StubHub launches IPO roadshow to drum up investor interest for its new stock

By Steve Gelsi

Ticket seller StubHub and security-software company Netskope both plan to raise about $800 million. Each has been operating for more than 10 years.

StubHub set an estimated price range for its upcoming initial public offering ahead of its roadshow for investors.

Ticket seller StubHub Holdings Inc. and security-software company Netskope Inc. launched investor roadshows on Monday as they look to drum up interest for their initial public offerings of stock.

The roadshows come as the companies set terms for their IPOs, including the number of shares to be offered and the estimated price ranges for the shares. They also come during the busiest week in four years for companies going public, as the market for new issues heats up for larger, more established companies.

Now that the terms have been set for StubHub's (STUB) and Netskope's (NTSK) IPOs, the stocks will likely price and start trading within the next couple of weeks.

The bankers for StubHub and Netskope are betting that investors' appetite for larger deals with companies with longer track records will continue after this week's debuts from Klarna Group Plc (KLAR) and five other IPOs of $250 million or more in proceeds.

In a sign of healthy demand for new issues, the Renaissance IPO exchange-traded fund IPO has rallied 17.8% in 2025, while the S&P 500 index SPX has gained 10.4%.

StubHub and Netskope are each raising about $800 million. The two companies have been operating for more than 10 years, with StubHub founded in 2000 and Netskope in 2012. The company founders are still in leadership roles at each business.

While the estimated pricing could lead to market capitalizations of nearly $9 billion for StubHub and more than $6.2 billion for Netskope, neither business generated a profit in the first six months of the year.

StubHub, a widely used ticket-exchange service for live events, is a relatively rare example of a well-known consumer name outside of the financial services sector that's going public.

StubHub plans to offer 34.04 million shares at an estimated price range of $22 to $25 a share for trading under the symbol "STUB" on the New York Stock Exchange.

At the midpoint of the range, StubHub will raise about $800 million with lead underwriters J.P. Morgan and Goldman Sachs.

With 372.92 million shares outstanding if underwriters purchase their allotted stock, StubHub's market capitalization would be about $8.8 billion at a price of $23.50 a share, the midpoint of its estimated price range.

That's about five times its full-year 2024 revenue of $1.77 billion.

For the six months that ended June 30, StubHub reported a net loss of $111.8 million on revenue of $827.9 million. In the year-ago period, it generated a net loss of $50.19 million on revenue of $803.45 million.

The company is led by Chief Executive Eric H. Baker, 52, who launched the company 25 years ago after he had trouble finding tickets to see the musical "The Lion King." He previously worked at consulting firm McKinsey and private-equity firm Bain Capital.

In 2024, StubHub handled $8.7 billion in merchandise sales, with 1 million unique ticket sellers, buyers in more than 200 countries and events in more than 90 countries.

Netskope to raise $764 million as a large tech-sector deal

Netskope Inc. plans to offer 47.8 million shares at an estimated price range of $15 to $17 a share. The stock will trade on the Nasdaq under the symbol "NTSK."

At the midpoint of the range, the company, which provides data security using artificial intelligence, will raise $764 million with lead underwriters Morgan Stanley and J.P. Morgan.

With 389.3 million shares outstanding, including shares allotted to underwriters, Netskope will have a market capitalization of $6.2 billion, at the midpoint of its IPO's estimated price range.

That's about 11.6 times its 2025 revenue of $538.27 million.

For the six months that ended July 31, Netskope generated a net loss of $169.54 million on revenue of $328.49 million, while in the corresponding year-ago period, it generated a net loss of $206.73 million on revenue of $251.25 million.

Co-founded in 2012 by Sanjay Beri, who serves as CEO, Netskope has raised private capital from principal shareholders Iconiq Capital, Bain Capital Ventures and Accel.

The company runs the Netskope One platform, which it says "ensure[s] that users and data, two of an organization's most valuable assets, remain protected at every turn, and that organizations themselves are actively defended against ever-evolving threats."

The company says its products are "the key to unlocking the full potential of the cloud, AI, and ultimately organizations."

Also read: Bullish's stock is still rallying, as the IPO market refuses to take a summer break this year

-Steve Gelsi

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09-08-25 1035ET