This Online dating firm raised 400 million dollars in IPO

This Online dating firm raised 400 million dollars in IPO
Highlights

Match Group Inc on Wednesday priced its initial public offering (IPO) at the low end of expectations to raise $400 million, valuing the parent of Tinder, OkCupid and other online dating services at around $4.2 billion, including debt.

Match Group Inc on Wednesday priced its initial public offering (IPO) at the low end of expectations to raise $400 million, valuing the parent of Tinder, OkCupid and other online dating services at around $4.2 billion, including debt.

The IPO was priced on the same day that mobile payments company Square Inc priced its $243.5 million IPO at a steep discount, demonstrating that even some of the technology sector's hottest names have struggled in a market roiled by trading volatility.

Match Group, owned by media mogul Barry Diller's IAC/InterActiveCorp, has developed online dating sites that work well on smartphones, attracting busy young professionals that are highly coveted by advertisers.

The company said in a statement that it priced 33,333,333 common shares at $12 apiece, within the indicative range of $12 to $14 that it had given.

Shares of the Dallas, Texas-based Match Group will start trading on the Nasdaq stock market on Thursday under the ticker "MTCH".

Some high-profile listings, such as those of luxury department chain Neiman Marcus Group Inc and supermarket operator Albertsons Companies Inc, were postponed in the last two months amid stock market jitters. Others, such as payment processor First Data Corp, had to offer hefty discounts to see them through.

Match Group generated around $753 million in revenue in the first nine months of 2015, a 16 per cent jump over the same period in 2014.

In July, Match Group agreed to buy dating site PlentyOfFish for $575 million. It previously acquired OkCupid, Meetic and Twoo.

IAC is using proceeds from the IPO to pay down debt. The IPO will also help distinguish Match Group from IAC's non-dating oriented portfolio companies, such as video website Vimeo and humor website College Humor.

JPMorgan Chase & Co, Allen & Co LLC and Bank of America Merrill Lynch are the underwriters for the offering.
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