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(Reuters) - U.S. mobile app and gaming company AppLovin Corp sold shares in its initial public offering (IPO) at the mid-point of its target range to raise $2 billion, a person familiar with the matter said on Wednesday.
FILE PHOTO: Trading information for KKR & Co is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., August 23, 2018. REUTERS/Brendan McDermid/File Photo
AppLovin, which is backed by private equity giant KKR & Co Inc, priced 25 million shares at $80 per share, the source said. It had set an IPO target range of $75 to $85 per share.
By Reuters Staff
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FILE PHOTO: Trading information for KKR & Co is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., August 23, 2018. REUTERS/Brendan McDermid/File Photo
(Reuters) - Mobile app and gaming company AppLovin Corp said on Thursday it priced its initial public offering at $80 per share, the mid-point of its previously set range, placing the company’s valuation at $28.64 billion.
At this price, AppLovin, backed by private equity giant KKR & Co Inc, will raise $2 billion through the IPO.
The Palo Alto, California-based company is the latest player in the mobile gaming industry to list itself on the stock market, as demand for video games surges among consumers staying at home during the COVID-19 pandemic.
AppLovin gaming app goes public, valued at $28.6 billion PUBLISHED BY 10 hours ago
AppLovin Corp, the Palo Alto, California-based mobile app and gaming company, has priced its initial public offering at $80, which puts the company’s valuation at $28.64 billion.
The $80 offer a share is the midpoint of its previously set range of $75-$85. The private equity backs the company gains KKR&Co Inc and will raise $2 billion through the IPO. The company sold 22.5 million Class A common shares, selling stockholders offered the remaining 2.5 million shares. It is keeping a stake worth $8.6bn. KKR will also retain 67.4 percent of the company’s voting power.
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