A successful day for Bumble on its first day as a publicly traded company. One of Tinder’s main competitors started trading yesterday on the NASDAQ, under the symbol BMBL.
The stock began the trading session at $76 per share, almost 77% higher than its highest target price of $39. It sold 50 million shares, and its market cap reached nearly $7.7 billion.
According to the statement given by its founder, Wolfe Herd, Bumble is focusing on “converting more of its user base to those paid customers by reinvesting in future monetization features and product offering.” The company generates revenue when customers buy premium subscriptions, which starts at $17.99 per week.
Bumble stock closed 63.5% higher, at $70.31.