Mobile marketing firm AppLovin eyes US$30bn valuation in upcoming IPO

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Mobile marketing firm AppLovin has priced its upcoming IPO at US$75-85 per share, valuing the entire company at US$30bn.

The California-based group, backed by private equity giant KKR & Co Inc, plans to raise up to US$2.1bn by placing 25mln shares. It seeks a Nasdaq listing.

READ: Roblox secures support from ARK ETF but shares lose momentum on Friday

The app provides developers with solutions to grow their business by analysing performance to improve user experience and maximise revenue.

Established in 2012, it reaches 1.5bn devices per month.

It swung to a net loss of US$126mln last year from a net profit of US$119mln the year before.

The announcement comes weeks after videogame developer Roblox Corp (NYSE:RBLX) floated in New York.

The gaming industry has been one of the beneficiaries of the pandemic, with people turning to technology for entertainment during lockdowns.

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