Match Group plans to raise up to $466.2M from its IPO

Staff Writer
Columbus CEO

NEW YORK (AP) — The owner of Tinder, and OkCupid hopes to raise as much as $466.2 million in an initial public offering of company shares.

Match Group Inc. disclosed in a regulatory filing Monday that it will price its IPO of about 33.3 million shares between $12 and $14 per share. The underwriters will have a 30-day option to buy an additional 5 million shares.

The online matchmaker will list on Nasdaq under the symbol "MTCH."

The Dallas company says it has turned a profit in each of the last three years. The Dallas-based company says it had $1 billion in revenue over the 12 months ended June 30.

There will be three classes of stock: common stock, Class B common stock and Class C common stock. Common stockholders will be entitled to one vote per share, while Class B shareholders will get 10 votes per share. Class C shareholders cannot vote.

Parent company IAC/InterActiveCorp, controlled by billionaire Barry Diller, will own all shares of outstanding class B stock. It will maintain majority control of the company after the offering. IAC/InterAcrtiveCorp also owns Web properties like Vimeo, HomeAdvisor, and CollegeHumor.

Match Group said that it currently plans to use all of the offering's net proceeds to repay related-party debt owed to IAC/InterActiveCorp.

As of Sep. 30, Match Group had about 59 million active monthly users, 4.7 million of them paid, using its "dating products" in 38 languages in more than 190 countries.

Match Group completed the acquisition of PlentyofFish for $575 million last month.

It was the second high-profile IPO pricing in as many weeks.

Last week, Jack Dorsey's Square, the six-year-old company known for its white, cube-shaped credit and debit card readers, offered just over 31 million shares at a maximum of $13 apiece for total value of up to $403.7 million.