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The 12-year-old company pushed its expected price interval from $19 to $21 to $21 to $23 according to a new SEC filing. The company still intends to sell up to 11.5 million shares in its debut, a figure that is inclusive of a 1.5 million share greenshoe option made available to its underwriters.
Given a 10 million offering (sans greenshoe), Eventbrite would raise $210 million to $230 million through its IPO. If the firm sells the additional 1.5 million shares to its banks, those figures rise to $241.5 million and $264.5 million.
Thinking further, Eventbrite would be worth $1.61 billion at $21 per share and $1.76 billion at $21 and $23 per share, respectively. Those figures rise to $1.64 billion and $1.80 billion when the greenshoe shares are included.
The range upgrade pushes the minimum target price for Eventbrite up by 10.5 percent and the maximum up by 9.5 percent. Both are healthy valuation and capital-raise upgrades for a firm that hasn’t posted an operating profit, let alone net profit in any reported quarter.
However, Eventbrite has growth in its corner and a strong history of operating and free cash flow.
The company is expected to formally price tomorrow and begin trading the day after. More when it picks a final valuation for its debut.
Illustration: Li-Anne Dias
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