On April 7th, mobile app and gaming company AppLovin Corp (which is backed by private equity giant KKR & Co Inc) said it is aiming for a valuation of more than $30 billion in its U.S. initial public offering (IPO). The organization was hoping to raise up to $2.13 billion by selling 25 million shares of stock in the company.
AppLovin recently recorded over 410 million active daily users on its platform. The company also offers over 200 free-to-play mobile games, including Word Connect, Slap Kings, and Bingo Story.
Morgan Stanley, J.P. Morgan, KKR, BofA Securities, and Citigroup are the lead underwriters for AppLovin’s offering. The company will be listed on the NASDAQ under the ticker symbol “APP”.
The Profit‘s Take:
$30B seems to be the magical valuation for all gaming companies. AppLovin is another mobile gaming “app store” and set of tools for developers. The daily active user number is impressive, but the top games seem to be of the more hyper-casual, low spend variety. AppLovin will have to continue to show strong growth to live up to this valuation. Amazing ticker symbol though (APP)! Can’t believe that wasn’t already taken.
(All information was provided by Yahoo! Finance)
0 comments on “AppLovin Targets $30B Valuation In U.S. IPO”