Shares in dating app Bumble have continued to rise on its second day of trading on the NASDAQ stock exchange following an IPO that initially raised $2.2bn for the US-firm.
The company debuted at $43 per share on Thursday, giving it an $8.3bn valuation. Shares quickly jumped to more than $76 apiece, causing its valuation to jump to more than $13bn.
On Friday shares continued to climb, opening at $75.71 and reaching a high of $84.80.
At the time of publication, shares were trading at $80 apiece.
Founded in 2014, the app’s unique selling point is that women must make the first move, or ‘swipe’ first. The feature has driven its branding and positioned it as a “women-first” dating app.
More than 40 million people visit the two apps that Bumble operates – Bumble and Badoo. They are available in more than 150 countries.
Private equity firm Blackstone took a majority stake in Bumble in November 2019 when it was valued at $3bn, making the company the biggest winner from the IPO.
Bumble saw revenue decline 15% year-on-year for the first nine months of 2020 as the pandemic took its toll on its business model. It posted a loss of $116m during the period, but in 2019 it turned a profit of $68.6m.
At 31-years-old, Bumble founder and CEO Whitney Wolfe Herd became the youngest-ever female founder to take a company public.
Footage of Wolfe Herd ringing the virtual bell while holding her baby quickly went viral.
Wolfe Herd said via Twitter:
“Today, Bumble becomes a public company. This is only possible thanks to the more than 1.7 billion first moves made by brave women on our app — and the pioneering women who paved the way for us in the business world. To everyone who made today possible: Thank you.”
— Bumble (@bumble) February 11, 2021
Wolfe Herd founded Bumble after an acrimonious split from rival Tinder, a company she also co-founded.
Bumble also plans to expand into areas beyond dating, including business networking.