Bumble climbs 9% following its 64% post-IPO rally
- Bumble climbed as much as 8.8% on Friday, extending the post-IPO pop that began the session prior.
- The dating app raised $2.2 billion in a Wednesday IPO selling 50 million shares for $43 each.
- Strong demand for the offering led shares to spike 64% into Thursday's close.
- Watch Bumble trade live here.
Bumble rose as much as 8.8% on Friday, extending gains after its massive post-IPO rally.
The dating app made its trading debut Thursday afternoon and quickly surged as investors rushed to the offering. Bumble stock gained as much as 85% at intraday highs and closed roughly 64% above the offering price of $43 a share.
The company raised $2.2 billion on Wednesday with its 50-million-share offering. Bumble's offering price was upsized twice since filing for its IPO in January: once from its initial range of $28 to $30 a share, and again to $37 to $39 a share.
Bumble now trades on the Nasdaq with the ticker "BMBL." It closed with a market cap of roughly $7.7 billion on Thursday.
The company reported having about 42 million monthly active users across its dating apps as of September 30. About 2.4 million of those users paid for premium features such as Bumble Boost or Bumble Premium, according to a regulatory filing. Apart from the app of the same name, Bumble also owns Badoo, another location-based social discovery app.
CEO Whitney Wolfe Herd told CNBC on Thursday that Bumble aims to convert more of its users to paying subscribers through investments in monetization features and new products. Wolfe Herd made history on Thursday by becoming the youngest female founder to take an American company public.
The market debut also brings a new option for investors looking to bet on online dating. Match Group - which owns Tinder, Hinge, Match, and other services - was previously the only major dating service to trade publicly. Match closed Thursday with a market cap of $45.8 billion.
Bumble closed at $70.31 on Thursday.
