IAC/InterActive (NASDAQ: IACI) on Thursday reveals their intent to acquire an initial public offering of its Match Group Division, including online dating applications such as Tinder, OkCupid, and Match.com.
Match.com, now operating as the largest dating site in the world, offers its services to 25 countries in eight different languages and holds about 22% of the market. The overall Match Group Division resides as the second largest of IAC's four business segments.
Dating sites in the United States has been a progressively, rising industry in the market. A majority of Americans now acknowledge online dating as a good way to meet people. After CNBC reported the confirmation of the company pursuing an IPO, shares shot up 4.71% reaching a new 52-week high of $80.90.
IAC announced that less than 20% of the Match Segment's common stock will be issued in the IPO; expecting to be complete during the fourth quarter.
The current board will consist of the former head of IAC's search and application business, Joey Levin as CEO, while co-founder of OkCupid will remain Chief Executive of Match Group.
In the last quarter, along with paid subscribers rising 16%, Match Group's revenue soared 13% to $239.2 million, representing 31% of IAC's top line.
“Over the last two decades, IAC and its progeny have grown into seven separate public companies with a current shareholder value of over $44 billion,” said Barry Diller, current Chairman and Senior Executive of IAC.