Daily Management Review

Dating service Bumble sets to raise $1.8B at IPO


The dating service Bumble, where only women are allowed to start communication, has decided to raise $1.8 billion for its IPO, although recently the preliminary estimate was about $1 billion.

Dating service Bumble increased the amount it plans to raise during its IPO up to $1.8 billion, Bloomberg reported citing the documents submitted by Bumble to the U.S. Securities and Exchange Commission (SEC). 

As recently as last week, Bumble expected to raise about $1 billion in its initial public offering, selling 34.5 million shares at $28-$30 apiece. Now the company intends to sell 45 million shares at a price of $37-$39 a share. It plans to list the stock on the Nasdaq Global Select Market. This is the level of the Nasdaq exchange that implies the highest IPO requirements.

Bumble is a dating app where only women can be the first to write. It was launched in 2014 by Tinder co-founder Whitney Wolfe Herd and Badoo service creator and Russian billionaire Andrey Andreev. 

In 2019, Andreev sold his stake in MagicLab, which owns Badoo and Bumble, to Blackstone Group, an investment group. As part of the deal, MagicLab was valued at about $3 billion.

source: forbes.com