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

<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

Equity Capital Markets

<ul>
<li>The e-commerce accelerator priced 21.4 million shares at $14.00, the midpoint of the range, raising just under $300 million.</li>
<li>Shares opened slightly below issue at $13.50, down 3.6% at the first trade but buyers quickly stepped in to stabilize the stock and finish 11.6% above issue.</li>
<li>The stock’s ability to recover from a weak open and close well above issue indicates see value in this company. </li>
</ul>


The e-commerce accelerator priced 21.4 million shares at $14.00, the midpoint of the range, raising just under $300 million.
Shares opened slightly below issue at $13.50, down 3.6% at the first trade but buyers quickly stepped in to stabilize the stock and finish 11.6% above issue.
The stock’s ability to recover from a weak open and close well above issue indicates see value in this company. 


Pattern Group IPO: From Shaky Open to Strong Close as Buyers Step In

StubHub Holdings / Equity Capital Markets

<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

<ul>
<li>StubHub will offer 34.042 million shares at a $22-25 range and will debut on Wednesday, 9/17.</li>
<li>The company is currently not profitable and revenues had only grown 3% in the 1H of 2025 and has a large amount of indebtedness.</li>
<li>This deal has been highly-telegraphed with the original filing happening in March but the IPO was put on pause after market volatility in April.</li>
</ul>


StubHub will offer 34.042 million shares at a $22-25 range and will debut on Wednesday, 9/17.
The company is currently not profitable and revenues had only grown 3% in the 1H of 2025 and has a large amount of indebtedness.
This deal has been highly-telegraphed with the original filing happening in March but the IPO was put on pause after market volatility in April.


StubHub Holdings (STUB): Ticket Marketplace Company Sets Terms, Seeks up to $9.2b Valuation

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 (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

Pattern Group IPO: From Shaky Open to Strong Close as Buyers Step In

E-commerce accelerator prices IPO at $14, opens slightly below but finishes 11.6% above, showing strong investor interest.

IPO Boutique

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 (STUB): Ticket Marketplace Company Sets Terms, Seeks up to $9.2b Valuation

StubHub to debut IPO on 9/17, offering 34.042 million shares at $22-25 range despite lack of profitability and high indebtedness.

IPO Boutique

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Pattern Group IPO: From Shaky Open to Strong Close as Buyers Step In

​E-commerce accelerator prices IPO at $14, opens slightly below but finishes 11.6% above, showing strong investor interest.

IPO Boutique

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 (STUB): Ticket Marketplace Company Sets Terms, Seeks up to $9.2b Valuation

​StubHub to debut IPO on 9/17, offering 34.042 million shares at $22-25 range despite lack of profitability and high indebtedness.

IPO Boutique

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...

E-commerce accelerator prices IPO at $14, opens slightly below but finishes 11.6% above, showing strong investor interest.

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.

StubHub to debut IPO on 9/17, offering 34.042 million shares at $22-25 range despite lack of profitability and high indebtedness.