Applovin with existing shareholder KKR seek up to $2.1B in its U.S. IPO

Back in March, mobile app technology company AppLovin announced that it has publicly filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission relating to a proposed IPO of its common stock. 

The company and its existing shareholder KKR Inc. are looking for up to $2.13 billion in Nasdaq IPO. It is offering 22.5 million Class A shares as KKR Inc. plans to sell $2.5 million shares, according to a Wednesday filing with the U.S. Securities and Exchange Commission. 

The shares are being offered at $75 to $85 apiece. At the top of that range, based on the outstanding shares listed in its filing, Applovin would have a market value of $30 billion. 

According to the filing, co-founder and CEO Adam Foroughi, KKR, and President and CFO Herald Chen will have 93.4% of the voting power. Owners of Class B shares will have 20 votes per each one. 

AppLovin’s 2020 revenue reached $1.45 billion, up 46% year-over-year. Back in 2020, AppLovin announced the acquisition of Machine Zone and at the beginning of February it announced the acquisition of mobile measurement company Adjust. 

AppLovin revenue has grown at a 76% CAGR from 2016 to 2020. The company generated a net loss of $125.9 million in 2020. It also reported an Adjusted EBITDA of $255.6 million, $301.4 million, and $407.5 million in 2018, 2019, and 2020, respectively.

Last year, 49% of AppLovin revenue came from businesses using its software and 51% from consumers making in-app purchases.

AppLovin filed confidentially on December 7, 2020. Morgan Stanley, J.P. Morgan, KKR, BofA Securities, Citi and Goldman Sachs are the joint bookrunners on the deal. The company plans for its shares to trade on Nasdaq under the symbol APP. 

Written by Sophie Blake


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