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Tinder will soon be setting its location preferences to Wall Street.
InterActiveCorp (IAC) announced its plans to go public with its Match Group dating division that includes Tinder, Match.com, OkCupid, and Chemistry.com.
In conjunction with the IPO, IAC will sell a 20 percent stake in Match Group. The revenue from the dating services rose to $897 million last year, but Match Group has not announced the pricing or volume of shares.
Located in West Hollywood, Tinder has been geographically matching mutually-interested people via their app since September 2012.They have recently implemented a paid subscription model and are reportedly Match Group’s highest valued property.
In preparation for the IPO, Tinder bolstered their executive team with Chris Payne (CEO) in March and Hugh Williams (VP of engineering) in early June. Payne has served as vice president for eBay and Microsoft. Similarly, Williams was a manager at Microsoft and also served as vice president at eBay.
“The dating industry has come a long way since its inception, but the category remains underpenetrated,” Match Group Chairman Greg Blatt said in a statement. “We believe the combination of our more established businesses such as Match, Meetic and OurTime, and earlier stage businesses such as Tinder and OkCupid, creates an attractive combination of significant cash flow generation, strong margins and meaningful growth potential.”
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