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Blackstone-backed dating app Bumble sets IPO terms

Blackstone Group Inc.-backed dating app Bumble Inc. is selling 34.5 million class A common shares in its IPO, expected to be priced between $28.00 and $30.00 apiece.

The company expects the shares to be listed on the Nasdaq Global Select Market under the symbol BMBL.

The offering comes with an overallotment for the underwriters to acquire up to 5,175,000 additional shares.

Upon completion, Whitney Wolfe Herd, the founder of Bumble, will own about 11% of the outstanding economic interests in Bumble and 14% of the combined voting power in Bumble Inc., while Blackstone will own roughly 67% of the outstanding economic interests in Bumble and 83% of the outstanding voting power in Bumble Inc.

In connection with the offering, Bumble Inc. will become the general partner of Buzz Holdings LP, the parent company of the business. As sole general partner, Bumble Inc. will hold 100% of the voting power in Buzz Holdings.

Bumble Inc. intends to use the proceeds of $332.4 million from the issuance of 12 million shares to acquire an equivalent number of newly issued common units from Buzz Holdings, which Buzz Holdings will in turn use to repay outstanding debt under its term loan facility totaling roughly $200.0 million and approximately $111.1 million for general corporate purposes, among other uses.

Bumble Inc. intends to use the proceeds of $623.1 million from the issuance of 22.5 million shares, or 27.7 million shares and $766.4 million if the underwriters exercise in full their option to purchase additional shares, to purchase or redeem an equivalent aggregate number of shares of class A common shares and common units from its pre-IPO owners.

Goldman Sachs & Co. LLC, Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, J.P. Morgan Securities LLC, Jefferies LLC, RBC Capital Markets LLC, Evercore Group LLC, Blackstone Advisory Partners LP, BMO Capital Markets Corp., Cowen and Co. LLC, Raymond James & Associates Inc., Stifel Nicolaus & Co. Inc., BTIG LLC, Nomura Securities International Inc., SMBC Nikko Securities America Inc., AmeriVet Securities Inc., C.L. King & Associates Inc., Drexel Hamilton LLC, Loop Capital Markets LLC, R. Seelaus & Co. LLC, Samuel A. Ramirez & Co. Inc., Siebert Williams Shank & Co. LLC and Telsey Advisory Group LLC are underwriters for the offering.