After raising US$2.2 billion for its initial public offering (IPO), Bumble’s stock price (NASDAQ: BMBL) has risen 63.5% after its first day of trading to close at US$70.31, after being up 85% at one stage in early trading.
Originally, the IPO plan was to issue 34.5 million shares priced between US$28 and US$30, then 45 million shares priced between US$37 and US$39. Confident in its financial outlook, the company behind the popular dating app reached for the stars and managed to sell approximately 50 million shares at US$43 each, giving Bumble a market capitalisation of more than US$8.2 billion right off the bat.
According to Business Insider, Bumble has also experienced significant growth in the last twelve months, reporting 42 million monthly active users at the end of September (22% more than the year prior) and around 2.4 million paying members. Revenue is expected to exceed US$540 million from 2020 alone (up 11% on the previous year). Currently, only sales up to September 30th have been disclosed, which totals US$417 million.
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“The Bumble brand was built with women at the centre – where women make the first move,” reads the Bumble IPO filing.
“We are rewriting the script on gender norms by building a platform that is designed to be safe and empowering for women, and in turn, provides a better environment for everyone.”
In line with these values, Bumble is proudly helmed by female leadership, starting with Founder & CEO Whitney Wolfe Herd – who is now the youngest female self-made billionaire in history, as well as the youngest female CEO to ever IPO – and trickling down to the company’s board of directors and investors, which counts tennis superstar Serena Williams and model/actress Priyanka Chopra among them.
