Published On: Mon, Nov 9th, 2015

Match Group seeks to raise $536.7 million in its IPO

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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.

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.

 

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