Eventbrite Inc goes public with strong demand for its shares, opens at US$33
San Francisco-based online ticketing company Eventbrite Inc (NYSE:EB) opened Thursday at US$33 on the New York Stock Exchange after its IPO pricing already suggested demand for its shares is strong.
It priced its initial public offering Wednesday night at US$23, the high end of its US$21 to US$23 range, selling 10 million shares to raise US$230mln and is valued at about US$1.8bn.
Last year, the business generated US$201.6mln in revenue, but lost US$38.5mln.
The 12-year-old company competes against larger rival Ticketmaster-parent Live Nation Entertainment Inc (NYSE:LYV) which fell 4% Thursday to US$50.61.
Eventbrite has been very acquisitive lately snapping up seven companies since 2015. These include Ticketfly, which was purchased from Pandora Media Inc (NYSE:P) for US$200mln.
Contact Uttara Choudhury at [email protected]
Follow her on Twitter: @UttaraProactive
Story by ProactiveInvestors
Source: http://www.proactiveinvestors.com/companies/news/205357/eventbrite-inc-goes-public-with-strong-demand-for-its-shares-opens-at-us33-205357.html
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