KKR-backed AppLovin raises US$2b in US IPO at over US$28b valuation

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

At this price, AppLovin, backed by private equity giant KKR & Co, will raise US$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, JPMorgan, KKR Capital Markets, BofA Securities and Citigroup are the lead underwriters for the offering.

REUTERS

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