The gay dating app’s stock value increased a whopping 400% after its debut on the New York stock exchange.
Grindr has made an impressive debut as a publicly listed company with shares in the company shooting up 400% shortly after Grindr executives rang the bell at the New York Stock Exchange on Friday the Financial Times reports.
While the 400% increase was followed by a downturn as the day went on, the share price still increased significantly overall.
Grindr’s stock leapt from an opening price of $16.90 to $71.51 before falling to close at $36.50 per share, 214% higher than when first listed.
The public listing follows the company’s merger with Tiga Acquisition Corp.
While smaller than its competitors Bumble and Tinder, Grindr has outperformed both on the stock exchange. Bumble only closed 64% higher on its first day of trading.
The gay dating app’s successful stock exchange debut follows a successful year for the company, with the gay dating app posting a $5.1 million profit on $146 million revenues in 2021, up from a $13 million net loss in 2020.
Grindr operates in more than 190 countries and territories and reported 10.8 million monthly active users in 2021, with roughly 744,000 paying users as of June.