Bumble, an online dating app geared toward women users, on Monday raised its initial public offering range to between $37 and $39 a share, putting the company on track to raise as much as $1.8 billion from the public markets.
Bumble last month revealed plans to raise as much a $1 billion from its upcoming IPO on the Nasdaq. Last week it said it would price 34.5 million shares for sale at between $28 and $30 each.
That target was lifted on Monday, as was the offering size, which the company’s Wall Street underwriters raised to 45 million shares from 34.5 million shares. The middle-range estimate of what it would earn based on that share-price range and offering size is $1.68 billion.
Goldman Sachs, Citigroup, Morgan Stanley and J.P. Morgan Chase are leading the underwriting group. The Austin, Texas-based company plans to list on the Nasdaq Global Select Market under the ticker symbol "BMBL."
The Bumble app, which according to the IPO prospectus is designed with features “to empower women, giving them more control in relationships,” originally unveiled its plan for an IPO last September. On the app, women always initiate conversations.
Bumble swung to a net loss of $116.7 million for first nine months of 2020, according to recent Securities and Exchange Commission filings, down from a profit of $68.6 million over the same period last year, on revenue of $416.6 million.
In its SEC filing, Bumble said it intends to use proceeds from the IPO to buy or redeem shares from Buzz Holdings and pre-IPO owners.