Deals
Applovin Drops in Trading Debut After $2 Billion IPO
- KKR-backed firm’s listing priced at midpoint of marketed range
- CEO says debut is ‘milestone’ but focused on ‘down the road’
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Applovin Corp. fell more than 18% in its trading debut after the mobile apps company and KKR & Co. raised $2 billion in an initial public offering.
The shares, priced in the IPO at $80, closed at $65.20 in New York Thursday, giving the company a market value of about $23 billion based on the outstanding shares listed in its filings with the U.S. Securities and Exchange Commission.