Gay dating app Grindr's stock soars after going public
Grindr came out swinging when it made its debut on the New York Stock Exchange. The gay dating app's stock rose by more than 400% after going public on Friday.
The self-described "leading platform focused on the LGBTQ+ community" announced its intention to become a public company back in March. In September, the app's board of directors 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 that same day under the symbols "GRND" and "GRND.WS."
"Today marks an important milestone not only for the team at Grindr, but for the LGBTQ community we serve," Grindr's chief executive officer, George Arison, said. "We enter the public markets with momentum, carried by our market leadership, strong financial performance and significant growth runway as we step up investment in our core product 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 midday, according to MarketWatch. The stock closed at $36.50, a 214% increase compared to Thursday, the last trading session before the merger.
Grindr, which launched in 2009, reported roughly 11 million daily users per day last year. Users sent a combined 260 million messages in that 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.
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