Mobile apps company Applovin Corp. and existing shareholder KKR Inc. are seeking as much as $2.13 billion in its U.S. initial public offering.
The company is offering 22.5 million Class A shares while private equity firm KKR Inc. plans to sell 2.5 million shares, according to a filing Wednesday with the U.S. Securities and Exchange Commission. The shares are being offered at $75 to $85 apiece.
At the top of that range, Applovin would have a market value of $30 billion based on the outstanding shares listed in its filing.
Owners of Class B shares will have 20 votes for each one. Following the listing, co-founder and Chief Executive Officer Adam Foroughi, President and Chief Financial Officer Herald Chen and KKR will have 93.4% of the voting power, according to the filing.
The Palo Alto, California-based company has scaled up and diversified, partly through acquisitions.
Applovin announced in May that it was acquiring game-maker Machine Zone, which people familiar with the matter said was valued in the deal at about $500 million. This year, it bought Berlin-based Adjust in a deal that valued the maker of tools to measure the performances of apps at close to $1 billion, Bloomberg reported.
Applovin reported a net loss of $126 million on $1.45 billion in revenue in 2020, due to operating losses, according to its filings. That compared with net income of $119 million on revenue of $994 million the previous year.
The share sale is being led by Morgan Stanley, JPM US Equity”/>JPMorgan Chase & Co., KKR, (BA)C US Equity”/>Bank of America Corp. and Citigroup Inc. Applovin plans for its shares to trade on Nasdaq under the symbol APP.