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Eventbrite raises IPO range

Eventbrite has raised the proposed deal size for its upcoming Initial Public Offering (IPO), with the US ticketing and event management company now planning to raise $230m.

Eventbrite last week revealed the terms of its IPO, which stood at $200m. The firm had expected its 10 million shares to cost between $19 and $21 when it goes on the New York Stock Exchange later this year.

The company now plans to raise $230m by offering shares at a price of between $21 and $23. At the midpoint of the revised range, Eventbrite will raise 10 per cent more in proceeds than previously anticipated.

Eventbrite shares are expected to trade under the symbol EB with the offering to be led by underwriters including Goldman Sachs, JPMorgan Chase and Allen & Co.

The San Francisco-based company was founded in 2006 and booked $256m in revenue for the 12 months ended June 30, 2018.

Last month, the company announced its ‘Essentials’ package customers will see payment processing fees drop from three per cent to 2.5 per cent, while fees for tickets will fall from $0.99 to $0.70. However, it is also increasing its service fee charge per ticket from one per cent to two per cent, while also removing a service fee cap of $19.99.

Image: Eventbrite