Bumble Inc., the dating app where only women can make the first move, set the terms for a U.S. initial public offering to raise as much as $1 billion.
The company plans to sell 34.5 million shares for $28 to $30 apiece, it said in a filing Tuesday with the U.S. Securities and Exchange Commission.
At the top end of that range, $30, Bumble would be valued at as much as $6.46 billion including debt after the listing, based on the outstanding Class A shares listed in its listing document.
Bumble, based in Austin, Texas, was founded in 2014 by Chief Executive Officer Whitney Wolfe Herd. It plans for its shares to begin trading on Feb. 11, the Thursday before Valentine’s Day, people with knowledge of the matter said.
A representative for Bumble didn’t immediately respond to a request for comment on the timing of the IPO.
“Bumble’s women-first approach effectively differentiated it during the early land grab,” said Jeremy Abelson, founder and portfolio manager at Irving Investors. The company is at its early stages of monetization and international expansion could accelerate growth, he said.
The offering is being led by Goldman Sachs Group Inc., Citigroup Inc., Morgan Stanley and JPMorgan Chase & Co. Bumble plans to list its shares on the Nasdaq Global Select Market under the symbol BMBL.
(Updates with valuation in third paragraph)