StubHub (STUB) Gets Snubbed on IPO, Falls 6%

We recently published 10 Big Names Investors Are Dumping. StubHub Holdings, Inc. (NYSE:STUB) is one of the worst performers on Wednesday.

Shares of StubHub Holdings fell by 6.38 percent on its first day as a publicly listed company, dropping 6.38 percent to close at $22 apiece, as investors appeared to have starved more for technology offerings amid the boom in the Artificial Intelligence sector.

Nonetheless, StubHub Holdings, Inc. (NYSE:STUB) was able to raise $800 million from its initial public offering, having issued more than 34 million shares to the public. The company’s market value was at $8.1 billion at market close.

StubHub Holdings, Inc. (NYSE:STUB) said it planned to use the proceeds from the offer to pay down debt, while the balance will be allocated for general corporate purposes.

Founded in 2000, StubHub Holdings, Inc. (NYSE:STUB) is the marketplace where people can buy and sell tickets online for live events.

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READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. This article is originally published at Insider Monkey.