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AppLovin raises $2 billion in US IPO at over $28 billion valuation

The mobile technology firm AppLovin Corp. Has priced its IPO (initial public offering) at $80 per share, the midpoint of its previously set range. And raised $2 billion, putting its valuation at $28.64 Billion.

Profile- AppLovin 

It is a mobile technology firm headquartered in Palo Alto, California. It was founded in 2012, and until 2015 it was operated in stealth mode. It offers a solution cum platform that enables all kinds and sizes of developers to market, analyze, monitise, and publish their applications through its mobile advertising, analytics, and marketing platforms namely MAX, AppsDiscovery, and SparkLabs. 

Apart from this the firm also operates Lion Studios which mainly works with game developers and helps them to promote, market, and publish their mobile games. It has gained a huge amount of investments since its commencement. Last year 49% of the company’s revenue came from businesses using its software and around 51% from customers making in-app purchases. 

And recently on April 15, 2021, the company went public on the Nasdaq exchange through a direct stock listing or initial public offering. 

During the Global pandemic due to covid-19, the company experienced a great surge in its platform consumption. It has more than 410 million daily active users and its application consists of more than 200 free-to-play mobile games which also includes slap kings, bingo story and word connect. 

In its recent IPO, the company sold around 22.5 million class A common shares and claimed that the selling stockholders offered the remaining 2.5 million shares. 

On Thursday the Nasdaq exchange listed the company’s shares under the ticker symbol “APP”. Also the lead underwriters for the IPO were Morgan Stanley, JP Morgan, KKR Capital Markets LLC, Bofa Securities, and Citigroup. 

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