a href="https://www.smartkarma.com/entities/bullish-us-llc" target="_blank" data-smartkarma-citation="entities:45521:1" rel="noopener">Bullish US (BLSH US)</a>, <a href="https://www.smartkarma.com/entities/ft-intermediate-inc" target="_blank" data-smartkarma-citation="entities:45672:1" rel="noopener">FT Intermediate (FIGR US)</a> and <a href="https://www.smartkarma.com/entities/fermi-llc" target="_blank" data-smartkarma-citation="entities:45788:1" rel="noopener">Fermi (FRMI US)</a>.</li>
<li>The largest forecasted IPO additions in terms of passive fund impact include <a href="https://www.smartkarma.com/entities/legence-corp" target="_blank" data-smartkarma-citation="entities:45669:1" rel="noopener">Legence (LGN US)</a>, <a href="https://www.smartkarma.com/entities/via-transportation-inc" target="_blank" data-smartkarma-citation="entities:45670:1" rel="noopener">Via Transportation (VIA US)</a> and <a href="https://www.smartkarma.com/entities/avidia-bancorp-inc" target="_blank" data-smartkarma-citation="entities:46007:1" rel="noopener">Avidia Bancorp (AVBC US)</a>.</li>
</ul>


All eligible US IPOs that went public from 1 August to 31 October will get added to a major US index in December 2025.
The largest forecasted IPO additions in terms of market cap are Bullish US (BLSH US), FT Intermediate (FIGR US) and Fermi (FRMI US).
The largest forecasted IPO additions in terms of passive fund impact include Legence (LGN US), Via Transportation (VIA US) and Avidia Bancorp (AVBC US).


US: 19 IPOs Forecasted for Index Addition in December 2025

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

StubHub Holdings / Equity Capital Markets

<ul>
<li>StubHub Holdings, the world’s leading live event marketplace, is expected to price its initial public offering on Tuesday.</li>
<li>The 20+ times oversubscribed offering may raise up to ~$850M at the high end of the range at $25.00 per share.</li>
<li>The American online ticketing giant plans to use net proceeds from the offering to repay ~$550M of existing indebtedness outstanding.</li>
</ul>


StubHub Holdings, the world’s leading live event marketplace, is expected to price its initial public offering on Tuesday.
The 20+ times oversubscribed offering may raise up to ~$850M at the high end of the range at $25.00 per share.
The American online ticketing giant plans to use net proceeds from the offering to repay ~$550M of existing indebtedness outstanding.


StubHub IPO (STUB.US): Reasonable Valuation With Superior Gross Margins Unlocks a Buying Opportunity

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>StubHub Holdings has suddenly become one of the more interesting World Cup-adjacent market stories, with shares recently trading around $10.62 after gaining roughly 4.5% on the day.</li><li>The move matters because it is not built only on a chart pattern or a vague sports headline.</li><li>StubHub is entering a global event window where urgency, scarcity, national pride, and last-minute buying behavior can all collide in ways that benefit a live-event marketplace.</li></ul>

StubHub Holdings has suddenly become one of the more interesting World Cup-adjacent market stories, with shares recently trading around $10.62 after gaining roughly 4.5% on the day.The move matters because it is not built only on a chart pattern or a vague sports headline.StubHub is entering a global event window where urgency, scarcity, national pride, and last-minute buying behavior can all collide in ways that benefit a live-event marketplace.

StubHub’s $10 Stock Is Riding The World Cup Ticket Craze!

<ul>
<li>StubHub Holdings reported a mixed 3Q’25 as a public company pushing shares down over 20% during regular trading session on Friday.</li>
<li>Management declined to provide specific guidance for 4Q’25 and asked analysts to wait for the next call in early 2026. Shares tanked 25% and hit all-time low of ~$13/share.</li>
<li>At ~2.8x EV/2026E Revenue and 1-year forward P/E of ~24x I view risk reward as favorable and believe the current selloff creates an attractive entry point for long-term investors.</li>
</ul>


StubHub Holdings reported a mixed 3Q’25 as a public company pushing shares down over 20% during regular trading session on Friday.
Management declined to provide specific guidance for 4Q’25 and asked analysts to wait for the next call in early 2026. Shares tanked 25% and hit all-time low of ~$13/share.
At ~2.8x EV/2026E Revenue and 1-year forward P/E of ~24x I view risk reward as favorable and believe the current selloff creates an attractive entry point for long-term investors.


StubHub Holdings (NYSE: STUB): Bullish Into 2026, Current Selloff Creates an Attractive Entry Point

