Mobile gaming group AppLovin is worth $ 28.6 billion in IPO
AppLovin, a mobile gaming company that owns hits such as Matchton Mansion and Wordscapes, has raised $ 1.8 billion in an initial public offering and has a market capitalization of $ 28.6 billion, making it one of the biggest public debuts of the year. became.
With the support of private-equity group KKR, the company has established itself as one of the power players for mobile games through numerous acquisitions.
Owning and running over 200 games and selling access to marketing software to other developers makes it easy for developers to monetize their apps.
The company set the stock price at $ 80 before listing on the Nasdaq on Thursday, according to a regulatory filing. This is the midpoint between the previously set $ 75 and $ 85. The issue price gives KKR many times higher market value than the $ 2 billion that KKR bought $ 400 million in shares three years ago.
According to regulatory filings, the private-equity group had sold 2.5 million shares in the offer, but held $ 8.6 billion worth of shares. KKR also holds 67.4 percent of the company’s voting rights.
According to AppLovin, last year’s sales reached $ 1.45 billion, an increase of 46% compared to 2019, but a loss of $ 126 million compared to a net profit of $ 119 million the previous year. It was. In the prospectus, AppLovin states that annual revenue growth increased by 76% from 2016 to 2020.
April 16, 2021