U.S.-based event and ticket management service provider Eventbrite, Inc. has big things planned in the coming months. The company has finally taken major steps to go public after recently filing an amended S-1 form to the Securities and Exchange Commission (SEC).
The initial filing details claim that Eventbrite is raising at least $200 million using the initial public offering (IPO) when the company is listed on the New York Stock Exchange (NYSE) under the EB ticker. The raised funds will primarily be directed toward answering the debts and tax obligations of Eventbrite. On the other hand, any excess revenue will be used for business development and other corporate purposes.
The IPO is looking promising so far, with Goldman Sachs, JPMorgan, Allen, RBC Capital Markets, SunTrust Robinson Humphrey and Stifel as underwriters.
How Eventbrite plans on bouncing back
However, Eventbrite’s recent financial performance could turn off some investors. The company is currently on a losing streak that has been going since 2016. To date, the company has already lost more than $100 million but Eventbrite is hopeful that it will be able to rebound soon.
To avoid more losses, the company has decided to entice more clients with significant price cuts. Eventbrite clients under the Essentials package will get their payment processing fees reduced from 3 percent to 2.5 percent. Ticket fees are also dropping to 0.70 cents from 0.99 cents. Aside from this, Eventbrite is lifting the $19.99 service fee cap for all event organizers.
Although it has given a significant discount for its clients, the features of the Essentials package remain the same which include event pages, free promotional tools and security.
While it is charging less for its services, Eventbrite will take a 2 percent share of every ticket its client sells. The company will be able to greatly benefit from partnerships with major events like concerts or sports games.
In a statement released to TechCrunch, Eventbrite says that it has “always been committed to enabling event creators to deliver a diverse range of live experiences by offering a superior product at a fair price.” It added that the price cuts will mean lower ticket prices for most of its clients and the people that attend their events. This new approach empowers Eventbrite by making it the cheaper alternative. It allows it to go up against competitors like Fonteva Events, OneCause, Ticket Master and more.
Eventbrite could make it big with the IPO but if it ever hopes to reach the $200 million benchmark, then it should first showcase a change in the way it handles business. If it is able to rebound from more than two years of losing streak, it could draw the attention of more investors.
Binance: Problems with Paysafe and SEPA – Customers Should Exchange Euro for Tether
It is known that Binance has problems with regulators in several European countries, including Germany. But the fact that support...
Qualitime Plans to Reach a Turnover of €11 Million in 2026
At the moment, Qualitime application has 1,800 registered visitors from the main laboratories in the country and about 400 health...
Peruvian Mining Companies Urged to Focus on Redouble ESG Certification Efforts
Experts recently said that the ESG certification of mining companies with operations in Peru will become increasingly important. They also...
Safeguarding Your Business Funds in Periods of Economic Uncertainty
The dust hasn’t yet settled from the 2023 banking crisis, and another closure could very well be right around the...
Audax, a Low-Risk ESG Company According to Morningstar Sustainalytics ESG Rating
In summary, Audax has demonstrated its leadership in sustainability and ESG performance by earning an "ESG Low-Risk Company" rating from...
Markets1 week ago
Rice Closed Higher Last Week in Response to a Week of Solid Export Sales
Crowdfunding1 day ago
VR Bank Bamberg-Forchheim Celebrates Seven Successful Crowdfunding Projects
Cannabis1 week ago
The Netherlands to Launch Cannabis Legalization Pilot Program in December 2023
Biotech2 weeks ago
This Is the World’s Oldest Life Hack — Scientists Say It Actually Works