Bumble raises stakes for IPO date with over $7 billion valuation target

The firm on Monday increased the size of its much-awaited stock market debut

Bumble Inc, which operates its eponymous dating app, on Monday increased the size of its much-awaited stock market debut and is now aiming for a valuation of more than $7 billion when it goes public.

The owner of the app, which is unique among dating applications for letting women make the first move, is lining up its initial public offering (IPO) at a time when the U.S. IPO market is enjoying its strongest bull run in more than two decades.

Companies raised a record $168 billion through IPOs on stock exchanges in 2020, according to data from Dealogic.

Bumble said on Monday it would look to raise as much as $1.8 billion, after upsizing its share sale to 45 million shares at $39 apiece at the upper end of the range. It had earlier offered 34.5 million at a price range of $28 to $30 a share.

Austin, Texas-based Bumble had confidentially filed for an IPO late last year. The company, in which Blackstone is a majority stakeholder, plans to list on the Nasdaq under the symbol "BMBL".

Goldman Sachs and Citigroup are the lead underwriters for the offering.