The IPO frenzy continued this past week as 17 IPOs and 26 SPACs entered the public market. Headlining the week were dating app Bumble (BMBL), which completed the year’s largest deal so far, and Chinese cloud services provider Cloopen Group (RAAS), which bagged the biggest pop of 2021 to date.

Bumble (BMBL) priced further upsized and priced above the upwardly revised range to raise $2.2 billion at an $8.7 billion market cap. The company operates the Bumble and Badoo apps, the world’s second and fourth highest grossing dating apps, respectively. While COVID-19 hurt average revenue per paying user, the company generates strong EBITDA margins, and growth accelerated in the most recent quarter. Bumble finished up 76%.

Cloopen Group Holding (RAAS) priced above the range to raise $320 million at a $2.4 billion market cap, and soared 200% on its first day of trading. Unprofitable with decelerating growth in the 9mo20, the company is China’s largest multi-capability cloud-based communications solution provider by 2019 revenue. After its initial jump, Cloopen traded down to finish the week with a 96% return from IPO.


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