KKR-backed AppLovin raises $2 billion in U.S. IPO at over $28 billion valuation


FILE PHOTO: Trading information for KKR & Co is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., August 23, 2018. REUTERS/Brendan McDermid/File Photo

(Reuters) - Mobile app and gaming company AppLovin Corp said on Thursday it priced its initial public offering at $80 per share, the mid-point of its previously set range, placing the company's valuation at $28.64 billion.

At this price, AppLovin, backed by private equity giant KKR & Co Inc, will raise $2 billion through the IPO.

The Palo Alto, California-based company is the latest player in the mobile gaming industry to list itself on the stock market, as demand for video games surges among consumers staying at home during the COVID-19 pandemic.

AppLovin now has over 410 million daily active users on its platform and its apps consist of more than 200 free-to-play mobile games, including Word Connect, Slap Kings and Bingo Story.

The company sold 22.5 million Class A common shares, it said, adding that selling stockholders offered the remaining 2.5 million shares.

The company's shares will be listed on the Nasdaq Global Select Market on Thursday under the ticker symbol "APP", AppLovin added.

Morgan Stanley, J.P. Morgan, KKR Capital Markets, LLC, BofA Securities and Citigroup are the lead underwriters for the offering.

(Reporting by Akriti Sharma and Shubham Kalia in Bengaluru; editing by Uttaresh.V and Krishna Chandra Eluri)

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3

   

Next In Tech News

Bitcoin price lower after Musk tweet
More ransomware websites disappear in aftermath of Colonial Pipeline hack
Bitcoin rises 5.6% to $49,337.72
Tesla crash victim lauded 'full self-driving' in videos on Tiktok
Fifteen apps parents should be aware of: Are any of these on your child’s phone?
My dad wants to invest in Bitcoin. Should he?
Army of fake fans boosts China’s messaging on Twitter
US Feds say a lack of reporting poses barrier to cyber defence
As of iOS 14.4, Apple lets you get more volume out of your iPhone
Need a professional photo? In pandemic times, you can do it yourself

Stories You'll Enjoy


Vouchers