Dating app Bumble is expanding its IPO and has raised $2.15 Billion by selling 50million 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. The 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 recoded last year, out of which 2.5 million were paying users, up 22% from the prior year. The company was still $900 million in debt. Bumble is currently aiming at selling 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, with this new stint, has surely proven that there is room for at least one more.

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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