Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Bottom-Up

<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

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

US-EU Index Rebalances / Quantitative Researcher, ORTEX

Dimitris Ioannidis

US-EU Index Rebalances / Quantitative Researcher

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/stubhub-holdings" target="_blank" data-smartkarma-citation="entities:45001:1" rel="noopener">StubHub Holdings (STUB US)</a> went public on 17 September at an offer price of $23.50. It closed at $18.46 on 19 September, implying a company valuation of $6.8bn.</li>
<li>
<a href="https://www.smartkarma.com/entities/stubhub-holdings" target="_blank" data-smartkarma-citation="entities:45001:1" rel="noopener">StubHub Holdings (STUB US)</a> is expected to be added to US TMI at the December 2025 review.</li>
<li>The security is expected to be added to other US and Global indices in 2026, following the lock-up expiry that raises free float and public voting rights above minimum thresholds.</li>
</ul>



StubHub Holdings (STUB US) went public on 17 September at an offer price of $23.50. It closed at $18.46 on 19 September, implying a company valuation of $6.8bn.

StubHub Holdings (STUB US) is expected to be added to US TMI at the December 2025 review.
The security is expected to be added to other US and Global indices in 2026, following the lock-up expiry that raises free float and public voting rights above minimum thresholds.


StubHub (STUB US): Delayed but Strong Global & US Index Inclusion

US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

For more than 20 years, we have been providing research, analysis, commentary and ratings on US Equity Capital Markets to institutional investors (US IPOs and Secondary Offerings). Our vast network of contacts across the Equity Capital Markets and attention-to-detail sets us apart from our competitors.

Since 2012, we have achieved a successful hit rating on 89% of Buy-rated IPOs. The collective “Buy” ratings averaged a first trade of 16.3% above issue.Our Neutral Rated Deals averaged just 2% above the issue price at first trade.

Our written research includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

In addition, we provide a high-touch premium desk access which includes analyst access, as well as real time insights on US IPOs as well as secondary offerings.

IPOs and Secondary Offerings

<ul>
<li>The company priced a full-size offering of 34.04 million shares at $23.50, the midpoint of the $22–$25 range, raising more than $750 million.</li>
<li>Shares opened at $25.35, a 7.8% premium to the issue price, but that initial pop quickly evaporated. The stock closed its opening session at $22.00.</li>
<li>Over the next 30 days, we expect investors to remain cautious, with many likely trimming exposure until upcoming quarterly results offer greater clarity.</li>
</ul>


The company priced a full-size offering of 34.04 million shares at $23.50, the midpoint of the $22–$25 range, raising more than $750 million.
Shares opened at $25.35, a 7.8% premium to the issue price, but that initial pop quickly evaporated. The stock closed its opening session at $22.00.
Over the next 30 days, we expect investors to remain cautious, with many likely trimming exposure until upcoming quarterly results offer greater clarity.


StubHub Holdings (STUB): Strong Open, Quick Retreat as Debt and Flipping Pressure Loom

<ul>
<li>The company that describes itself as an operator of the largest global secondary ticketing marketplace will offer 34.042 million shares at a $22-25 range and will debut on Wednesday, 9/17.</li>
<li>According to guidance the deal is considered "multiple-times oversubscribed" with continued 1-on-1 conversions. The underwriters state that there is currently no price sensitivity in the book.</li>
<li>With growth mixed and debt burdens high, we view this IPO as one to approach with caution.</li>
</ul>


The company that describes itself as an operator of the largest global secondary ticketing marketplace will offer 34.042 million shares at a $22-25 range and will debut on Wednesday, 9/17.
According to guidance the deal is considered "multiple-times oversubscribed" with continued 1-on-1 conversions. The underwriters state that there is currently no price sensitivity in the book.
With growth mixed and debt burdens high, we view this IPO as one to approach with caution.


StubHub Holdings (STUB): Big Brand, Heavy Debt Weighs on IPO Outlook

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)

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

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 (STUB US): Delayed but Strong Global & US Index Inclusion

STUB is expected to join US TMI in December 2025 and other US and Global indices in 2026 following the 6-month lock-up expiry that lifts free...

Dimitris Ioannidis

StubHub Holdings (STUB): Strong Open, Quick Retreat as Debt and Flipping Pressure Loom

Company raises over $750 million in IPO, but stock price quickly drops after initial pop, leaving investors cautious for next 30 days.

IPO Boutique

StubHub Holdings (STUB): Big Brand, Heavy Debt Weighs on IPO Outlook

Secondary ticketing marketplace set to debut on 9/17 with oversubscribed IPO, but caution advised due to mixed growth and high debt burdens.

IPO Boutique

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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

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 (STUB US): Delayed but Strong Global & US Index Inclusion

​STUB is expected to join US TMI in December 2025 and other US and Global indices in 2026 following the 6-month lock-up expiry that lifts free...

Dimitris Ioannidis

StubHub Holdings (STUB): Strong Open, Quick Retreat as Debt and Flipping Pressure Loom

​Company raises over $750 million in IPO, but stock price quickly drops after initial pop, leaving investors cautious for next 30 days.

IPO Boutique

StubHub Holdings (STUB): Big Brand, Heavy Debt Weighs on IPO Outlook

​Secondary ticketing marketplace set to debut on 9/17 with oversubscribed IPO, but caution advised due to mixed growth and high debt burdens.

IPO Boutique

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

STUB is expected to join US TMI in December 2025 and other US and Global indices in 2026 following the 6-month lock-up expiry that lifts free...

Company raises over $750 million in IPO, but stock price quickly drops after initial pop, leaving investors cautious for next 30 days.

Secondary ticketing marketplace set to debut on 9/17 with oversubscribed IPO, but caution advised due to mixed growth and high debt burdens.