Eventbrite, the San Francisco-based global event management and ticketing systems provider has launched an initial public offering (IPO) on the New York Stock Exchange worth $200 million.
The company priced the IPO to open at $21-$23 per share from an initial listing of $19-$21 per share, but due to demand, it opened at $37 per share and closed at $36.50.
However, Eventbrite is on track to post more than $100m in losses in the past three years with deficits of $40.4 million in 2016 and $38.5 million in 2017, according to the IPO.
The company was founded in 2006 and last year purchased Ticketfly from Pandora for $200m. This year it acquired Spanish company Ticketea and then Canadian firm Picatic, a ticketing and event registration platform.
Papers show Andrew Dreskin, co-founder of Ticketfly and president of music at Eventbrite, receives an annual salary of $650,000, with an opportunity to earn $500,000 annually in performance bonuses. He also received a $183,750 signing-on bonus in 2017.
Eventbrite opened its first international offshoot in the UK in 2012 and has other offices in Australia, Brazil, Germany, Ireland, Holland and across the US.
Due to a hacking attack that affected 27 million customers, Ticketfly was forced offline for several weeks earlier this year.