Eventbrite has published more information about its impending Initial Public Offering on the New York Stock Exchange. The self-service ticketing platform first formally confirmed its plan to IPO last month.
According to the company’s latest filing, the firm expects its shares to be priced at between $19 and $21, with ten million shares due to be made available, about 13% of the total number issued. The flotation will give the company a valuation of around $1.55 billion.
Eventbrite is one of the few ticketing start-ups to gain real traction in a market that is notoriously hard to crack because of the dominance of a few legacy players. Although loss-making, it hopes that its momentum will ultimately give it a solid share of the ticketing market long-term enabling it to become profitable down the line.
In the short term, the new papers confirm, the monies raised by the IPO will be used in no small part to pay off existing debts, including $30 million still owed in relation to the company’s acquisition of Ticketfly from Pandora.
The Ticketfly buy was one of a number of purchases of rival ticketing start-ups that enabled Eventbrite to more rapidly grow its share of the ticketing market.[from https://ift.tt/2lvivLP]