Eventbrite Sets IPO Share Price for $1.8B Valuation
The ticketing company's stock will sell for between $19 and $21 per share, aiming to raise $200 million.
Eventbrite has taken another step toward becoming a publicly traded company, setting a price for the 10 million Class A shares it plans to sell on the New York Stock Exchange.
Trading under the ticket symbol EB, the price range for the shares is between $19 to $21, creating a midpoint valuation of $1.8 billion that would raise $200 million for the ticketing company.
The company has seen impressive revenue growth over the past two years, rising 51 percent from $133 million in 2016 to $201 million last year. Despite the strong top line numbers, Eventbrite is on track to post more than $100 million in losses in the past three years with deficits of $40.4 million in 2016 and $38.5 million in 2017. In the first six months of 2018, the company has lost $15.6 million, according to the IPO, including $6.6 million in loses through June 30 of this year following a hacking attack that took Ticketfly offline for several weeks and affected thousands of festivals, promoter and clients. The company estimates that the personal data of 27 million customers was released as a result of the so called "cyber incident."
Co-founder Julia Hartz and the company's new President of Music Andrew Dreskin have yet to publicly address the attack. Including in the filing was Dreskin's offer letter following the sale of Ticketfly to Eventbrite by Pandora last year.
The Sept. 14 offer letter comes three months after the sale was announced and two weeks after the sale officially closed. According to the letter, Dreskin receives an annual salary of $650,000 with an opportunity to earned $500,000 annually in performance bonuses. He also received a $183,750 signing bonus in 2017.
Dreskin is a co-founder of Ticketfly, building the company into a middle market juggernaut that was sold to Pandora in 2015, which then sold the company to Eventbrite last year.