Eventbrite files for $200 million IPO

Eventbrite files for $200 million IPO

Eventbrite  filed an IPO on August 16, 2018, for $200 million, confirming reports earlier this summer that the event-planning company plans to go public later this year.

According to the document, the company plans to raise $200 million from selling Class A shares, but has yet to list the price per share.

As for what Eventbrite intends to do with the new funds, many are pointing to the need to recover the company’s recent losses. While the company reported a net profit of $201.6 million in 2017, operating and loss expenses still left the company unprofitable that year. The company reported a net loss of $38.5 million in 2017 and a loss so far in 2018 of $15.6 million.

However, the company does report a net revenue growth of 51 percent and reported a net revenue of $142 million so far in 2018.

The filing lists Goldman Sachs as a lead underwriter and bolsters the company’s commitment to providing a platform to “creators of all types” as a competitive advantage. To continue this commitment, the company says it intends to add extended capabilities across categories and countries.

As it stands now, prior to its stock market debut, Eventbrite has raised $332.3 million over nine funding rounds since 2006, including a debt funding round for $1.5 million in 2008, with the backing of investors like Saints Capital, Tiger Global, Sequoia Capital and DAG Ventures.

Source: Techcrunch.com