Austin’s Bumble soars 76% in Nasdaq debut as investors fall in love with dating app

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Austin’s Bumble soars 76% in Nasdaq debut as investors fall in love with dating app

Bumble Inc., the Austin, Texas-headquartered second-most popular dating app in the United States after Tinder, took an intercontinental dive of as much as 76 per cent at its US public market debut on Thursday, valuing the dating app at $14 billion where women make the first move.

In factuality, Bumble Inc., backed by the world’s largest alternative asset manager Blackstone that operates two major apps Bumble and Badoo and claimed to have more than 40 million monthly active users across the globe, opened the day at $76 per share, well above its IPO price tag of $43 apiece.

Nonetheless, after jumping as much as 79 per cent at their Nasdaq debut, shares’ prices of Bumble Inc., the Austin, Texas-based dating app founded back in the 2014s, wrapped up the day 63.51 per cent higher to $70.31 apiece, while Bumble shares had also added 2.20 per cent in after-market trading and were last trading at $71.86 apiece.

Bumble-buzz gets louder in Nasdaq debut amid pandemic restrictions

Meanwhile, addressing to a still-inflaming public health concern which forced tens of millions of pandemic-wary Americans to stay at their homes amid stiffer restrictions, Bumble Chief Executive Whitney Wolfe Herd said in an interview with the reporters following Thursday’s Nasdaq debut, “People are building meaningful relationships digitally first, and then the physical follows.

This is a really phenomenal shift toward safety and engineering more accountable experiences” adding the global-scale pandemic had encouraged a number of people to develop meaningful relationship and meet new people in their phones.

More importantly, Wolfe Herd was quoted saying that Bumble Inc was also expecting that a meteoric rise in traffics at its online dating apps would highly likely to persist in a post-pandemic world. Bumble Inc., that Austin-based dating app that largely depends upon premium subscriptions for earnings, reported a $376.6 million in revenues over the first nine months in last year, a regulatory filing with US SEC (Securities and Exchange Commission) had revealed.