UPDATE 1-KKR-backed AppLovin valued at over $25 bln as shares fall in market debut

UPDATE 1-KKR-backed AppLovin valued at over $25 bln as shares fall in market debut
Reuters
6 hrs ago
April 15 (Reuters) - Shares of AppLovin Corp fell 12.5% in their U.S. stock market debut on Thursday, fetching a valuation of more than $25 billion for the KKR & Co Inc -backed mobile app and gaming company.
The Palo Alto, California-based company's shares opened at $70, below its initial public offering (IPO) price of $80 per share. It had earlier set a target price range of $75 and $85 per share.
AppLovin raised $2 billion earlier on Thursday by offering 25 million shares, out of which 2.5 million shares were sold by KKR Denali Holdings LP.

Related Keywords

California ,United States ,Bengaluru ,Karnataka ,India ,Palo Alto ,Sohini Podder ,Aditya Soni ,Coinbase Global Inc ,Morgan Stanley ,Denali Holdings ,Co Inc ,Applovin Corp ,Citigroup ,Reuters ,Bofa Securities ,கலிஃபோர்னியா ,ஒன்றுபட்டது மாநிலங்களில் ,பெங்களூரு ,கர்நாடகா ,இந்தியா ,பாலோ ஆல்டோ ,மோர்கன் ஸ்டான்லி ,தெனாலி ஹோல்டிங்ஸ் ,இணை இன்க் ,சிட்டி குழுமம் ,ராய்ட்டர்ஸ் ,போஃபா பத்திரங்கள் ,