Eventbrite IPO: EB Stock at $36 Out of the Gate

The Eventbrite IPO rolled out on Thursday, Sept. 20 with the stock selling under the EB symbol and it kicked off its public offering with a bang, listing itself in the New York Stock Exchange.

Eventbrite IPO

The online ticketing company saw its stock skyrocket nearly 65% on the day with shares opening at $36 and rising to nearly $38 per share later in the day. EB stock has been fluctuating between a price of $37 and $38 throughout the day.

The Eventbrite IPO had originally priced shares at $23 on Wednesday, which was at the high end of its expected range. The move increased the company’s valuation to over $1.76 billion and it was able to raise $230 million.

“We really are focused on investing in the future, and so whether that’s expanding into more categories or countries, that’s really where we’re focused,” Eventbrite CEO Julia Hartz said to CNBC. “I think that we’ve proven that we can be great stewards of capital, so we’re going to keep doing that.”

The company hit a rough spot earlier in the year as it announced a loss of $15.6 million for the first half of the fiscal year, according to its quarterly report released in August. Eventbrite then said that it projected that its shares would be selling in the range of $19 to $21.

It wasn’t until Tuesday that it raised this price target to the range of $21 to $23 per share.

Article printed from InvestorPlace Media, https://investorplace.com/2018/09/eventbrite-ipo-eb/.

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