Bumble's $14 billion date: Blackstone-backed dating app soars on market debut

📆 11/02/2021 19:45:00
📰 Reuters

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Shares of Bumble Inc, backed by Blackstone Group Inc, soared more than 76% in their stock market debut on Thursday, fetching a $14 billion valuation for the operator of the dating app where women make the first move.

The company’s shares opened at $76 on the Nasdaq, well above its initial public offering price of $43 per share.

Stellar first-day trading gains such as these are likely to fuel criticism from some venture capital investors, including Benchmark’s Bill Gurley, who has argued that investment banks underprice offerings so their investor clients can win big in first trades. Austin, Texas-based Bumble was founded in 2014 by Whitney Wolfe Herd, a co-founder of rival app Tinder, which she left earlier that year.

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