Bumble Updates IPO Target Price to $1 Billion
Bumble has updated the terms for its impending IPO and is now aiming to raise as much as $1 billion when it goes public.
The online dating company submitted paperwork with the Securities and Exchange Commission at the end of last year, which indicated an offering size of $100 million. However, the general consensus that it was just a placeholder figure was confirmed by a new filing yesterday.
A total of 34.5 million shares are expected to be sold between $28 and $30. The top end of the range would give Bumble a valuation of over $6 billion.
The IPO is due to take place in February, with some analysts suggesting it could be completed in time for Valentine’s Day. Bumble will be traded on the Nasdaq market under the ticker symbol ‘BMBL’.
Whitney Wolfe Herd is due to become the youngest female CEO to take her company public at just 31-years-old. The Financial Times reported last week that she will be granted a $125 million cash payout and loan.
She submitted a public letter with the filing which said: “While we are proud of how far we have come, having grown from a community of just a few people to an IPO, today is just day one. This marks the start of a very bright future for Bumble Inc., one that we believe will change lives and drive great value for shareholders.”
There were also hints that Bumble wants to continue expanding into new categories and services in the future, including health and wellness, travel, consumer and financial.
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