Dating app operator Bumble Inc. (BMBL) debuted on Nasdaq today, raised $ 2.2 billion on its initial public offering and valued the company at over $ 7 billion.
Renaissance Capital said the company sold 50 million shares at $ 43 each, up from the previous price range of $ 37-39.If youBumble also offered 5 million more shares than expected.
Bumble, which operates dating apps like Badoo and Bumble, increased revenue from $ 360 million in 2018 to $ 489 million in 2019, although revenue growth slowed to just 15% year over year in Q3 20.If youStill, the company saw user growth of nearly 19% year over year in September.If youThe apps currently serve over 40 million users a month with an average of 150 million messages per day in the first three quarters of 2020.
Bumble’s IPO contrasts with that of competitor Match Group, which joined Nasdaq in November 2015, selling 33.3 million shares for $ 12 a share, and raising $ 400 million.If youThe stock closed at $ 15.20 on the first day, giving the company a market cap of $ 2.9 billion. Now the dating app operator, known for apps like Tinder and Hinge, is worth nearly $ 45 billion. Average subscribers grew 12% in the nine months through September.
[Disclosure: Match Group was majority owned by IAC, the parent company of Investopedia and DotDash. It was spun off from IAC completely in July 2020.]