Square-backed event ticketing management platform Eventbrite will price its shares between $19 and $21 and could raise up to a total of more than $241m when it goes public.

Eventbrite, a US-based event ticketing technology provider backed by payment services provider Square, set the price range for its initial public offering on the New York Stock Exchange at $19 to $21 on Friday.

If the company prices its shares at $20, it will raise the $200m in proceeds it had previously targeted, and will be valued at $1.8bn.

Founded in 2006, Everbrite operates a platform that allows users to organise, promote and sell tickets to their events. The company said it helped more than 700,000 organisers issue 203 million tickets to approximately three million events across more than 170 countries last year.

Eventbrite has not specified what it intends to do with the proceeds from its offering. The company previously raised approximately $359m in total funding, most recently collecting $25m from Square as part of a strategic agreement in October 2017.

Tiger Global Management, Sequoia Capital and T. Rowe Price had provided $134m in series G funding in August 2017, Eventbrite revealed in its IPO filing.

Tiger Global currently holds a 21.4% stake in Eventbrite that is expected to drop to 18.2% following the offering. Sequoia’s 20.5% stake will be diluted to 17.5%, while T. Rowe Price’s shareholding will drop from 6.8% to 6.1%. All three will buy shares in the IPO.

Eventbrite’s other stakeholders include Global Founders Capital, DAG Ventures, 137 Ventures and Tenaya Capital, though none of these own more than 5%. Sequoia purchased $17.2m of shares in a May 2018 secondary transaction but did not disclose who sold them.

Goldman Sachs, JP Morgan Securities and Allen & Company are lead joint book-running managers for the IPO. RBC Capital Markets is book-running manager while SunTrust Robinson Humphrey and Stifel, Nicolaus & Company are co-managers.

The underwriters will be granted a 30-day option to acquire up to an additional 1.5 million shares, which could push proceeds from the initial public offering to more than $241m if the company floats at the top of its range.