Match Group Sets IPO Terms
November 09 2015 - 7:20AM
Dow Jones News
Match Group Inc. on Monday said it plans to raise up to $536.7
million in its long-awaited initial public offering, as the parent
company of sites including Tinder seeks to cash in on the booming
market for online dating.
The Dallas-based company said in a regulatory filing that it
would sell 33.3 million shares at $12 to $14 a piece. Underwriters
will have the option to buy up to an additional 5 million
shares.
Match's listing seeks to capitalize on the booming market for
dating sites in the U.S. The company, which counts 59 million
monthly active users, reported $888.3 million in revenue in 2014,
up about 11% from the previous year, according to its filing with
the Securities and Exchange Commission.
Match's IPO makes official a long-anticipated move. In June, the
company disclosed it plan to go public, saying it expected to
complete the process by the fourth quarter. Three months later, it
filed confidential IPO paperwork with the Securities and Exchange
Commission, people familiar with the matter told The Wall Street
Journal at the time.
IAC/InterActiveCorp., which owns Match, would retain control of
more than 50% of voting rights after the IPO under its ownership of
Class B shares, which have 10 votes apiece. Match also owns other
non-dating brands such as The Princeton Review.
Match said it intends to use the IPO proceeds to pay down debt
owed to IAC.
The underwriters for the IPO include J.P. Morgan, Allen &
Co. and Bank of America Merrill Lynch.
Write to Lisa Beilfuss at lisa.beilfuss@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
November 09, 2015 07:05 ET (12:05 GMT)
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