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KKR - KKR & Co Inc News Story

$58.11 2.5  4.5%

Last Trade - 05/05/21

Sector
Financials
Size
Large Cap
Market Cap £24.17bn
Enterprise Value £65.66bn
Revenue £7.24bn
Position in Universe 386th / 6849

UPDATE 1-KKR-backed AppLovin raises $2 bln in U.S. IPO at over $28 bln valuation

Thu 15th April, 2021 6:29am
(Adds details, valuation, background)
    April 15 (Reuters) - Mobile app and gaming company AppLovin
Corp  APP.O  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  KKR.N , 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 now has over 410 million daily active users on its
platform and its apps consist of more than 200 free-to-play
mobile games, including Word Connect, Slap Kings and Bingo
Story.
    The company sold 22.5 million Class A common shares, it
said, adding that selling stockholders offered the remaining 2.5
million shares.
    The company's shares will be listed on the Nasdaq Global
Select Market on Thursday under the ticker symbol "APP",
AppLovin added.
    Morgan Stanley, J.P. Morgan, KKR Capital Markets, LLC, BofA
Securities and Citigroup are the lead underwriters for the
offering.
    

 (Reporting by Akriti Sharma and Shubham Kalia in Bengaluru;
editing by Uttaresh.V and Krishna Chandra Eluri)
 ((Akriti.Sharma@thomsonreuters.com;))
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