Bumble to Target $6 Billion Valuation With 2021 IPO
Bumble is reportedly reigniting its aspirations for an initial public offering that could come early in 2021.
Unnamed sources close to the matter told Bloomberg that the online dating company is planning to seek a valuation in the region of $6 billion to $8 billion. This would make it approximately a quarter of the size of Match Group.
The plans are currently still in the very early stages. Bumble is talking to a number of investment banks, but the final lineup is apparently a long way from being confirmed.
Badoo founder and former-CEO Andrey Andreev was planning a Bumble-branded IPO during his time at the helm. In November 2018, the company was believed to be targeting a $1.5 billion valuation.
The composition of the ‘Badoo Group’ has undergone a restructuring in the two years that followed. Talks of an IPO died down after the holding company was renamed MagicLab in June 2019, as it looked to invest in smaller startups.
However, Andreev stepped down from his position just four months later, Chappy was absorbed by Bumble and Lumen was quietly discontinued. Private equity investment firm Blackstone Group acquired MagicLab in a deal that valued it at $3 billion.
Now the business looks to move forward behind its two giant dating apps and the umbrella was officially renamed ‘Bumble’ as of July 2020.
Representatives from both Bumble and Blackstone Group refused to comment on the IPO when approached by Reuters.
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