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April 15, 2021, 7:59 a.m. EDT

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

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By Mike Murphy

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” /zigman2/quotes/226004863/composite APP +2.96% .

AppLovin is backed by private-equity firm KKR & Co. Inc. /zigman2/quotes/206126495/composite KKR -0.81% , 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

/zigman2/quotes/226004863/composite
US : U.S.: Nasdaq
$ 64.29
+1.85 +2.96%
Volume: 1.12M
May 18, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$22.35 billion
Rev. per Employee
$1.61M
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/zigman2/quotes/206126495/composite
US : U.S.: NYSE
$ 54.99
-0.45 -0.81%
Volume: 2.85M
May 18, 2021 4:00p
P/E Ratio
6.72
Dividend Yield
1.05%
Market Cap
$32.25 billion
Rev. per Employee
$2.82M
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