<ul>
<li>Forecasted inclusions include <a href="https://www.smartkarma.com/entities/coreweave-inc" target="_blank" data-smartkarma-citation="entities:44471:1" rel="noopener">CRWV</a> &amp; <a href="https://www.smartkarma.com/entities/figma-inc" target="_blank" data-smartkarma-citation="entities:45422:1" rel="noopener">FIG</a> due to increased public voting rights, <a href="https://www.smartkarma.com/entities/bitfarms-ltd-of-canada" target="_blank" data-smartkarma-citation="entities:35932:1" rel="noopener">KEEL</a> &amp; <a href="https://www.smartkarma.com/entities/ashtead-group-plc" target="_blank" data-smartkarma-citation="entities:21806:1" rel="noopener">SUNB</a> due to newly eligible US index nationality, and <a href="https://www.smartkarma.com/entities/opendoor-technologies-inc" target="_blank" data-smartkarma-citation="entities:32216:1" rel="noopener">OPEN</a> &amp; BMNR due to a price surge.</li>
<li>
<a href="https://www.smartkarma.com/entities/ashtead-group-plc" target="_blank" data-smartkarma-citation="entities:21806:1" rel="noopener"></a>Projected deletions include <a href="https://www.smartkarma.com/entities/beyond-meat-inc" target="_blank" data-smartkarma-citation="entities:28065:1" rel="noopener">Beyond Meat (BYND US)</a>, <a href="https://www.smartkarma.com/entities/getty-images-holdings-inc" target="_blank" data-smartkarma-citation="entities:37015:1" rel="noopener">Getty Images (GETY US)</a>, and <a href="https://www.smartkarma.com/entities/alight-inc" target="_blank" data-smartkarma-citation="entities:27940:1" rel="noopener">Alight (ALIT US)</a> because of prices below $1 despite market caps of ~$400m.</li>
<li>Anticipated migrations from R2000 to R1000 include<a href="https://www.smartkarma.com/entities/bloom-energy-corp" target="_blank" data-smartkarma-citation="entities:34062:1" rel="noopener"> Bloom Energy (BE US)</a>, <a href="https://www.smartkarma.com/entities/nextracker-inc" target="_blank" data-smartkarma-citation="entities:36731:1" rel="noopener">Nextpower (NXT US)</a>, <a href="https://www.smartkarma.com/entities/fabrinet" target="_blank" data-smartkarma-citation="entities:8813:1" rel="noopener">Fabrinet (FN US)</a>, and <a href="https://www.smartkarma.com/entities/credo-technology-group-holding-ltd" target="_blank" data-smartkarma-citation="entities:35436:1" rel="noopener">Credo Technology (CRDO US)</a>, resulting in passive fund supply.</li>
</ul>


Forecasted inclusions include CRWV &amp; FIG due to increased public voting rights, KEEL &amp; SUNB due to newly eligible US index nationality, and OPEN &amp; BMNR due to a price surge.

Projected deletions include Beyond Meat (BYND US), Getty Images (GETY US), and Alight (ALIT US) because of prices below $1 despite market caps of ~$400m.
Anticipated migrations from R2000 to R1000 include Bloom Energy (BE US), Nextpower (NXT US), Fabrinet (FN US), and Credo Technology (CRDO US), resulting in passive fund supply.


US R3000 Annual Forecasts - Jun26: Additions, Deletions & Migrations

United States

Stubhub Holdings, Inc. is a holding company. The Company, through its subsidiaries, provides an online marketplace to buy and sell tickets for sports, concerts, theater, festivals, and live events. Stubhub Holdings operates worldwide.

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StubHub Holdings (STUB US)

US: 19 IPOs Forecasted for Index Addition in December 2025

Eligible US IPOs that debuted Aug-Oct 2025 will be added to major US index in Dec 2025, with BLSH, FIGR and FRMI leading in market cap while LGN,...

Dimitris Ioannidis

StubHub IPO (STUB.US): Reasonable Valuation With Superior Gross Margins Unlocks a Buying Opportunity

In my insight, I focus on in-depth analysis of valuation comps, examine post-IPO trading scenario and dive deeper into the business of...

Andrei Zakharov

StubHub’s $10 Stock Is Riding The World Cup Ticket Craze!

StubHub Holdings has suddenly become one of the more interesting World Cup-adjacent market stories, with shares recently trading around $10.62...

Baptista Research

StubHub Holdings (NYSE: STUB): Bullish Into 2026, Current Selloff Creates an Attractive Entry Point

StubHub Holdings, the global secondary ticketing marketplace for live events, reported a mixed quarter as a public company. In my insight, I...

Andrei Zakharov

US R3000 Annual Forecasts - Jun26: Additions, Deletions & Migrations

The last annual reconstitution for index US‑R3000 is approaching, with additions and deletions driven by public voting rights, extreme price...

Dimitris Ioannidis

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US: 19 IPOs Forecasted for Index Addition in December 2025

​Eligible US IPOs that debuted Aug-Oct 2025 will be added to major US index in Dec 2025, with BLSH, FIGR and FRMI leading in market cap while LGN,...

Dimitris Ioannidis

StubHub IPO (STUB.US): Reasonable Valuation With Superior Gross Margins Unlocks a Buying Opportunity

In my insight, I focus on in-depth analysis of valuation comps, examine post-IPO trading scenario and dive deeper into the business of...

Andrei Zakharov

StubHub’s $10 Stock Is Riding The World Cup Ticket Craze!

StubHub Holdings has suddenly become one of the more interesting World Cup-adjacent market stories, with shares recently trading around $10.62...

Baptista Research

StubHub Holdings (NYSE: STUB): Bullish Into 2026, Current Selloff Creates an Attractive Entry Point

​StubHub Holdings, the global secondary ticketing marketplace for live events, reported a mixed quarter as a public company. In my insight, I...

Andrei Zakharov

US R3000 Annual Forecasts - Jun26: Additions, Deletions & Migrations

The last annual reconstitution for index US‑R3000 is approaching, with additions and deletions driven by public voting rights, extreme price...

Dimitris Ioannidis

Eligible US IPOs that debuted Aug-Oct 2025 will be added to major US index in Dec 2025, with BLSH, FIGR and FRMI leading in market cap while LGN,...

StubHub Holdings, the global secondary ticketing marketplace for live events, reported a mixed quarter as a public company. In my insight, I...