Appetizing

7 April 2021 By Robert Cyran Follow @rob_cyran

The private equity giant invested $400 million in the mobile app and gaming company in 2018 and helped it expand. Now that the firm is seeking a valuation of up to $30 billion, the buyout baron is going to turn a tidy profit. Relations with Apple could be the only small hitch.

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Applovin said on April 7 it is seeking to sell 25 million shares at a price range of $75 to $85 each. At the top of the range, the mobile app and software firm would have a market capitalization of more than $30 billion.

The company has over 200 free-to-play games such as Project Makeover and Word Connect and sells software to help developers market and monetize apps. Revenue was $1.45 billion in 2020, a 46% increase from the previous year.

Private equity group KKR invested $400 million in the group in 2018. According to the prospectus, KKR will offer up to 6.25 million shares and will retain 104.3 million shares assuming underwriters exercise an option to buy shares held by KKR. The private equity group will have a 67% voting stake after the float, as its class B shares have 20 votes each.

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