US-based event ticketing and technology platform developer Eventbrite will secure $230m when it floats on the New York Stock Exchange today, chalking up an exit for payment technology producer Square.
The initial public offering consists of 10 million shares priced at $23 each yesterday, giving it a $1.76bn valuation. The company had initially set a $19 to $21 range for the IPO earlier this month, before upgrading it to $21 to $23 on Tuesday.
Eventbrite has created an online ticketing platform it supplies to promoters which was responsible for a total of some 203 million tickets sold over the course of 2017.
The company charges for each ticket sold using the platform, and made a $15.6m net loss in the first half of 2018 from $142 in revenue.
The IPO comes after $359m in equity funding, with Square investing $25m as part of an October 2017 partnership agreement, though its stake is worth less than 5%.
Eventbrite’s largest shareholder is hedge fund manager Tiger Global Management, the owner of a 21.3% share that was cut to 18.4% in the IPO.
Venture capital firm Sequoia Capital and asset management firm T. Rowe Price, both of which participated in a $134m series G round for Eventbrite in August 2017 along with Tiger Global, emerged with respective stakes of 17.6% and 6% post-IPO.
VC fimrms Global Founders Capital, 137 Ventures, DAG Ventures and Tenaya Capital are also among the company’s investors.
Goldman Sachs, JP Morgan Securities and Allen & Company are lead joint book-running managers for IPO. RBC Capital Markets is also a book-running manager while SunTrust Robinson Humphrey and Stifel, Nicolaus & Company are co-managers.
The underwriters have the 30-day option to buy an additional 1.5 million shares, which would increase the size of the offering to $264.5m.