Bumble Surpasses Expectations with a Stellar IPO Launch
Bumble, the innovative dating app platform, made a powerful debut on Nasdaq, securing $2.2 billion through its IPO and achieving a valuation exceeding $7 billion.
Bumble's IPO raises an impressive $2.2 billion
Today marks a significant milestone as Bumble Inc. (BMBL), the dynamic dating app operator, officially launched on the Nasdaq stock exchange, successfully raising $2.2 billion in its initial public offering and securing a company valuation of over $7 billion.
The company strategically priced 50 million shares at $43 each, surpassing the anticipated range of $37 to $39, as reported by Renaissance Capital. Additionally, Bumble expanded its offering by adding 5 million more shares than initially planned.
Operating popular dating platforms like Bumble and Badoo, the company demonstrated strong financial growth, with revenues climbing from $360 million in 2018 to $489 million in 2019. Although revenue growth moderated to 15% year-over-year by Q3 2020, Bumble continued to impress with nearly 19% user growth over the same period. Currently, its apps engage over 40 million monthly active users, facilitating an average of 150 million messages daily during the first nine months of 2020.
Bumble’s successful IPO contrasts with that of its competitor, Match Group, which entered Nasdaq in November 2015 by selling 33.3 million shares at $12 each, raising $400 million. Match Group’s stock closed at $15.20 on its first day, valuing the company at $2.9 billion. Today, Match Group, known for apps like Tinder and Hinge, boasts a valuation nearing $45 billion, with subscriber growth of 12% over the nine months ending September.
[Note: Match Group was previously majority-owned by IAC, the parent company of Investopedia and DotDash, before fully spinning off in July 2020.]
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