Our two biggest Rippers today are IPOs, which is surprising to nobody who has been watching this market for the last year. One indicator of this strong reception is the IPO Renaissance ETF, which tracks the success of a basket of companies which have recently IPOed. $IPO is up 109% in the last year and up nearly 6% YTD. Let’s dive in and see our two movers ⬇️
🐝 Today, dating-networking-friend finding app Bumble had its come-to-market moment. $BMBL opened up 77% from its offering price, before closing out the day up 64%. Bumble CEO Whitney Wolfe Herd was a pivotal force in Tinder’s success among college students while she was the vice president of marketing in the early 2010s. She departed Tinder, which is owned by dating mega-corp $MTCH, in 2014. Originally, she did not plan to start Bumble after leaving. But following some convincing by another dating app innovator, she founded the company after her departure. Today, she became the youngest woman to lead a company through an IPO.
💰 In other IPO-related news, mortgage financing company LoanDepot had its come-to-market moment today as well. The company rose steadily throughout the day after trading began, ending out the day up 57%. $LDI is entering markets at a time where millions of Americans are buying homes, refinancing existing mortgages, and the broader housing market is in a “seller’s market.” We’ll be watching $LDI to see if investor demand remains robust.