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Eventbrite surges on stock exchange debut

US ticketing and event management company Eventbrite saw its share price rocket as it opened on the New York Stock Exchange yesterday (Thursday).

Eventbrite’s shares traded up 58.7 per cent, ending up listed at $36.50.

According to the Financial Times, the results place Eventbrite 12th when it comes to first trading day gains among 2018 listings. The interest values the company at $2.8bn.

Before yesterday’s opening on the NYSE, Eventbrite had raised the proposed deal size for its Initial Public Offering (IPO), planning to raise $230m by offering shares at a price of between $21 and $23.

Shares on Thursday, however, traded between $35.25 and $39.30.

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