Features
The Future Looks Brite: Eventbrite Files For IPO
– Eventbrite
Co-Founders Kevin and Julia Hartz
Ticketing and event technology platform Eventbrite has filed for an S-1 with the U.S. Securities and Exchange Commission Aug. 23, indicating the company is indeed moving forward with an initial public offering.
Rumors of the filing had already been floating around for nearly a month prior and it is common practice to use the confidential-filing provision of the JOBS Act ahead of the actual IPO, according to the Wall Street Journal, so some insiders said the process was already under way.
The company proposed to make up to $200 million of Class A common stock available, according to Music Business Worldwide.
The company was founded by Kevin and Julia Hartz in 2006. Based out of San Francisco, Eventbrite has grown into a major force in the ticketing business, acquiring Ticketscript, Ticketfly and Ticketea in 2017.
Since its founding the company has reportedly raised more than $350 million in capital, from backers including Sequoia Capital, T. Rowe Price Group and Tiger Global Management.
The company reported $256 million in revenue from June 30, 2017 to June 30, 2018, according to Renaissance Capital. Goldman Sachs, J.P. Morgan, Allen & Company and RBC Capital Markets are the joint bookrunners on the deal, according to the investment manager.
Eventbrite’s symbol on the New York Stock Exchange will reportedly be EB.
The company appointed Ticketfly founder and independent music champion Andrew Dreskin onto its board of directors earlier this year after already making him the company’s President of Music.
In an interview with Pollstar, after that announcement, Dreskin said he felt the move symbolized Eventbrite’s commitment to independent music, along with the many other events and services it provides.
“At Ticketfly we were sort of the champion of independent venues and promoters. We were the company that built tools specifically for independent venue owners, promoters, and by extension independent artists, talent agents, and managers. And now we continue with that work at Eventbrite.
“I think that Eventbrite acquiring Ticketfly speaks volumes. I think it shows Eventbrite’s commitment to the independent music space. I just think it shows they’re serious about it.”
Representatives for Eventbrite couldn’t offer comment beyond confirmation of the S-1 filing at press time.