The gay dating app Grindr has announced plans to go public after approved by parent company Kunlun Group.
The Chinese parent company has said that allowing the app to go public will “strengthen” its competitiveness and help business development.
In a filing to the Shenzhen stock exchange, Kunlun said: “Grindr’s listing won’t exert a huge influence on the group’s revenues and profits.”
“Meanwhile, Grindr can have an individual and direct financing platform which can support its expansion and long-term development.”
Grindr has over 27 million users globally and is a popular dating platform for lesbian, gay, bisexual and transgender people.
Based in Los Angeles, Kunlun Group bought a 61.5 percent stake in 2016 from the US founders and took full control in January in a $152 million deal.
When the app was sold, the founder Joel Simkhai said: “I’m beyond proud of what we’ve built as a team and how Grindr has been able to make a meaningful and lasting contribution to the global community.”
“We have achieved our success because of the strength and global reach of our community. I look forward to Grindr and Kunlun’s continued commitment to building tolerance, equality, and respect around the world.”
Despite the app being owned by a group based in China, the app is not the most popular gay dating app in the country. The number one position has been taken by the app Blued, which has 40 million users worldwide.
The South China Morning Post reported that the timing of the listing will depend on market conditions and regulatory approval.
Grindr was the first gay social networking app to launch on the iTunes App Store and is available in 192 countries.
