Stock of gay dating app Grindr skyrockets after going public

0

Grindr came out strong when it debuted on the New York Stock Exchange. Gay dating app’s stock grew over 400% after going public on Friday.

The self-proclaimed “leading LGBTQ+ community-focused platform” announced plans to go public in March. In September, the app’s board appointed both a chief executive and a chief financial officer. On Friday, the dating app announced its successful merger with Tiga Acquisition Corp, a special-purpose acquisition company. Grindr Inc. debuted on the New York Stock Exchange on the same day under the symbols “GRND” and “GRND.WS”.

“Today marks an important milestone not only for the Grindr team, but also for the LGBTQ community we serve,” Grindr CEO George Arison said. “We are entering the public markets with momentum, driven by our market leadership, strong financial performance and significant growth track as we increase investment in our core products and services.”

And the dating app’s stock is definitely one to watch: It debuted at $16.90 at 9:30 a.m. and hit a high of $71.51 before noon, according to MarketWatch. The stock closed at $36.50, a 214% increase from Thursday, the last trading session before the merger.

Grindr, which launched in 2009, reported around 11 million daily users last year. Users sent a total of 260 million messages during the same period and spent an average of 61 minutes per day on the app. In the same announcement, Grindr estimated the value of its “highly engaged user base in a large and untapped addressable market” at $4 billion.

Copyright 2022 NPR. To learn more, visit https://www.npr.org.

Share.

Comments are closed.