KKR-backed AppLovin tumbles amid mixed bag of IPOs

Karat Packaging

15/04/2021 19:50

** AppLovin Corp  APP.O , KKR  KKR.N -backed app developer,
tumbles out of the gate on Thurs
    ** APP opens at $70, well below $80 IPO price. Stock last
down 18.2% at $65.41, after falling to $65.10
    ** IPO of 25 mln shares prices at midpoint of $75-$85 filed
range  urn:newsml:reuters.com:*:nL4N2M84AK
    ** Co offers 22.5 mln shares, while KKR sells 2.5 mln,
reducing its voting power from ~69% to ~68%
    ** APP's portfolio includes more than 200 free-to-play
mobile games, such as "Word Connect," "Slap Kings" and "Bingo
Story," which have drawn in more than 410 mln daily active users
    ** Morgan Stanley, J.P. Morgan, KKR, BofA and Citigroup
leading 18-firm underwriting group for the IPO
    ** Self driving truck maker TuSimple Holdings  TSP.O  also
broke below IPO price in its debut on Thurs  urn:newsml:reuters.com:*:nL1N2M82CL, though
managed healthcare co agilon health  AGL.N  and Karat Packaging
Inc  KRT.O  both jump  urn:newsml:reuters.com:*:nL4N2M848S  urn:newsml:reuters.com:*:nL4N2M8493

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 1-332-219-1430))