Eventbrite sets IPO range of $19 to $21 for $1.8B Valuation

Eventbrite has taken another step toward becoming a publicly traded company, setting a price for the 10 million Class A shares it plans to sell on the New York Stock Exchange.

The company filed its initial IPO paperwork confidentially back in July, then unveiled its S-1 to about two weeks ago.

Trading under the ticket symbol EB, the price range for the shares is between $19 to $21, creating a midpoint valuation of $1.8 billion that would raise $200 million for the ticketing company.

Eventbrite is not profitable and has been losing money since 2016. According to the documents, it posted losses of $40.4 million in 2016 and $38.5 million in 2017. In the first six months of 2018, the company has posted a net loss of $15.6 million. The company is making changes to make up for some of those losses — at the end of August, it announced a new pricing scheme for its customers using the “Essentials” package.

However, the company has seen impressive revenue growth over the past two years, rising 51 percent from $133 million in 2016 to $201 million last year.

The Sept. 14 offer letter comes three months after the sale was announced and two weeks after the sale officially closed. According to the letter, Dreskin receives an annual salary of $650,000 with an opportunity to earned $500,000 annually in performance bonuses. He also received a $183,750 signing bonus in 2017.

Dreskin is a co-founder of Ticketfly, building the company into a middle market juggernaut that was sold to Pandora in 2015, which then sold the company to Eventbrite last year.

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