Shares of media mogul Barry Diller’s Match Group Inc (MTCH.O), the owner of popular dating site Match.com and mobile app Tinder, rose as much as 12.5 percent in their market debut on Thursday, valuing the company at about $3 billion.

The company’s initial public offering raised $400 million after the shares were priced at $12 each, at the lower end of the expected range of $12-$14. The stock was trading at $13 shortly after the opening.

Match Group, which touts itself as the world’s No. 1 dating company, plans to use the proceeds to repay debt owed to its parent, Diller’s IAC/InterActiveCorp (IACI.O).

IAC, whose shares were up 0.4 percent in early trading, retains a stake of about 86 percent in Match.

(Reporting by Richa Naidu in Bengaluru; Editing by Ted Kerr and Anil D’Silva)

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