San Francisco-based online ticketing company Eventbrite Inc (NYSE:EB) opened Thursday at US$33 on the New York Stock Exchange after its initial pricing suggested demand for its shares would be strong.
The initial public offering priced 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.
Shares of the company settled on Thursday US$13.50 or 58.7% higher at US$36.50, having traded between US$35.25 to US$39.30. Volume traded reached 10.83mln shares.
Last year, the business generated US$201.6mln in revenue, but booked a loss of 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 uttara@proactiveinvestors.com
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