Bumble worth $13bn after listing shares

Online dating app Bumble is now worth $13 billion after the company listed shares.

The company raised $2.2 billion at $43 a share in its initial public offering (IPO.)

“I think the global investment community can really get behind the potential of building a global women’s brand that has an impact on the way we connect and how we treat each other both on and offline,” Bumble founder Whitney Wolfe Herd told the Financial Times.

The company said it intends to use the proceeds from the issuance of nine million shares to repay a portion of its senior secured term loan facilities and for general corporate purposes, and to bear the expenses of the offering.

“Bumble intends to use the proceeds from the issuance of 41 million shares (or 48.5 million shares if the underwriters exercise in full their option to purchase additional shares of Class A common stock) to purchase or redeem an equivalent aggregate number of outstanding equity interests from certain entities affiliated with Blackstone,” it said.

Bumble sold a majority stake to Blackstone three years ago.

According to The Financial Times, IPO filings revealed that Wolfe Herd received $125 million in proceeds as part of the Blackstone transaction, as well as a loan provided by the company, which was later settled as part of an apparent compensation scheme.

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