Dating App Bumble Raises $2.2B In Upsized IPO, Shares To Start Trading Today
- CEO Whitney Wolfe Herd led Bumble Inc. (NASDAQ: BMBL) priced 50 million shares at $43 per share to raise $2.2 billion in its upsized initial public offering (IPO).
- Bumble is the parent company of dating apps Badoo and Bumble.
- The IPO was upsized twice from the initial price range of $28 and $30 per share to $37 and $39, TechCrunch reports.
- The underwriters have a 30-day option to procure additional shares of up to 7.5 million, and the shares are likely to commence trading under the symbol "BMBL" on the Nasdaq from today.
- Bumble intends to use $387 million out of the IPO proceeds towards debt repayment, general corporate purposes, offering expenses.
- The rest of the proceeds would be dedicated towards the purchase or redemption of outstanding equity interests from certain Blackstone affiliated entities.
- The offering is estimated to close on February 16, 2021.
- Global venture funding for companies led by females slipped 27% in 2020 despite a 13% growth in overall venture funding, CNBC reports.
- Women formed only 13% of all venture capital decision-makers in 2020. Just about 11% of fund managers were women.
- More diversity in venture funding could be the key to reducing the gap as equal entrepreneurial participation can inject $5 trillion into the global economy.
- Bumble's rival app Tinder's parent Match Group, Inc (NASDAQ: MTCH) stock has grown 48% in the last six months.
- Image Courtesy: Wikimedia
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