The owner of Tinder, Match.com and OKCupid had a great first date with Wall Street.
Shares of Dallas-based Match Group Inc. got a boost on their first day of trading Thursday, closing up $2.74, or 23 percent, to $14.74, after the initial public offering priced at the low end of its expected range.
The online dating company has 50 brands using 40 languages around the world, and about 59 million active monthly users. It has been profitable and had $1 billion in revenue over the 12 months that ended June 30.
Parent company IAC/InterActiveCorp, controlled by billionaire Barry Diller, will maintain majority control of Match after the offering. IAC/InterActiveCorp also owns Web properties like Vimeo, HomeAdvisor, About.com and CollegeHumor.
Copyright AP - Associated Press
