Match Group, which owns dating platforms like OKCupid, Match, and Tinder, held its initial public offering this morning. Its stock opened at $12 per share and climbed slightly higher to $13.50 by midday. It will trade on the NASDAQ under the ticker symbol MTCH. It raised a little more than $400 million, giving it a market cap of around $3 billion.
Shares will trade under the symbol MTCH
The offering is on the low end of expectations for the company, which had said earlier this month it was looking to raise around $466 million at a value of more than $4 billion. Last year, Match Group generated over $836 million in revenue, up from $788 million in 2013.
Match Group's weak IPO is just another sign that investor trust in tech companies has been falling across the board. Square opened its IPO last night at $9 per share (significantly below its projected range of $11 to $13) and fell $3 billion short of the valuation it held on the private market.
Tinder's CEO, Sean Rad, isn't helping to booster investors' faith in the company, either. Yesterday, Rad gave an interview with the London Evening Standard in which he discussed his sexual life at length, and said he thought the word "sodomy" referred to being attracted to intellect.