Madrone Capital Partners Reaps $1.7 Billion in StubHub IPO

Madrone Capital Partners, co-founded by Denver Broncos owner Greg Penner, emerged as the biggest winner of StubHub's IPO, with a 22% stake valued at $1.7 billion. Penner is married to Rob Walton's daughter and is the chairman of Walmart's board. The company's CEO, Eric Baker, owns 88.3% of the voting power but only a 9.8% stake. Shares of StubHub sank 6.4% in its first day of trading.

StubHub Holdings Inc. made its public debut on Wednesday, with Madrone Capital Partners emerging as the largest beneficiary. The Menlo Park, California-based private equity firm, co-founded by Greg Penner, chairman of Walmart Inc.'s board, saw its 22% stake in the ticket reseller valued at nearly $1.7 billion at the close of trading Broncos Owner Wins Big in StubHub IPO With $1.7 Billion Stake^[1].

Madrone Capital Partners, along with other major investors, played a significant role in the company's growth and eventual IPO. Greg Penner, who is also the CEO of the Denver Broncos, bought the team alongside his wife, Carrie (Rob Walton's daughter), for $4.65 billion in 2022, setting a record for a National Football League franchise Broncos Owner Wins Big in StubHub IPO With $1.7 Billion Stake^[1].

StubHub's CEO, Eric Baker, owns 4.7% of the company, but holds 88.3% of the voting power. Madrone Partners, WestCap, and Bessemer Venture Partners hold 24.5%, 12.3%, and 8.8% stakes, respectively Eric Baker’s long, winding road to taking StubHub public^[2]. Despite the IPO, StubHub's shares closed 6% below their IPO price of $23.50, valuing the company at over $7 billion Eric Baker’s long, winding road to taking StubHub public^[2].

The IPO marks a significant milestone for Baker, who co-founded the company in 2000 with Jeff Fluhr. After being pushed from the company in 2004, Baker went on to found Viagogo, a StubHub competitor, before returning to lead the company after eBay spun it off in 2019 Eric Baker’s long, winding road to taking StubHub public^[2]. Despite the challenges posed by the COVID-19 pandemic, StubHub's revenue grew by 10% in the first quarter of 2025, driven by the resurgence of live events Eric Baker’s long, winding road to taking StubHub public^[2].