U.S. mobile app and gaming company AppLovin Corp sold shares in its initial public offering (IPO) at the mid-point of its target range to raise $2 billion, a person familiar with the matter said on Wednesday. AppLovin, which is backed by private equity giant KKR & Co Inc, priced 25 million shares at $80 per share, the source said. It had set an IPO target range of $75 to $85 per share. The IPO values AppLovin at $28.6 billion.
The Palo Alto, California-based company is the latest player in the mobile gaming industry to eye a stock market listing, as demand for video games surges among consumers staying at home during the COVID-19 pandemic.
The IPO represents a big windfall for KKR, which acquired a minority stake in AppLovin in 2018 for $400 million, in a deal which valued the company at $2 billion. AppLovin abandoned plans to sell itself to Chinese buyout firm Orient Hontai Capital in 2017. A U.S. national security panel shot down the $1.4 billion deal on data security worries.
Source: Reuters
Reporting by Echo Wang in Miami; Editing by Greg Roumeliotis
Can't stop reading? This and all news articles are property of their creators, many are not owned or provided by Private Equity Insider. As an event organizer and community platform, we curate content from reliable sources for your suggested reading, and advise you to read the full articles from the referenced authors and sources.