Grindr shares soar 400pc on listing

SHARES in the gay dating app Grindr soared on its debut on the New York Stock Exchange.

The app geared toward the gay, bi, trans and queer community set pulses racing, with shares climbing more than 400pc as investors piled into the stock.

The firm listed via a special purpose acquisition company (SPAC) with blankcheck company Tiga Acquisition in a £1.8bn deal. Grindr’s float was lively, with performances from drag performers Lady Bunny and Jorgeous at the New York Stock Exchange as traders cheered a rare public listing this year.

But despite the flying start analysts urged caution, pointing out that rivals Match Group and Bumble have fallen 64pc and 31pc respectively this year.

This company is trying to get more users to pay for its service. Recent results show revenue for the first half of 2022 climbed 42pc to £76m with earnings of £35m, up from £28m in the same period of 2021.