Grindr representatives rang the bell to commence trade Friday at a New York Stock Exchange decorated with Pride Flags and a giant Grindr banner out the front.
Also at the front of the New York Stock Exchange building on Wall Street, a rainbow stage featuring drag performers.
The celebration marked Grindr’s debut on public markets following a recent merger.
Grindr shares, under the ticker GRND, soared to a high of $71.51. By close, the shares settled at $36.50, double the opening price of $16.90.
Grindr announced its merger with Tiga Acquisitions in May. Tiga is a ‘Spac’ — a listed vehicle designed to acquire companies and take them public.
— Grindr (@Grindr) November 18, 2022
Wouldn’t have happened 10 years ago
Grindr CEO George Arison said the public listing of a primarily LGBTQ company couldn’t have happened in the past.
“It’s a pretty incredible thing that the company whose primary user base is gay and bisexual men, built by and for the LGBTQ population, with an employee base that is heavy in that cohort of the population as well, is now going public.
“It’s not something that would not have happened 20 years ago, probably wouldn’t have happened even 10 years ago.”
The social media response was mixed. Some celebrated: “Yay, rainbow capitalism.”
But others remained unimpressed.
“More reasons not to pay for their absurd subscription,” said one.
Another complained: “Please sort your app out, that crashes every five seconds!”
Some suggested Grindr could offer some assistance to a ‘plummeting media app now owned by a billionaire.’ 😲Chirpy chirpy, cheep cheep, chirp!
— Wayne C. 🚆 (@wechanism) November 18, 2022
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