Eventbrite prices its IPO at $23 a share (EB)

Eventbrite Surges in Market Debut

Eventbrite Surges in Market Debut

"I think the appetite for a platform like Eventbrite that serves the mid-market of events, ticketing 3 million events previous year, is something that's quite rare and I think the appetite is reaffirming for us that we have a strong business and decades more to go", Hartz said.

Shares opened at $36 and climbed above $37 in its first few minutes on the public markets.

Shares of Eventbrite opened at $36 in the stock's market debut.

In the past 12 years as a private company, Eventbrite has raised $332 million.

"Part of the dream is it becomes a broader platform over time, for example adding services that manage sponsorship opportunities and food vendors", another banker close to the deal said. The August IPO filing showed that Eventbrite had issued 201 million tickets for 3 million events a year ago, with 46.7 million of those tickets sold. Shares opened lower on Friday at Dollars 36.00, before falling 3.7% early later on.

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In its S-1 filing, Eventbrite said it hoped to use the proceeds to increase its capitalization and financial flexibility and to pay off its debt - which stands at $66.36 million.

Eventbrite's stock, which listed on the New York Stock Exchange under the ticker EB, rose as much as 71% to $39.30 a share on Thursday before closing at $36.50. The company said it lost $15.58 million in the first six months of this year. Eventbrite said it sold 46.7 million tickets previous year and posted a net loss of $38.55 million. Eventbrite also allows companies to promote their brands, reaching up millions of users.

Tiger Global owns 21 percent of Eventbrite, Sequoia Capital owns 20 percent of the shares, and the Hartzs own a combined 17 percent.

The underwriters for the offering are Goldman Sachs, JPMorgan, Allen, RBC Capital Markets, SunTrust Robinson Humphrey and Stifel.

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