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Investors “swept right” the operator of the dating app Bumble Inc. on Thursday, sending its shares up 80% as they made their public debut.
Bumble’s stock BMBL,
opened at $ 76 a share Thursday at noon before heading slightly higher. The company’s initial public offering was set at $ 43 per share on Wednesday night, above a twice as high range and enough for the company to raise $ 2.2 billion through the IPO.
The company, which runs its eponymous dating app as well as offshoots for finding platonic friends and network connections, allows people to browse profiles of potential matches and makes money when users pay for premium features, like the ability to see who has already liked them on the app. Bumble also operates Badoo, a popular dating app in Europe.
Bumble is promoting itself as being focused on empowering women, including through its distinguishing feature that forces women to take the first step when transmitting new relationships. “We believe we have the potential to become a leading global women’s brand,” CEO Whitney Wolfe Herd said during the company’s virtual investor tour.
See More: Bumble Heads Into IPO With Focus On Building Healthy Relationships Beyond Dating
The company generated revenue of $ 416.6 million in the first nine months of 2020, up from $ 362.6 million in the same period a year earlier. Bumble also recorded a net loss of $ 118.5 million in the first nine months of 2020, compared to net income of $ 54.0 million in the same period a year earlier.
The company had an average of 2.4 million paying users as of September 30, an increase from 2.1 million the year before.
Bumble goes public as Renaissance IPO ETF IPO,
has gained 40% in the last three months and as an S&P 500 SPX,
increased by 10% during this period.
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