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

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

IPO pricing values company at $29 billion

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, -18.50%.

AppLovin is backed by private-equity firm KKR & Co. Inc. KKR, -0.36%, 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.

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