Mobile gaming company AppLovin raises $2 billion in IPO
CNN
Mobile apps and games platform AppLovin raised $2 billion in an initial public offering Thursday that valued the company at $28.6 billion.
The Palo Alto, California-based firm makes software to help developers market and monetize their apps, and it also has its own portfolio of more than 200 mobile games. AppLovin's developer software has more than 410 million daily active users, according to its regulatory filing. But investors weren't immediately enthused about AppLovin, which is trading under the ticker symbol "APP." After listing at $80 per share, the midpoint of its estimated range, the stock closed down 18% at about $65, putting its market capitalization around $23 billion.
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