Grindr went out swinging when it debuted on the New York Stock Exchange. Shares of the gay dating app soared more than 400% after going public on Friday.
The self-described “leading platform focused on the LGBTQ+ community” announced his intention become a public company in March. In September, the board of directors of the application named both an executive director and a financial director. 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 that 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,” said Grindr CEO George Arison. “We enter the public markets with momentum, thanks to our market leadership, strong financial performance and significant growth trajectory as we step up investment in our core products and services.”
And the dating app’s stock is certainly 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. Shares closed at $36.50, up 214% compared to Thursday, the last trading session before the merger.
Grindr, which launched in 2009, reported roughly 11 million daily users last year. Users sent a total of 260 million messages in that same period and spent an average of 61 minutes a day on the app. In the same adGrindr estimated the value of its “highly engaged user base in a large and untapped addressable market” at $4 billion.
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