Dating App Bumble Is Expanding IPO to Raise $2.15 Billion
(Bloomberg) -- 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.
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.
In a letter to investors, Wolfe Herd said women making the first move is a “powerful shift.”
“Archaic gender dynamics and old-fashioned traditions still ruled the dating world,” she said. “This led to all sorts of unhealthy dynamics that ultimately disempowered women and created unnecessary pressure for men.”
For the nine months ended Sept. 30, Austin, Texas-based Bumble had a pro forma net loss of $28 million attributable to owners and shareholders on revenue of $413 million, according to its filings.
The offering is being led by Goldman Sachs Group Inc., Citigroup Inc., Morgan Stanley and JPMorgan Chase & Co. Bumble’s shares are expected to begin trading Thursday on the Nasdaq Global Select Market under the symbol BMBL.
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