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Sep 20, 2018

Eventbrite (EB) IPO: Stock starts trading I CNBC Stocks

cnbc.com

Sara Salinas, Jordan Novet




Eventbrite CEO Julia Hartz (C) and her husband Kevin Hartz, Co-Founder and Chairman of Eventbrite ring the opening bell at the New York Stock Exchange, September 20, 2018. 
Brendan McDermid | Reuters
Eventbrite CEO Julia Hartz (C) and her husband Kevin Hartz, Co-Founder and Chairman of Eventbrite ring the opening bell at the New York Stock Exchange, September 20, 2018.
Online ticketing company Eventbrite soared as much as 60 percent on its stock market debut Thursday.
Shares opened at $36 and climbed above $37 in its first few minutes on the public markets.
The company priced shares at $23 on Wednesday, at the high end of its range, nudging its implied valuation above $1.76 billion as it raised $230 million. The stock trades on the New York Stock Exchange under the ticker symbol "EB."
The public offering joins a growing pool of tech companies to hit the market this year, including consumer companies Spotify and Dropbox and business software providers DocuSign, Zuora and Domo. At current levels, Eventbrite's public offering would be one of the more successful tech IPOs in recent months.
The company, founded 12 years ago by Julia and Kevin Hartz, reported a $15.6 million loss for the first half of the year when it filed its initial prospectus last month. On Sept. 7 the company estimated that it would price shares at $19 to $21, and on Tuesday the company raised the estimated range to $21 to $23.
Eventbrite charges creators for the tickets people buy to attend events. Last year more than 203 million tickets were issued through the service.
Tiger Global owns 21 percent of Eventbrite, Sequoia Capital owns 20 percent of the shares, and the Hartzs own a combined 17 percent.
Goldman Sachs is leading the offering, along with J.P. Morgan, Allen & Co. and RBC Capital Markets.
—CNBC's Ari Levy contributed to this report.