Eventbrite Co-Founder Julia Hartz at TechCrunch Disrupt 2014 (TechCrunch / Flickr)

Event management startup Eventbrite (EB) recently priced its initial public offering (IPO) at $23 per share.

The company’s stock opened trading at $36 on Thursday, with shares opening Friday at $34.94 and changing hands at $34.56 by midday, or 50% above the IPO price.

The company’s reported sale of 100 million shares at $23 per share denote a $230 million raise for Eventbrite, now valuing it at $1.76 billion. At this time, Eventbrite has the means to sell another 1.5 million shares to the company’s underwriters, which would net another $34.5 million.

In the filing, Eventbrite noted that the proceeds will likely go towards improving capitalization and financial flexibility, which will pay off the firm’s debts.

Various other firms may look to raise their next round, or go public themselves, following Eventbrite’s latest success that matches a trend of hot tech IPOs in 2018. Despite expanding GAAP losses, the company maintains an impressing growth rate and cash generation.

Previously, the company’s planned IPO figure began at $19, before being increased to $21 per share.

More: Eventbrite’s IPO Is a Hot Ticket as Stock Surges 59% in First Day of Trading
Similar: Tech IPOs Have Averaged 50% Returns in 2018
Photo: TechCrunch / Flickr