Bumble upped its initial public offering (IPO) target in a filing with the Securities and Exchange Commission on Monday. The dating app specialist is now aiming to sell 45 million shares at a price ranging between $37 and $39 per share. That listing would raise roughly $1.8 billion in funds and bring the company's value to more than $7 billion.
Bumble's previous filing, on Feb. 2, targeted the sale of 34.5 million shares priced between $28 and $30 per share. The top end of that target would have raised approximately $1 billion and valued the company at roughly $6.46 billion.
Bumble stands as the second-most-used dating app in the U.S., trailing only Match Group's (NASDAQ: MTCH) Tinder. The company's core dating platform differentiates itself by having women make the first move and generally giving them a greater degree of control over interactions.
Technology stocks and IPOs have been a hot combo through 2020 and early into 2021, and the team at Bumble apparently saw an opportunity to raise their valuation and fundraising targets. Bumble's rival Match Group has seen its stock soar roughly 117% over the last year despite coronavirus-related challenges tamping down on near-term growth, and the dating app market still has huge growth potential over the long term.
An exact date for Bumble's IPO has yet to be announced, but the stock will trade on the Nasdaq exchange under the ticker "BMBL." The company may still opt to raise its listing price above the current range, and investors should know that the stock stands a good chance of being bid above the $39 per share range in the early auction trading that will proceed its public exchange debut.