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.
In an additional interview with CNBC, Arison gave further insight into his feelings on Grindr’s larger-than-life public debut and how far the LGBTQ+ community has come.
“It’s a pretty incredible thing that the company whose primary user base is gay and bisexual men, built by and for the LGBTQ+ population, with an employee base that is heavy in the cohort of the population as well, is now going public,” he told the news outlet.
“It’s not something that would have happened 20 years ago, probably wouldn’t have happened even 10 years ago.”
Grindr’s stock market achievement comes a few months after the company announced Arison as its new CEO.
“Grindr, with George at the helm, will succeed and grow as a public company at the same time as it deepens its support for the LGBTQ community,” said the company’s board chair James F. Lu.
In addition to Arison’s inclusion, Grindr also welcomed Vanna Krantz as its new Chief Financial Officer and TAC’s G. Raymond Zage III as part of its board of directors, as reported in Business Wire.
Watch Grindr officially ring the opening bell at the New York Stock Exchange here or below.
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