Expanding its IPO, dating app Bumble has raised $2.15 Billion by selling 50 million shares in its public offering. The company has also increased the size of the public issue. Earlier, Bumble had said that the company would sell 35 million shares through its IPO in the price band of $28-$30 apiece.

Keeping in mind the increasing demand for emerging tech companies, Bumble increased the number of shares it sold yesterday, and at the same time surpassed its expected price range of $37 to $39.

The offering marked a quick turnround for Bumble, as it was able to sell a majority stake to Blackstone in 2019 in a roughly $3 Billion deal. At the IPO price, the company would have a market capitalisation of $8.2 Billion, based on the total number of shares outstanding.

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The IPO gave the Blackstone-backed company a market capitalization of more than $7 billion. Bumble dating app was founded in 2014 and was the first of its kind to allow women to initiate introductions. The company had 42 million monthly active users as recorded last year. Out of this, 2.5 million were paying users. This was a 22% increase over the prior year. Bumble continues to be $900 million in debt.

Now, Bumble wants to sell 45 million shares at a target price range $37-$39 after previously upsizing its share offering from 34.5 million shares at a band of $28-$30.

The public offering of Bumble shares comes after a sustained period when Match was reputed to be the only possible public dating company. However, Bumble has surely proven that there is room for at least one more with this new stint.

Currently, the company is planning to use proceeds from the offering majorly to repurchase shares from pre-IPO owners and pay down debt. It is being said that Bumble’s private owners will retain about 97 per cent of the company’s voting rights following the offering.

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