Date
20 October 2017
Dating site Tinder is one of the top assets of Match Group. Others include OKCupid, match.com and The Princeton Review. Photo: WSJ
Dating site Tinder is one of the top assets of Match Group. Others include OKCupid, match.com and The Princeton Review. Photo: WSJ

Matchmaking site lands a date with Wall Street

It’s not hitting the news in a big way, certainly not in the way rival Ashley Madison rocked the infidelity market this past summer.

Instead, Match Group, which owns dating sites Tinder, OKCupid and Match.com, is hooking up with Wall Street slowly but surely.

On Monday, it filed documents for a long-awaited initial public offering.

The shares will be listed on the  NASDAQ Global Select Market under the ticker symbol “MTCH”, the Wall Street Journal reports.

IAC/InterActiveCorp., which owns Match, would retain control of more than 50 percent 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.

The proposed IPO makes official a long, quiet process.

In June, the company disclosed it planned 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 said.

Match’s listing seeks to capitalize on the booming market for dating sites in the US.

The company logged US$888.3 million in revenue in 2014, up about 11 percent from the previous year, according to its filing with the Securities and Exchange Commission.

Net income for 2014 was US$148.4 million, up 18 percent year over year.

Yet, other dating sites have been unlucky in love with the public markets.

Earlier this year, Avid Life Media Inc.’s AshleyMadison.com, a dating app for infidelity seekers, announced that it hoped to raise US$200 million in an IPO in London this year.

However, the site was the subject of a high-profile hacking earlier this year and private data about its users flooded the internet.

Analysts say the breach hurt its chances of floating shares anytime soon.

Online-dating platform Zoosk Inc. withdrew its plans for an initial public offering in May after more than a year of delays.

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RC/RA

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