Blued, China’s largest gay-dating app for men, is planning a US IPO that could raise about $200 million, according to Bloomberg.
People familiar with the matter told Bloomberg that the company has been meeting advisers about the proposed listing. The share sale will likely take place next year and could value Blued at around $1 billion, the sources stated.
Founded in 2012 by former policeman Geng Le, Blued has attracted more than $130 million in venture capital as of March. Besides providing dating services to 40 million users, the app also helps men who want to become parents connect with overseas surrogates. The services are part of Blued’s larger strategy to diversify its business and generate revenue.
Blued has said that it has its eyes on an IPO, ideally in the US, which offers a simpler process. The challenge remains for Le to convince investors that he can expand his operations in a country where the LGBT community may face legal obstacles.
Blued’s global expansion may come to challenge the world’s largest LGBT dating app Grindr, which sold a majority stake to Beijing Kunlun Tech Co. in 2016. Grindr recently resumed preparations for its IPO last month, after the process was suspended in September 2018 due to concerns that the data collected could be used by Kunlun to blackmail Americans, according to the Los Angeles Times.