Gay Dating App Blued in Talks for IPO in New York
Blued International Inc. reportedly is targeting an initial public offering in the United States that could raise around $200 million.
Blued's share sale will likely take place sometime next year and it could bring the company's valuation to around $1 billion, as reported by Bloomberg.
China's largest LGBTQ community offers chats similar to the American Grindr. Blued also offers livestreaming. On its official website, the app claims to serve 40 million users globally.
According to the report, Blued seeks an IPO in New York because of the simpler listing process and deeper capital markets. Geng Le, who founded Blued in 2012 and attracted more than $130 million in venture capital through March, faces challenges of convincing investors to expand operations in a country where gay rights receive little protection, Bloomberg said.
Blued has been meeting with advisors to discuss a potential listing and the details of the offering could change, as the deliberations are still in an early stage, according to the report.