Bumble Inc., the dating app where only women can make the first move, has raised $2.15 billion in an initial public offering, expanding the size of the listing and pricing the shares above a marketed range.
The company on Wednesday sold 50 million shares for $43 each, according to a statement. Bumble had planned to sell 45 million shares for $37 to $39 apiece, a target that was raised earlier from 34.5 million shares at $28 to $30.
Bumble has a market value of about $8.2 billion based on the outstanding Class A shares listed in its filings. Private equity firm the Blackstone Group Inc. took a majority stake in Bumble’s parent company in 2019, in a transaction that valued it at $3 billion.
The Bumble app was started in 2014 by Chief Executive Officer Whitney Wolfe Herd, who previously co-founded the dating app Tinder. At 31, Wolfe Herd is the youngest woman to take a large company public in the U.S. as CEO.
Source: Bloomberg
By By Crystal Tse and Katie Roof
