Gay dating app Grindr plans to go public after Chinese parent gives go-ahead

Grindr, the gay dating app owned by Chinese gaming company Kunlun Group, has received approval from its parent’s executive board for an overseas public listing.

The timing of the listing is dependent on conditions in the international capital market and progress of approval from domestic and overseas regulators, Kunlun said in a public filing on the Shenzhen stock exchange on Wednesday. While the executive board has approved the listing plan, it still needs approval by the shareholder board.

Kunlun bought a 61.5 per cent stake in Grindr in 2016 at a valuation of US$155 million, and acquired the remaining shares for full ownership in January.

Grindr, which counts the US and Europe as its major user customer base, is one of three major businesses operated by Kunlun, contributing 12.9 per cent, or 3.4 billion yuan (US$498 million), of its total revenues in 2017, when the parent did not wholly own the app. The other two main business units of Kunlun include mobile gaming platform GameArk and entertainment social platform Xianlai Entertainment.

“Grindr’s listing won’t exert a huge influence on the group’s revenues and profits,” Kunlun said in the filing. “Meanwhile, Grindr can have an individual and direct financing platform which can support its expansion and long-term development.”