Deals
IAC’s Match Group Gains After Raising $400 Million in IPO
- Chairman Blatt says company recognizes `choppy market'
- Proceeds will go toward repaying debt owed to parent
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Match Group Inc., the owner of online-dating services Tinder, Match and OkCupid, closed more than 20 percent above its initial public offering on its first day of trading, after pricing shares at the low end of the marketed range.
The unit of billionaire Barry Diller’s IAC/InterActiveCorp raised almost $400 million in its IPO. Match sold 33.3 million shares for $12 each, according to a statement Wednesday, after offering them for $12 to $14. Based on the IPO price, the company had a market value of about $2.9 billion. The shares, equivalent to about a 14 percent stake in the company, are listed on the Nasdaq Stock Market under the symbol MTCH.