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Blackstone-backed dating app operator Bumbles shares set to jump in debut

Bumble’s shares had been indicated to open at $72 on the Nasdaq, at 11:24 am ET, effectively above its preliminary public providing worth of $43 per share. Bumble’s IPO of 50 million shares was priced above the highest finish of its vary, elevating $2.15 billion.

Reuters

UPDATED ON FEB 11, 2021 10:59 PM IST

Shares of Bumble Inc, backed by Blackstone Group Inc, had been set for a greater than 67% bounce of their market debut on Thursday, indicating a valuation of over $13 billion for the operator of the relationship app the place girls make the primary transfer.

Bumble’s shares had been indicated to open at $72 on the Nasdaq, at 11:24 am ET, effectively above its preliminary public providing worth of $43 per share.

Bumble’s IPO of 50 million shares was priced above the highest finish of its vary, elevating $2.15 billion.

The corporate is amongst quite a few high-profile Silicon Valley tech startups, that are searching for to money in on record-breaking demand for brand new shares on US capital markets.

Austin, Texas-based Bumble was based in 2014 by Whitney Wolfe Herd, a co-founder of rival app Tinder, which she left earlier that 12 months.

In 2019, Blackstone paid about $three billion to accumulate a majority stake in MagicLab, which owned the Bumble and Badoo apps on the time, from founder Andrey Andreev. Wolfe Herd was named Bumble’s chief govt officer after the deal.

Wolfe Herd, 31, had sued Tinder alleging that her co-founders subjected her to sexual harassment. Tinder mum or dad Match Group Inc, which denied the allegations, paid about $1 million to settle the dispute.

A court docket battle, nevertheless, broke out in 2018 after Bumble rejected a $450 million acquisition supply from Match. Match had filed a lawsuit in opposition to Bumble alleging mental property infringement. However Bumble counter-sued two weeks later accusing Match of fraud and commerce secrets and techniques theft. Each lawsuits had been later dropped that very same 12 months.

Goldman Sachs and Citigroup are the lead underwriters for the providing.

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