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Singapore-based GIC snaps up Eventbrite stake

Singapore sovereign wealth fund GIC has acquired a 5.05% stake in Eventbrite, the international self-service ticketing provider.

Just over 98% of the 3.81 million shares that have been snapped up will be held by GIC with sole voting power. For the other 75,000 shares transferred, voting power will be shared between GIC and the Monetary Authority of Singapore (MAS), a fellow investment vehicle.

GIC manages the government’s financial assets and makes strategic investments worldwide. 

Eventbrite is still recovering from a challenging 2020, which included a 75% fall in Q3 revenue due to the pandemic. However, the outlook is brighter this year, with sales increasing year-on-year by $37.9m (£27.85m) in the six months through to the end of June – nine times the total generated in the first half of last year.

Eventbrite’s share price closed down by nearly 3.5% at $16.83 on the New York Stock Exchange following the news, having registered a yearly high at $35.17 (£25.81) in March. The company currently has a market capitalisation of about $1.5bn.

 “As restrictions on in-person gatherings eased during the second quarter of 2021, Eventbrite’s creators and their audiences re-emerged in force, said Eventbrite chief executive and co-founder Julia Hartz in the most recent financial update.

“Our creators hosted a record number of events on the Eventbrite platform in the [second] quarter, and paid ticket volume rose steadily throughout the quarter. 

“Our strong financial results reflect the demand for live gatherings, as well as the benefits of our strategic focus and increased operating leverage.” 

Photo by Rocco Caruso on Unsplash