Bumble IPO finds Wall Street match as shares soar
The dating app shares priced at $43
Bumble, the dating app where women make the first move to swipe left or right, found a match on Wall Street today with its IPO.
Shares opened at $76 per share and change, after pricing at $43, the high end of the $37-$39 range. The Austin-based company's shares trade under the symbol “BMBL” on the NASDAQ. Shares are rising in a down market as well.
Bumble's valuation is nearing $80 billion based on early trading.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BMBL | BUMBLE INC. | 8.57 | -0.08 | -0.92% |
| I:COMP | NASDAQ COMPOSITE INDEX | 19060.475899 | -115.10 | -0.60% |
Investors snapped up the dating app, raising $2.2 billion, more than the $1.8 billion expected as noted in its Securities and Exchange Commission filing.
Goldman Sachs and Citigroup are leading the IPO.
The company, founded by Chief Executive Officer Whitney Wolfe Herd in 2014, has 42 million monthly average users and 2.4 million users who pay for its subscription.
BUMBLE FOUNDER WHITNEY WOLFE HERD RECEIVED A $125M PAYOUT
"The sheer scale of our platform creates powerful network effects, with more users on the platform improving selection, which improves user experience and drives even more users to our platform," reads a statement included in the SEC filing earlier this week.
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Bumble will sell 45 million shares for between $37 to $39 per share, it said in an S-1 filling on Monday. (Photo by Jaap Arriens/NurPhoto via Getty Images) (Getty Images)
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Dating apps, meanwhile, have seen massive growth during the pandemic, with more users at home and looking for love virtually. The top 20 dating apps have seen 1.5 million daily active users in 2020, according data firm Apptopia.
*This story, filed 2/8/2021, has been updated.