Uncategorized

KKR-backed AppLovin sets $1 billion as new placeholder amount for U.S. IPO By Reuters

[ad_1]


© Reuters.

(Reuters) – U.S. mobile app and gaming company AppLovin Corp, which is backed by private equity giant KKR & Co (NYSE:) Inc, said on Monday it is aiming to raise $1 billion in an initial public offering.

However, AppLovin did not reveal the number of shares it plans to offer to investors or the price range for its offering, indicating that the new figure is just a placeholder amount. The actual raise amount is likely to change when the company reveals the terms for its offering.

It had previously put $100 million as the placeholder amount, which is usually set for calculating the registration fee for any given share sale.

Reuters reported in October that Palo Alto, California-based AppLovin had hired Morgan Stanley (NYSE:) to lead the IPO.

AppLovin is the latest player in the mobile gaming industry looking to cash in on the surging demand for video games from gamers staying at home due to the COVID-19 pandemic, with DraftKings (NASDAQ:) Inc, Playtika Holding Corp and Roblox Corp also going public over the past 18 months.

Founded in 2012 as a mobile games advertising platform, AppLovin’s revenue grew 46% to $1.45 billion in the year ended Dec. 31, 2020.

But it posted a net loss of around $125 million last year, compared with a net profit of $119 million a year earlier.

Morgan Stanley, J.P. Morgan, KKR, BofA Securities and Citigroup (NYSE:) are the lead underwriters for AppLovin’s offering.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



[ad_2]
Read More

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button