Ticketplus is a Santiago-built live-event platform that reached NYSE American in August after more than a decade as a private Chilean operator, and the first public numbers already force a sharper question than a typical debut. Half-year platform sales ran past the whole of last year. That is not a listing story. It is a mix story: white-label software is swelling ticket volume faster than the high-fee Chilean full-operation engine is converting that volume into recognized revenue. The equity now prices a conversion machine that the Autoentrada purchase in Argentina is supposed to prove.
Management reported first-half revenue of just under $23 million. That is up sixty eight percent, while gross merchandise value more than doubled. Gross margin widened by about ten points as software-heavy deployments rose. Net profit more than doubled to roughly $4 million. Those prints arrived with a thin cash balance and bank loans near $15 million, before the offering proceeds landed. The company is profitable on an IFRS basis and still cash-negative after capitalized software. That gap is the real tension under the growth tape.
The offering closed at $8 a share after a higher marketed range, raising about $16 million net with the partial greenshoe. Shares last settled a touch above that offering print, leaving a capitalization near $106 million against a public float of roughly two million shares. Chairman Yethro Dinamarca still controls the vote. The next test is whether white-label partners convert into full-operation accounts fast enough to lift the take rate, or whether capitalized development and a controlled micro-float keep free cash flow and the multiple from telling the same story.