News

IPO Report: AppLovin prices IPO at $80 a share, to raise $2 billion

0

AppLovin Corp., which provides tools for mobile app and game developers, priced its initial public offering at $80 a share early Thursday morning, at the midpoint of its expected range of $75-$85 a share.

The Palo Alto, Calif.-based company offered 22.5 million shares in the IPO to raise $1.8 billion, while shareholder KKR Denali Holdings L.P. offered 2.5 million shares to raise $200 million. The pricing valued the company at about $28.6 billion. Shares are scheduled to begin trading on Thursday on the Nasdaq under the ticker “APP”
APP,
.

AppLovin is backed by private-equity firm KKR & Co. Inc.
KKR,
+2.08%
,
which will retain a majority of voting control.

AppLovin said it made $1.45 billion in revenue in 2020, resulting in a loss of $125.9 million, versus 2019 revenue of $994.1 million and net income of $119 million.

For more: AppLovin IPO: 5 things to know about the software company seeking a $30 billion valuation

: Deliveroo, Hut Group and Naked Wines have all been pandemic winners. Here comes the hard part.

Previous article

Economic Report: Stimulus checks ring up 9.8% sales gain for retailers in March as economy revs up

Next article

You may also like

Comments

Leave a reply

Your email address will not be published. Required fields are marked *

More in News