Overview

• The company sold 34 million shares at $23.50, within the $22 to $25 range outlined in its prospectus.
• Shares closed at $22 on the first trading day, implying a market value of about $8.1 billion.
• The offering was reported to be multiple times oversubscribed, yet early gains faded by the close.
• Some coverage attributed the muted reception to investors favoring AI and technology names.
• Regulatory and operating pressures persist, with filings showing a $76 million net loss on $827.9 million in first-half 2025 revenue and U.S. scrutiny of ticketing practices.