Bumble has raised $2.15 billion by selling shares – its first move in the stock market after listing.
The dating app raised its initial public offering (IPO) price to $43/share to sell 50 million shares, Business Insider reported.
The move now values the company at $8.2 billion – up from the $3 billion valuations in 2019.
Notably, this is the second time the app has raised its IPO pricing after it targetted 34.5 million shares at $30/share (up from $28/share) and then raised it to 45 million shares for $37-39/per share.
The successful move has placed it firmly along with the ranks of other big bang tech IPOs such as Airbnb and DoorDash.
The development has also put 31-year-old founder Whitney Wolfe Herd among the thin ranks of women billionaires, Bloomberg reported.
As shares of the company soared 67 percent higher than its trading debut to $72, Herd’s stake value shot up to $1.5 billion. This has vaulted Herd into a “rare” club of self-made female billionaires – mostly consisting of Asian women – who account for only 5 percent of the world’s top 500 richest, as per the Bloomberg Billionaires Index (BBI).
In fact, of the 559 companies that went public in the US over the last year, only two others apart from Bumble were founded by a woman.
Bumble however in its space faces stiff competition from Hinge and Tinder – a factor also acknowledged in the company’s SEC filings.
Bumble Inc holds two dating apps – Bumble and Badoo. Available across the world, the six-year-old platform is promoted by Serena Williams and Priyanka Chopra.
It sold a majority stake to Blackstone Group in 2019 and filed for IPO on the NASDAQ in January 2021. It had then revealed it had 42 million monthly users.