Grindr Is Going Public

Grindr is planning to go public.

The board of Beijing Kunlun Tech -- the Chinese gaming company that owns the popular gay dating app -- unanimously approved an initial public offering launch, reports the Financial Times.

The news was announced in a filing on the Shenzhen Stock Exchange, in which the company reported that the app has been "continuously profitable" for three years.

Grindr accounted for 4 percent of Beijing Kunlun Tech's total net profits last year. The app charges for its premium service, Grindr Xtra, which allows users to view more profiles of potential matches.

Funds from the IPO will go toward the app's development and expansion, according to the filing. A date of when the app will go public was not listed.

Founded in 2009 and based in West Hollywood, Grindr is one of the world's largest dating apps for gay, bisexual, and transgender men. It boasts more than three million daily users.

The app, which has been criticized for the bigoted messaging of some of its users, recently teased a new initiative against racism, transphobia, and body-shaming called Kindr. This initiative will formally launch September 19.

Beijing Kunlun Tech purchased 62 percent of Grindr in 2016 for $88 million and bought the remaining portion in 2017 for $152 million.