Shares of dating app Grindr (NYSE:GRND) have skyrocketed upon listing today following its merger with Tiga Acquisition (NYSE:TINV), a SPAC.
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After opening at $16.90 apiece, GRND shares made a high of $70 but have corrected to $50 levels since. This still indicates gains of nearly 160% at the time of writing.
Importantly, the LGBTQ-focused platform has seen more than 250 million daily messages last year and remains profitable.
In the first half of 2022, the company posted an adjusted EBITDA of $42 million on a top line of $90 million.
Upon going public, the company is now focusing on driving user growth, adding monetization streams, and global expansion.
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