Shares of online-dating company Bumble Inc. jumped 64% in their trading debut Thursday amid huge interest in matchmaking apps and new public offerings.
The Austin, Texas, company’s stock closed at $70.31, valuing it at roughly $13 billion, based on the share count in the company’s prospectus. Its initial public offering was priced at $43 a share, raising $2.2 billion for Bumble.
Founder Whitney Wolfe Herd started Bumble in 2014 to turn the traditional dating dynamic on its head. Bumble was created as a platform on which women make the first move. The app also has an option for users seeking same-sex interactions.
Ms. Wolfe Herd had earlier co-founded Match Group Inc.’s Tinder. The 31-year-old has said she saw the problems with archaic dating rules and sought to change them.
The Bumble parent said it plans to use most of the proceeds to pay down debt, as well as buy back shares from its pre-IPO stakeholders. Among its early backers is private-equity giant Blackstone Group Inc., which bought a majority stake in the company in 2019.