KKR-backed Applovin files for Nasdaq listing after posted loss

(Bloomberg) – Mobile app company Applovin Corp. submitted a US IPO and revealed that it fell from profit to loss last year despite revenue gains.

Palo Alto, the California-based company in its filing Tuesday, listed the amount of the IPO as $ 100 million, a placeholder that is likely to change. The number of shares and their proposed price ranges will be revealed in a later application to the US Securities and Exchange Commission.

Applovin has made several acquisitions to scale up in recent years. It announced in May that it was acquiring game maker Machine Zone, which people familiar with the matter said was valued in the deal at about $ 500 million. It also bought Berlin-based Adjust in a deal that valued the maker of tools for measuring app performance at close to $ 1 billion, Bloomberg reported.

The company said in the application that it had a net loss of $ 126 million of nearly $ 1.5 billion in revenue in 2020, compared to $ 119 million in net profit of $ 994 million in revenue last year. The change in income is partly attributed to increased share-based compensation, the archiving shows.

KKR & Co., which acquired a stake in Applovin 2018, and the Chinese investor Hontai Capital are listed among the company’s largest shareholders.

The A shares in the offer will have one vote each, while its B shares will have 20. The holders of B shares are expected to enter into an agreement for their shares to vote together and Applovin will qualify as a controlled company. according to archiving.

Applovin plans to list its shares on the Nasdaq Global Select Market under the symbol APP. The offer is led by Morgan Stanley, JPMorgan Chase & Co., KKR, Bank of America Corp., Citigroup Inc. and Goldman Sachs Group Inc.

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