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Dating-App Company Bumble Files for IPO

Bumble is going public. The dating app originally disclosed its plan for an IPO in September.
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The dating app company Bumble has filed with the Securities and Exchange Commission for an initial public offering. 

Bumble originally unveiled its plan for an IPO in September. At that time, Bloomberg reported that Bumble could seek a valuation between $6 billion and $8 billion. 

The New York private-equity giant Blackstone  (BX) - Get Blackstone Inc. Report owns a majority stake in Bumble.

In November, Bloomberg reported that Bumble was working with bankers to plan an IPO for the first quarter. Again, the $6 billion to $8 billion valuation was mentioned.

In Friday’s SEC filing, Bumble didn’t specify the number of shares it would offer in the IPO or the pricing of them. It plans to trade on Nasdaq under the ticker BMBL.

As for the financials, Bumble swung to a net loss of $116.7 million for first nine months of 2020 vs. profit of $68.6 million in the year-earlier period.

Bumble generated $416.6 million of revenue in the nine months, compared with $362.6 million a year earlier. 

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It registered $488.9 million of revenue in all of 2019, up 36% from 2018.

“We purpose-built the Bumble app with features designed to empower women, giving them more control in relationships," Bumble said in its prospectus. 

"We believe that by empowering women through rewriting relationship dynamics, we can make the world better for everyone.” 

On the Bumble app, women always initiate conversations.

“We extend the values underpinning Bumble through Badoo’s focus on becoming the leading platform for honest dating," the company said. 

"We have also redesigned Badoo’s product features for safety and security enabling a more equitable, inclusive, safe and accountable way to connect online.”

Bumble also owns Badoo.

As for risks, “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.