Grindr Announces Plans To Go Public With International IPO

  • Monday, September 10 2018 @ 11:21 am
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Grindr, the leading dating app for gay and bisexual men, is preparing to list its shares on international stock exchanges. The app’s Chinese parent company, Kunlun Group, said in a stock exchange filing to the China Securities Regulatory Commission that the listing will take place overseas at an unspecified time. The timing and locations of the share sale will be determined by regulatory approval as well as capital market conditions.

In the Shenzhen stock exchange filing, Kunlun Group said that financing arrangements would be made to support Grindr’s expansion following the completion of the IPO. The company’s board said that going public would “strengthen” Grindr’s competitiveness and support future development plans for the business.

“Grindr’s listing won’t exert a huge influence on the group’s revenues and profits,” Kunlun said in the filing, according to The Independent. “Meanwhile, Grindr can have an individual and direct financing platform which can support its expansion and long-term development.”

The company did not share specifics about what that expansion will entail.

Grindr claims to be the largest all-male mobile social network in the world, with more than 3 million daily active users and an average of 228 million messages and 20 million photos sent via the platform each day. The app was launched in 2009 by Joel Simkhai, an Israeli immigrant to the United States, who initially intended for it to act as a tool for people with similar interests to find each other using geolocation data.

Grindr quickly gained popularity with the gay community in the United States before expanding to users worldwide. Today the app reaches 196 countries, with most users concentrated in North America, Europe, and Australia.

Kunlun Group purchased a majority stake (61.5%) in the app for US$93 million in 2016. The company took full control in January this year following an additional payment of US$152 million.

At the time of the sale, Simkhai said: “I’m beyond proud of what we’ve built as a team and how Grindr has been able to make a meaningful and lasting contribution to the global community. We have achieved our success because of the strength and global reach of our community. I look forward to Grindr and Kunlun’s continued commitment to building tolerance, equality and respect around the world.”

Despite being owned by a Chinese firm, Grindr remains based in Los Angeles and is not the most popular gay dating app in China. That position is held by Blued, a Beijing-based app launched in 2012 that claims to have 40 million users worldwide. For more information on this dating service you can read our Grindr app review.