Blued, which claims to be the world’s largest gay social network app, has announced plans for a US Initial Public Offering (IPO).Last week, China-based BlueCity Holdings in its filings with the Securities and Exchange Commission revealed that it plans to raise around $85 million in an IPO of American Depositary Shares (ADS).The IPO scheduled to hit the market on Wednesday July 8 is planning to sell 5.3 million ADS at a price of $15-$17 per ADS.With over 49 million registered users, as of March 2020, the scale of Blued’s ambitions are matched only by its meteoric rise over the past decade.
For comparison, Grindr has over 27 million users and Tinder around 57 million users around the world.On average over six million users log into the app.
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