News: Company valued at $3.57bn.
Tinder owner Match Group made its public debut on the NASDAQ stock exchange, with the valuation of the company rising to $3.57bn.
Apart from popular dating app Tinder, Match Group also owns Match.com, OkCupid and OurTime.
The online dating company previously set its IPO priced at $12 per share and managed to raise $400m with its IPO.
The company is planning to use the $400m to repay debt owed to IAC, which owns a stake of around 86% in Match Group.
The dating giant made its IPO debut alongside financial services provider Square.
While Match Group’s shares rose as much as 24% in its market debut, Square’s share rose to as much as 64% in its debut.
The US online romance market is worth more than $2 billion a year which is fueled by instant messaging, photo-sharing and geolocation services, reported Reuters.
However, the apps have come under fire for privacy concerns and spam. As a result Tinder joined forces with mobile security and fraud prevention company TeleSign to introduce two-step verification system that managed to reduced the number of Tinder spambots by 90%.