AppLovin Corp., the KKR-backed mobile app and gaming company headquartered in Palo Alto, California, had issued a statement on Wednesday saying that the nine-year-old gamemaker which operated in stealth mode until 2014, had been brewing off an option to secure a valuation of $30 billion following its slated US IPO (Initial Public Offering).
Aside from that, AppLovin had said in the statement that the company, which began its journey as an advertising firm for mobile games back in the 2012s, but struggled to find out a potential financier at that time, had been seeking to raise as many as $2.13 billion by offering 25 million ADSs (American Depository Shares) at a price range between $75 and $85 apiece, while the game developer had also hired a leading US lender and financial services provider, Morgan Stanley, to oversee its US IPO proceedings.
Californian gamemaker AppLovin seeks $30 billion valuation in US IPO
In factuality, latest AppLovin move to price in on a high-flying Wall St. with so-called tech-related growth stocks leading charges since late-January this year, marked up the latest in a series of players in mobile gaming industry which were seeking to cash in on an uptick in mobile games’ demands as stiffer lockdown measures in many parts across the globe kept people hooked up on mobile games.
More importantly, over the past one year and a half, a swathe of digital entertainment firms ranging from mobile gaming to gambling to dating such as DraftKings Inc., Roblox Corp. alongside Playtika Holdign Corp, had taken a conventional IPO route to go public market trading in the United States.
KKR-backed AppLovin, which once had struggled to raise capitals as venture capitalists could not put faith on its vision, has more than 410 million daily active users at its platforms, while its apps house over 200 free-to-play mobile games including Slap Kings, Word Connect and Bingo Story.