Match Group Stock Rises in Market Debut
The company behind Tinder, Match.com and OKCupid now has a separate stock listing as previously announced by Barry Diller's IAC.
The stock of Barry Diller's online dating giant The Match Group jumped during its Nasdaq debut on Thursday.
Shares of the company, which encompasses Tinder, Match.com and OKCupid, closed the day up 22.8 percent, or $2.74, to $14.74. That's after shares popped as high as $14.89 during the day, up from $12 when the IPO was priced late Wednesday. The company had been looking at a pricing range of $12-$14.
The Match Group IPO raised nearly $400 million via the sale of 33.3 million shares. The company ended the day with a market value of $3.54 billion. Its ticker symbol is MTCH.
Diller's Internet company IAC, which will continue to own a stake of more than 80 percent in Match, had unveiled plans for the stock market listing earlier this year.
The market debut came after an interview by Tinder co-founder and CEO Sean Rad with an English newspaper caused the Match Group to file a clarification with the SEC.
Also debuting on the stock market Thursday was Square, the payments company from recently appointed Twitter CEO Jack Dorsey. The 6-year-old company, which Dorsey will continue to run as CEO in addition to his Twitter duties, opened at $11.20 a share, up from $9 when the IPO was priced on Wednesday. Shares closed up 45 percent, or $4.07, to $13.07, just above the company's projected $11 to $13 range.
Nov. 19, 1:25 p.m. Updated with the closing price of Match Group shares and details of Square's IPO.