Grindr is officially on the stock market, and shares have soared since the company went public.
On Friday, the Grindr stock began trading on the New York Stock Exchange under the ticker GRND. The company began at $16.90 per share before soaring to $71.51 during the session. At the time of market close, the share value had more than doubled to $36.50. Wall Street Journal reported that Grindr was anticipated to receive about $384 million in profits from the $2.1 billion purchase.
Grindr CEO George Arison praised the initial stock market success as he believes it is a testament to how far the LGBTQ+ community has come, with every facet of the world being more open to inclusivity.
“It’s not something that would not have happened 20 years ago, probably wouldn’t have happened even ten years ago,” Arison declared.
The platform is home to at least 11 million gay and bisexual singles users, some seeking casual dating while others are seeking a spicy rendevous. Either way, the platform has built an online community where people come together without judgment. This goal is translating to Wall Street, with Grindr putting on a public celebration outside of the NYSE shortly after the bell rang, signaling that the stock was live. Drag queens and spectators waving rainbow flags rejoiced in the street outside of the NYSE.
Other dating apps have tried their luck on the public market recently, though the results have not always been in their favor. Bumble and Match plummeted 31.7% and 64.9% since the start of 2022.
Grindr went public as part of a merger with a special-purpose acquisition company (SPAC), a front company that trades on stock exchanges before fusing with the target firm. The SPAC assisting with this is Tiga Acquisition Corporation.
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