Shares of ticketing giant Eventbrite Inc. jumped more than 65 percent in their trading debut this morning past the $38 mark before dropping back to their current level of around $37.50, giving the online ticketing provider a strong start on the stock market.

The company priced its initial public offering at $23 a share and raised $230 million from investors at a $1.76 billion valuation. Eventbrite had originally sought between $19 and $21 per share, a range that it raised Wednesday in anticipation of the strong interest on Wall Street.

Updated: Shares closed up 59 percent, to $36.50.

The IPO filing released by the company last month said that the proceeds from the stock sale will partially go toward paying off outstanding debts. The company owes $66 million and has not yet turned a profit, the consequence of an aggressive growth strategy that has prioritized revenue over the bottom line.

Eventbrite lost $38.6 million in 2017 while increasing sales by 51 percent year-over-year, to $201.6 million. The company makes its living by charging a fee for the tickets sold through its platform. The August IPO filing showed that Eventbrite had issued 201 million tickets for 3 million events last year, with 46.7 million of those tickets sold.

In addition to processing payments, the company provides event organizers with tools for managing marketing efforts and other key activities. Eventbrite is geared mainly toward events with a limited attendance, while rival Ticketmaster Entertainment Inc. dominates the part of the market made up of larger gatherings such as major musical festivals. Eventbrite competes with numerous more narrowly focused startups as well.

The company’s stock market debut adds to the growing list of successful tech IPOs to have taken place this year. In March, Dropbox raised $756 million and saw the price of its shares jump 36 percent on their first day of trading. More recently, online learning provider PluralSight Inc. bagged $310 million from investors in an IPO on the Nasdaq exchange.

Photo: Eventbrite