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Bumble Prices Upcoming IPO, Plans to Raise Around $1 Billion

Bumble, which plans to list on the Nasdaq, is hoping to raise more than $1 billion from its upcoming IPO following a record year for new listings on Wall Street.

Bumble Inc. said Tuesday that it plans to raise as much a $1 billion from its upcoming initial public offering on the Nasdaq. 

Bumble, an online dating app with more than 100 million users, will price 34.5 million shares for sale at between $28.00 and $30.00 each, a level that would raise as much as $1.04 billion. The Austin, Texas-based group plans to list on the Nasdaq Global Select Market under the ticker symbol BMBL. Goldman Sachs, , Citigroup, Morgan Stanley and JPMorgan Chase will lead the underwriting group.

CEO Whitney Wolfe-Herd, who founded the group in 2014 following her departure from rival dating app Tinder, will own around 14% of the combined voting power of Bumble shares once the IPO is complete, the company said, with private equity firm Blackstone Group  (BX) - Get Blackstone Inc. Report controlling around 83%, according to papers filed with the Securities and Exchange Commission.

"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," Wolfe-Herd said in a statement filed with the SEC. "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."

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"Our mission, values, commitment to improving relationships globally, and dedication to our communities will continue to fuel us for the long run," she added.

Bumble swung to a net loss of $116.7 million for first nine months of 2020, according to recent SEC filings, down from a profit of $68.6 million over the same period last year, on revenues of $416.6 million. 

“The dating industry is highly competitive, with low switching costs and a consistent stream of new products and entrants, and innovation by our competitors may disrupt our business,” Bumble said.