Goldman Sachs and Citigroup Assist With Bumble’s Approaching IPO
Sources have revealed that Bumble is currently working with Goldman Sachs Group and Citigroup on the early stages of its upcoming IPO.
The online dating company is hoping to go public in the first quarter of 2021 and is also seeking the help of Morgan Stanley for help on the listing.
Speculation of a Bumble IPO has been floating around for a couple of years now, but it appears as though it might finally be coming to fruition. Bloomberg reported in September that it is seeking a valuation in the region of $6 billion to $8 billion.
This would currently make it roughly one-fifth the size of Match Group, but more than double the size of Momo.
The composition of the ‘Badoo Group’ has undergone a restructuring in the past 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 rebranded to ‘Bumble’ as of July 2020.
Representatives from Bumble, Goldman Sachs Group, Citigroup and Morgan Stanley refused to comment when approached by Bloomberg.
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