Grindr’s debut on the New York stock market has been called “remarkable” as its stock soared by more than 400% after the company went public on Friday.
The dating app first announced that it was going public in March. Yet it wasn’t until Friday that Grindr announced its successful merger with a special purpose acquisition company and debuted on the New York stock market. The app launched in 2009 and has since become popular among LGBTQ+ communities across the globe.
“Today marks an important milestone not only for the team at Grindr, but for the LGBTQ community we serve,” Grindr CEO George Arison, said in a statement. “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.”
The stock made its stock market debut at 9.30 a.m. on Friday at $16.90 and had soared to $71.55 before noon, according to Marketwatch. The stock ultimately closed at $36.50 which is 214% increase compared to its value before the company announced the merging and went public.
Last year, the app reportedly had about 11 million active users per day who sent 260 million messages.