Whitney Wolfe Herd Opens Nasdaq Market as Bumble Raises $2.2 Billion in IPO
Whitney Wolfe Herd virtually rang the Nasdaq market’s opening bell as Bumble officially became a publicly traded company.
At a socially-distanced ceremony at Bumble’s Austin headquarters, the CEO and founder addressed the world to mark the significant milestone. At 9:30am ET, Wolfe Herd opened the exchange while holding her one-year-old son and surrounded by monitors which displayed employees celebrating from home.
The IPO on Wednesday quickly exceeded expectations as Wall Street welcomed the online dating company with open arms.
Over 45 million shares were sold to new investors at $43 apiece, meaning Bumble entered with a market valuation of $8.2 billion. It had gradually increased its target over the past couple of weeks and, just a few days ago, the aim was to raise $1.8 billion with shares costing approximately $38.
However, positions were clearly in hot demand and the Bumble team should certainly be pleased with the $2.2 billion they ended up receiving.
Speaking today on a live stream hosted by Nasdaq, Wolfe Herd thanked everyone who helped to build the brand and gave a special mention to all the women who were using the app to take control of their lives. Over 1.7 billion ‘first moves’ have been made since its inception.
She said: “We look forward to building a future of love, friendship, networking and community, as we chip away at archaic gender dynamics and make the internet a kinder and more accountable place.
“I want to thank the remarkable women who paved the way for Bumble in the public markets. By supporting and championing each other, we can break down barriers for the next generation of women and other marginalised communities.”
‘BMBL’ soared on its opening day, gaining 63% and ending its premiere session at $70.31, with a market cap in the region of $13 billion.
The immediate success has caused Wolfe Herd to reach another historic landmark, as her net worth jumped to $1.1 billion, putting her on the very exclusive list of female self-made billionaires.