IAC/InterActive Corp announced an initial public offering of its company the Match Group, which owns dating platforms OkCupid, Tinder and Match.com.

The Match Group division accounts for almost a third of IAC's revenue and saw its sales climb to $239.2m (£151.9m, €213.5m) in the first quarter of 2015.

Joey Levin, chief executive of IAC, said in a statement: "Today's changes highlight both the incredible historical success at The Match Group and the exciting collection of assets within IAC."

IAC, the multi-billion media company headquartered in New York, has previously floated companies such as Expedia, TripAdvisor and Ticketmaster (now called Live Nation Entertainment).

The company said in a statement that initially, only 20% of the company will be floated and that it hopes to offer the first load of shares in the fourth quarter of 2015.

IAC chairman Barry Diller stated: "I'm not a believer in simply agglomerating assets in perpetuity. I've long felt that as entities grow into size and maturity it's healthy to give them separation and independence from a mother church."

In the statement, the company announced Sam Yagan will remain the Match Group's chief executive and Greg Blatt will stay as chairman. IAC announced Jeff Kip's departure as the group's chief financial officer, saying he wanted to move closer to his family.