Match Group Inc. said Monday it plans to raise up to $536.7 million in its initial public offering. The parent company of sites including Tinder and OkCupid, had a total of 59 million monthly active users as of Sept. 30. Match also owns other non-dating brands such as The Princeton Review.
The company said in a regulatory filing that it would offer 33.3 million shares in a price range of $12 to $14 a piece. Underwriters will have the option to buy up to an additional 5 million shares.
Will you offer us a hand? Every gift, regardless of size, fuels our future.
Your critical contribution enables us to maintain our independence from shareholders or wealthy owners, allowing us to keep up reporting without bias. It means we can continue to make Jewish Business News available to everyone.
You can support us for as little as $1 via PayPal at [email protected].
Thank you.
Match’s listing on the NASDAQ with the symbol MTCH, seeks to capitalize on the booming market for dating sites in the U.S. According to its filing with the Securities and Exchange Commission the company reported $888.3 million in revenue in 2014, up about 11% from the previous year.
InterActiveCorp. (IAC), the company which owns Match, would retain control of more than 50% of voting rights after the IPO under its ownership of Class B shares, which have 10 votes apiece.
Match said it intends to use the IPO proceeds to pay down debt owed to IAC.
The underwriters for the IPO include J.P. Morgan, Allen & Co. and Bank of America Merrill Lynch.
