Grindr’s stock skyrockets after becoming a public company
Grindr has already reached massive numbers since making its grand debut on the stock market. Back in May, the popular LGBTQ+ dating app announced that it would become a public company after agreeing on a $2.1 billion merger deal with Tiga Acquisition Corp (TAC). “It has been the longstanding goal of Grindr’s current ownership and management that Grindr be led by members of the LGBTQ+ community,” the company said in a statement. “Working together, Grindr’s board and management have identified and been in discussions with a potential new chief executive officer candidate who would bring a depth and breadth of experience across technology, finance, and management, including time spent in an executive leadership role at a public company.” Under the landmark deal, Grindr is set to receive $384m (£475.5m), with the rollover equity being valued at $2.1bn (£1.7bn).
After a few months of waiting, the company finally went public on 18 November at the New York Stock Exchange. According to a report from NPR, Grindr’s stock rose by more than 400% when its debut price of $16.90 increased to $71.51 shortly after going public.
By the time the market closed, the company’s value had landed at $36.50 – which was still doubled its original value. Shortly after the groundbreaking news, Grindr’s CEO, George Arison, released a statement to celebrate the company’s latest achievements. “Today marks an important milestone not only for the team at Grindr but for the LGBTQ community we serve.
I am thrilled to work with our team and investors as we continue expanding our platform and enhancing the critical social infrastructure for a traditionally underserved community,” he said.
