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Dating App Bumble Raises $2.2B In Upsized IPO, Shares To Start Trading Today

Dating App Bumble Raises $2.2B In Upsized IPO, Shares To Start Trading Today
  • CEO Whitney Wolfe Herd led Bumble Inc. (NASDAQ: BMBLpriced 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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